Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. David started his own business on 1 November 2019. The following is the list of his transactions in that month: Nov 2019 Transactions 1

image text in transcribed
Mr. David started his own business on 1 November 2019. The following is the list of his transactions in that month: Nov 2019 Transactions 1 Start his business by investing RM3,500 of his own money (RM500 in cash and RM3,000 in a business bank account). 5 Bought goods for resale on time for RM475 from Chempaka Bhd. 6 Bought machinery for RM1,450, paying by cheque. 7 Paid insurance, RM120 by debit card. 9 Sold good on time to Ahmad RM700. 12 Bought goods for resale on time RM255 from Maju Bhd. 15 Mr. David took business cash for his personal use RM80. 18 Paid the RM475 due to Chempaka Bhd. with a cheque. 21 Return goods to Maju Bhd amounting RM50. 23 Sold goods on cash to Sarah, RM325. 25 Paid wages to employee, RM45 by bank transfer. 27 Ahmad returned goods to Mr. David to the value of RM80. 30 Sold good for cash, RM300. Required: a) Show the appropriate ledger entries (T-accounts) and balance-off your accounts as at 30 November 2019. [27 Marks) b) Prepare a trial balance as at 30 November 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Brand Management Audit

Authors: Mr Don Knight

1st Edition

0273649345, 978-0273649342

More Books

Students also viewed these Accounting questions

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago

Question

a. When did your ancestors come to the United States?

Answered: 1 week ago