Part II:

Rajesh engaged in the following transactions during November 2020 for its first month of his food truck business [Indian Fusion on Wheels Pte Ltd]:

1 Nov. Rajesh deposits $115,000 cash as capital into his business.

1 Nov. Paid $36,200 cash for a second-hand food truck.

3 Nov. Purchased second-hand cooking equipment for $13,700 cash.

4 Nov. Purchased $3,100 of ingredients on account.

7 Nov. Withdrew $2,000 from personal account to buy computer for his home.

8 Nov. Performed food sales to customers and received cash, $3,900.

15 Nov. Performed food catering for customers on account, $2,400.

29 Nov. Paid the following monthly expenses: salary, $2,000; utilities, $400, motor insurance $200.

Required:

Journalise the preceding transactions in the journal of Glory Consulting Service, Ltd. Key transactions by date and include in a narration line as illustrated in the notes. [4 Marks]

After journalizing the transactions, post the entries to the ledger, using T-account format. Key in transactions by date. Date the ending balance of each account as at 30 November 2020. [8 Marks]

Prepare the trial balance as at 30 November2020. [4 Marks]

Prepare the Profit and Loss Statement for the month of November 2020. [5 Marks]

Prepare the Balance Sheet for the month of 30 November 2020. [4 Marks]

[25 Marks]