Please answer 1st question. Prepare journal entries for July transaction and transfer to the general ledger and subsidiary ledger.
QUESTION 2 Mr Imran opened a supplier business to a retail business a few years ago in Bayan Lepas, Penang. He closes his account every month. Given the trial balance of his grocery store for 30 June 2020 as follows: Perniagaan Raya Sdn Bhd Predictive Balance 30 Jun 2020 Kt RM Dt RM 4,000 6,500 25,000 15,000 10,000 Office 3,000 Cash Account not yet received Notes Not Received Supplies (Inventory) Office equipment Accumulated Depreciation Equipment Vehicles Accumulated Depreciation - Vehicles Accounts Payable Outstanding Notes Capital, Irfan TOTAL 60,000 6,000 3,780 27,720 80,000 RM120,500 RM120,500 The following are the business activities of Mr. Imran in July: July 1 July 2 July 4 July 5 July 6 Pay RM 400 for rent in July. And also pay electricity and water bills of RM150 and RM40 respectively. Buying stock amounting to RM2,000 on credit; of RM1,500 from Lim Trading and RM500 from Soon Enterprise. Purchased stock amounting to RM1,000 from Syarikat Ihsan. Pay RM200 in cash and the rest will be settled later. Pn Rahimah explained her debt of RM500. Make full payment to Sentosa Company amounting to RM800 after deducting the discount. Make cash sales amounting to RM6,100 Bought a truck worth RM80,000 from a Speed Vehicle Company. Pay RM30,000 and the rest will be paid on the 28th of each month for 50 months. Interest rate of 12%. Make sales on credit to Pn Dora Restaurant worth RM2,000. Purchase supplies from Ihsan Company for RM10,000 on credit and will be paid after 60 days. Received a check from Mr. Bake worth RM4,000 July 7 July 8 July 10 July 10 July 11th July 12 July 12 July 14 July 15 July 18 Ms. Dora returned the items purchased on July 10 because it did not meet the specifications worth RM200. Pay all debts to Lim Trading Rendering En. Bake after realizing the check cannot be cashed, En. Irfan took RM1,000 in cash from the business to repay the loan to the bank. The loan is a personal loan that was largely used for the purpose of setting up his business a few years ago. Pay telephone bills and petrol expenses amounting to RM240 and RM500 respectively. Mrs. Dora explained all her debts Make sales to Jimat Sdn Bhd worth RM9,000. Save only 1/3 of the sales value. Make payment to Rahmat Sdn Bhd of RM750 Pay employees' salaries worth RM2,500 Make a credit sale to Handal Trading worth RM5,000. July 21 July 24 July 28 July 28 July 30 Additional information:- 1. The following information is taken from the final balance of the subsidiary ledger accounts receivable and business payable accounts as at 30 June 2020. Subsidiary Ledger Account not yet received Mrs. Rahimah RM 500 Pn Dora Restaurant 800 En Bakar 5,000 En Zaki 200 Subsidiary Ledger Accounts Payable Lim Trading Mesra Bhd Sentosa Company Ramah Bhd RM 500 1,000 880 1,400 2. Depreciation allocation is calculated at the end of the year. 3. Cost of sales is 60% of sales. You are wanted: 5/6 1. Prepare journal entries for July transactions and transfer to general ledger and subsidiary ledger. 2. Prepare Income Statement and Balance Sheet (Balance Sheet). 3. Prove the subsidiary ledger of accounts receivable and accounts payable are the same as their respective control accounts. (10 marks) QUESTION 2 Mr Imran opened a supplier business to a retail business a few years ago in Bayan Lepas, Penang. He closes his account every month. Given the trial balance of his grocery store for 30 June 2020 as follows: Perniagaan Raya Sdn Bhd Predictive Balance 30 Jun 2020 Kt RM Dt RM 4,000 6,500 25,000 15,000 10,000 Office 3,000 Cash Account not yet received Notes Not Received Supplies (Inventory) Office equipment Accumulated Depreciation Equipment Vehicles Accumulated Depreciation - Vehicles Accounts Payable Outstanding Notes Capital, Irfan TOTAL 60,000 6,000 3,780 27,720 80,000 RM120,500 RM120,500 The following are the business activities of Mr. Imran in July: July 1 July 2 July 4 July 5 July 6 Pay RM 400 for rent in July. And also pay electricity and water bills of RM150 and RM40 respectively. Buying stock amounting to RM2,000 on credit; of RM1,500 from Lim Trading and RM500 from Soon Enterprise. Purchased stock amounting to RM1,000 from Syarikat Ihsan. Pay RM200 in cash and the rest will be settled later. Pn Rahimah explained her debt of RM500. Make full payment to Sentosa Company amounting to RM800 after deducting the discount. Make cash sales amounting to RM6,100 Bought a truck worth RM80,000 from a Speed Vehicle Company. Pay RM30,000 and the rest will be paid on the 28th of each month for 50 months. Interest rate of 12%. Make sales on credit to Pn Dora Restaurant worth RM2,000. Purchase supplies from Ihsan Company for RM10,000 on credit and will be paid after 60 days. Received a check from Mr. Bake worth RM4,000 July 7 July 8 July 10 July 10 July 11th July 12 July 12 July 14 July 15 July 18 Ms. Dora returned the items purchased on July 10 because it did not meet the specifications worth RM200. Pay all debts to Lim Trading Rendering En. Bake after realizing the check cannot be cashed, En. Irfan took RM1,000 in cash from the business to repay the loan to the bank. The loan is a personal loan that was largely used for the purpose of setting up his business a few years ago. Pay telephone bills and petrol expenses amounting to RM240 and RM500 respectively. Mrs. Dora explained all her debts Make sales to Jimat Sdn Bhd worth RM9,000. Save only 1/3 of the sales value. Make payment to Rahmat Sdn Bhd of RM750 Pay employees' salaries worth RM2,500 Make a credit sale to Handal Trading worth RM5,000. July 21 July 24 July 28 July 28 July 30 Additional information:- 1. The following information is taken from the final balance of the subsidiary ledger accounts receivable and business payable accounts as at 30 June 2020. Subsidiary Ledger Account not yet received Mrs. Rahimah RM 500 Pn Dora Restaurant 800 En Bakar 5,000 En Zaki 200 Subsidiary Ledger Accounts Payable Lim Trading Mesra Bhd Sentosa Company Ramah Bhd RM 500 1,000 880 1,400 2. Depreciation allocation is calculated at the end of the year. 3. Cost of sales is 60% of sales. You are wanted: 5/6 1. Prepare journal entries for July transactions and transfer to general ledger and subsidiary ledger. 2. Prepare Income Statement and Balance Sheet (Balance Sheet). 3. Prove the subsidiary ledger of accounts receivable and accounts payable are the same as their respective control accounts. (10 marks)
