PURPOSE

The purpose of this assignment is to improve students' ability to understand accounting transactions and be able to form financial statements.

QUESTION 1

Mr. Amru Nazli started the business of a gold shop named Emas Ria. The store started operating on 1st Jan 2021. Here are the transactions in the first month of operation of the store.

1-Jan-21 Starting a business with a cash capital of RM50,000 deposited in the bank. 3-Jan-21 Obtained a loan from Bank Islam Bhd of RM150,000 for business use 9-Jan-21 Bought a van worth RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th day of each month. 10-Jan-21 Purchased goods for sale/stock from Syarikat Burung Emas worth RM9,000 by cash transfer. 10-Jan-21 Purchased office equipment worth RM7,000 by cash transfer. 11-Jan-21 Bought a computer worth RM3,000 for shop use by cash transfer. 11-Jan-21 Purchased goods for sale/stock from Han Seng Company worth RM 50,000 on credit 12-Jan-21 Renovation of the shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan by check and the rest will be paid next month 12-Jan-21 Purchased goods for sale/stock from Padi Emas Enterprise for RM 30,000 paid by check 13-Jan-21 Purchased from Unggul Sdn Bhd for RM50,000, RM30,000 paid by check and the rest will be paid next month amounting to RM20,000. The items are for sale. 14-Jan-21 Electricity deposit of RM300.00 and telephone number of RM200 are paid by check. 15-Jan-21 The owner took RM2,000 for his own use. 16-Jan-21 Pay insurance premium for business with a check of RM2,000 for the month of Jan to May 2021 16-Jan-21 Sale on the first day of RM5,000 in cash and at bank-in on the same day. 17-Jan-21 Pay the promotional cost of RM3,000 by check. 17-Jan-21 Sales collection of RM 4,000 in cash and bank-in on the same day. 18-Jan-21 Sales collection of RM 2,000 in cash and bank-in on the same day. 18-Jan-21 Selling jewelery to Perdana Sdn Bhd worth RM500 on credit 19-Jan-21 Sales collection of RM3,000 in cash and bank-in on the same day. 20-Jan-21 Collection from sales of RM1,400 in cash and bank-in on the same day 21-Jan-21 Selling goods to Sakti Sdn Bhd worth RM300 on credit 21-Jan-21 Collection from sales of RM2,300 in cash and bank-in on the same day 22-Jan-21 Collection from daily sales of RM3,100 in cash and bank-in on the same day 22-Jan-21 Received a check from Perdana Sdn Bhd for RM500 23-Jan-21 Settling telephone bill RM56, water bill RM20, electricity bill RM235 by credit transfer 23-Jan-21 Collection from daily sales of RM3,200 in cash and bank-in on the same day 24-Jan-21 Pay monthly salary of RM3,000, EPF RM300, SOCSO RM 50 via cash transfer. 24-Jan-21 Collection from daily sales of RM2,800 in cash and bank-in on the same day 25-Jan-21 Settled the shop rent of RM1,500 by check. 25-Jan-21 Pay to Han Seng Company by check of RM 20,000.00 25-Jan-21 Collection from daily sales of RM2,780 in cash and bank-in on the same day 26-Jan-21 Selling goods to Perdana Sdn Bhd worth RM300 on credit. 26-Jan-21 Collection from daily sales of RM2,500 in cash and bank-in on the same day 26-Jan-21 Buy items for stock on credit from Syarikat Ali Ahmad worth RM12,000 26-Jan-21 Buying goods in cash from a wholesaler for RM5,100 is paid by check. 27-Jan-21 Collection from daily sales of RM3,000 in cash and bank-in on the same day 27-Jan-21 Sending back goods purchased from Syarikat Ali Ahmad for RM2350 due to damage. 28-Jan-21 Sakti Sdn Bhd paid the outstanding debt of RM300 by check 28-Jan-21 Collection from daily sales of RM3,000 in cash and bank-in on the same day 28-Jan-21 Purchased additional office equipment of RM2,500 by cash transfer. 29-Jan-21 Collection from daily sales of RM3,500 in cash and bank-in on the same day 30-Jan-21 Collection from daily sales of RM4,000 in cash and bank-in on the same day 31-Jan-21 Collection from daily sales of RM4,500 in cash and bank-in on the same day

Additional information

1. The remaining final stock is worth RM123,042 2. The depreciation rate for assets is:- a. Vehicles 20% per annum b. Office equipment & furniture 20% per annum c. Computers 20% per annum d. Machine 20% per annum

Therefore you are required to provide:-

1. Journal entries for Jan 2021 transactions 2. Transfer the journal entries to the relevant general ledger and subsidiary ledger. 3. Prepare the Trial Balance at 3