Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need to do ledgers account and trial balance 4. The financial position of Honey Bee Trading as at 1 December 20X4 is as follows: RM

need to do ledgers account and trial balance
image text in transcribed
image text in transcribed
4. The financial position of Honey Bee Trading as at 1 December 20X4 is as follows: RM 35,000 Premises Office equipment Inventory 3,600 9,000 8% loan from Am Bank 15,000 Accounts receivable - Lilian 1,250 - Lemon 1,400 Accounts payable - Prima 1,250 Cash at bank 48,000 Cash in hand 1,500 During December 20X4, the following transactions took place: Dec. 2 Paid telephone bill of RM300 by cheque. 3 Received rent amounting to RM450 by cash. Cash purchase of RM1,000 worth of goods from Lizi. 5 6 Sold to Lemon and Rozie on credit goods worth RM6,600 and RM4,540, respectively. 8 Purchased delivery van worth RM24,000 from RON Motor Bhd. on credit. Issued a cheque for RM12,000 to RON Bhd. 9 11 Bought goods on credit from Misya and Awin, worth RM2,360 and RM3,600, respectively. 12 Hani, the business owner, took goods worth RM800 for her own use. 15 Issued a credit note for RM540 to Rozie for goods returned. 17 Lilian paid RM300 cash. 22 Returned goods worth RM100 to Misya. 24 Paid interests of RM290 by cheque to Am Bank. 26 Rozie sent cheque to settle his account. 29 Sent cheque to Misya and Awin to settle the account. 31 Paid salary amounting to RM400 by cash, Required: (a) Record the above transactions in the relevant accounts. (b) Balance off the accounts. (c) Prepare a trial balance as at 31 December 20X4

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_2

Step: 3

blur-text-image_step3

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

Financial Accounting

Authors: Strayer University

1st Edition

ISBN: 0470603526, 978-0470603529

More Books

Students also viewed these Accounting questions