Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part B (55 marks) On 1 November 2021, Nilopah started her scarf business by bringing in cash RM20 000, bank RM30 000 and motor van

image text in transcribed

Part B (55 marks) On 1 November 2021, Nilopah started her scarf business by bringing in cash RM20 000, bank RM30 000 and motor van RM20 000. The followings are the business activities/ transactions for November 2021: Nov 2 Bought furniture amounting RM3 800 paying by cheque. 3 Paid rental RM750 by cash. 4 Purchased printing machine costing RM2 500 from Haris Tech and paid RM500 cash, balance to be paid by cheque in the following month. 5 Purchased a bundle of satin scarf on credit from Alip Sukri RM1570 and Amat Ikebal RM2990. 7 Received a price quotation for sports equipment RM3550 from Haris Tech. 8 Bought additional furniture costing RM1600 cash. 9 Goods returned to Alip Sukri RM100 and Amat Ikebal RM190 due to colour defects. 11 Received cheque for cash sales of goods amounting RM2220. 13 Paid RM200 cash for van's repairs &-maintenance. 14 Sold goods to Anjoli RM4 140 on credit. 16 Nilopah took out cash amounting RM500 for personal use. 18 Purchased goods from Vidah RM1200 and Cik Bee RM2 280 on credit. 20 Sold goods to Nur Senjat RM3200 and Zoolin RM2880 on credit. 24 Sold goods for cash RM1500. Paid RM250 cash for advertising. Purchased goods from Cik Bee on credit for RM2 110. 26 Received return of goods from Nur Senjat RM200 and Zoolin RM280. 27 Paid full settlement of the outstanding amount to Vidah with cheque, and received 3% cash discount. Paid half owings to Cik Bee by cheque. 28 Nilopah issued a cheque RM300 for personal donation. Cash sales RM5 460. 29 Received cheque from Zoolin as full payment of debts and giving cash discount 5% 30 Paid salaries RM3 000 with cheque and utilities RM300 cash. Anjoli settled half of its owings by cheque. You are required: (a) Transfer the following transactions into the corresponding journals and respective ledgers (accounts). (47 marks) (b) Prepare the Trial Balance as at the date. (8 marks)

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_2

Step: 3

blur-text-image_3

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 And Reporting

Authors: Barry Elliott, Jamie Elliott

20th Edition

1292399805, 978-1292399805

More Books

Students also viewed these Accounting questions

Question

3 What are the stages of Kotter and Cohens model of change?

Answered: 1 week ago

Question

4 What is organisation development?

Answered: 1 week ago

Question

5 What activities are employed in OD processes?

Answered: 1 week ago