Question
On 1 april 2020, Adam Syaqif began a new business called Cepat Cetak Sdn Bhd which provides typing and printing services. The following is a
On 1 april 2020, Adam Syaqif began a new business called Cepat Cetak Sdn Bhd which provides typing and printing services. The following is a list of transactions incurred by the business during the month of April 2020 :
i)Adam Syaqif contributed RM200,000 cash into the business
ii) Purchased a land and small building for RM450,000. He paid RM165,000 cash and signed a note payable for the balance. The land was considered to be worth RM240,000 and the building to be RM210,000
iii) Purchased office equipment for RM30,000 from Amazing Interiors Sdn Bhd. He paid RM17,000 cash and agreed to pay the balance within 60 days
iv) Purchased a motorcycle on credit for RM3,400 to be used for making deliveries to customers. He agreed to make payment to Motorex Sdn Bhd within 10 days.
v) Paid in full the account payable to Motorex Sdn Bhd
vi) Borrowed RM30,000 from Bank Kaya and signed a note payable due in six months time.
Based on the information :
a) Prepare the journal entries for all the above transactions.
b)Post all the relevant accounts to ledgers
c) Prepare a trial balance as at 30 April 2020
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