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Ms. Amalia has set up trading on 1 January 2023 by paying RM25,000 into a business bank account, a unit of old car worth RM15,000
Ms. Amalia has set up trading on 1 January 2023 by paying RM25,000 into a business bank account, a unit of old car worth RM15,000 and RM700 into the petty cash box. Her other transactions during the first month are as follow:
- Purchase on credit for RM4,000 from Suba Ltd.
- Purchase by cash of RM600.
- Sales for cash of RM550.
- Sales on credit for RM3,000 to Cuves Ltd.
- Payment for salaries through banking system of RM2,500.
- Payment for stationery by cash of RM250.
- Withdrawal of RM350 in cash by the owner for his private use.
- Receipt of a loan of RM2,300 from the bank.
- Cheque payments to creditor after receiving a discount of 2% from supplier, Suba Ltd.
- The owner gave a discount of 1.5% to trade debtor, Cuves Ltd and Cuves Ltd. sent a cheque to pay for the balance of payment.
Required:
(a) Write up these transactions for the period in journal entries.
(5 marks)
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