Question
Mr.Y, a sole proprietor started his business, RXZ Enterprise on 1 January 2021. Jan 2 Start a business by banked in RM 120,000 to a
Jan |
|
2 | Start a business by banked in RM 120,000 to a bank account. |
3 | Withdraw RM 10, 000 from the bank account as cash in hand. |
3. | Bought a computer of RM 3,000 in cash. |
4. | Bought office furniture RM 5,500 by cheque. |
5. | Purchase goods worth RM 3,789 from Alex Trading, paid by cheque RM 2,000 and balance to be paid the next month. |
6. | Taken RM 1,000 cash for use of personal insurance. |
7. | Purchase RM 5,000 goods from Mr Muthu for 14 days credit term. |
7. | Paid advertising expense of RM 300 by cash. |
10
| Raihan, a customer bought goods amounted to RM 2,500 and paid through online banking. Pay salaries to employees by online banking with total of RM 20,000 |
21. | Paid Mr Muthu for all outstanding due. |
22 | Bought an office equipment by cheque worth RM 6,000 for business use. |
23 | Sold goods worth RM 5,000 to Amin Enterprise for 7 days credit term. |
23 | Received cash for goods sold @RM 2,500 |
25 | Incurred travelling expenses of RM 150 cash for marketing purpose |
30. | Received 50% payment from Amin Enterprise via online banking. |
Prepare the journal entry for each of the
Prepare the journal entry for each transactions above.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started