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Mr Zaman, a watch dealer, set up a shop by the name Syarikat Zaman Sdn Bhd on 1 March 2021. He brought in cash RM50,000

  1. Mr Zaman, a watch dealer, set up a shop by the name Syarikat Zaman Sdn Bhd on 1 March 2021. He brought in cash RM50,000 and used car, valued at RM12,000 for business use.

The following financial transactions occurred in the month of March 2021.

March 1

Opened a current account at Maybank and banked in office cash RM45,000

3

Paid RM800 being rental of the shop by cheque. Bought shop fittings worth RM5,600 from Alitalia Furnishing Centre; paid by cheque.

4

Invoice received from :

Zenith Bhd. List price RM8,200, trade discount 2%

Seiko Bhd. List price RM9,800, trade discount 1%

6

Cash sales of RM750, paid to bank

10

Received RM15 in cash from the customer for watch repairs

13

Received a credit note from Zenith Bhd for a goods returned; listed price RM600.

17

Credit sale worth RM2,400 to Azhar Rahman

19

Purchased a van for RM17,500 on credit from Sunny Used Car Sdn Bhd and paid RM1,200 by cheque for installing air-condition unit in the van

22

The owner took a watch at a cost of RM150 and give it as a present to his son.

24

Received a cheque from Azhar Rahman as settlement of his account after deducting 3% discount.

27

Paid RM130 in cash for office expenses.

REQUIRED:

Journalise the above transactions.

(20 marks)

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