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please submit the answer in txt(Without image) it is easy to copy 3500 Kong Fashion Stores started a cloths retail business in 2016. On 1
please submit the answer in txt(Without image) it is easy to copy
3500 Kong Fashion Stores started a cloths retail business in 2016. On 1 June 2019, the following show the balances of the business: RM Cash in Hand Cash at Bank 53000 Trade Receivables Trade Payables Capital To be determined 7750 9850 During the month of June 2019, the following receipts and payments occurred: June 1 Purchased goods by cheque RM400 2 Received invoice from supplier for credit purchase of RM6,500 5 Return of credit purchase RM280. 9 Gave 10% cash discount on a cheque payment received from customer for an invoice amounting RM5,000 11 Withdrew RM5,000 from the bank as office cash 12 Owner took RM250 from the cash drawer for his son's tuition fee. 18 Cash sales RM80 19 Return of cash purchase from 1 June amounting RM80 21 Cash Purchase RM600 via cheque. 25 Paid for stationery in cash RM60 26 Paid cash to supplier for an invoice amounting RM7,540 and received discount of 10% for the payment 28 Sold RM7,600 on credit 29 Bank charges of RM180 was directly charged to the bank account. 30 Paid rental for the month of June amounting to RM1,500 via bank transfer. Required: a) Enter the above transactions in a three-column Cash Book and post to the ledgers, then close the Cash Book and the ledgers at the end of June. b) List Two (2) Important of cash book Due to complexity of various practices, some small businesses may choose to only practice single entry system instead of double entries. When practicing single entry system, one accounting records businesses never fail to prepare is the cash book." c) Based on the above statement, explain why do you think small businesses fell that maintaining the cash book is comparatively more importantStep by Step Solution
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