Question 1

Enter the following transactions in the ledger of Carriey Bakery and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a statement of financial position at 31 May.

May 1 Started in business with RM1500 in the bank and RM500.

2 Purchased goods to the value of RM1750 from Burn Sdn Bhd, agreeing credit terms of 60 days.

3 Bought fixtures and fittings for the bakery for RM150, paying by cheque.

6 Bought goods on credit from Wonderful Ent. for RM115.

10 Paid rent of RM300 paying cash.

12 Bought stationery cash book and invoices - for RM75 paying by cash.

14 Sold goods on credit, value RM125, to Bakery Supplies.

20 Bought an old van for deliveries for RM2,000 on credit from MMT Sdn Bhd.

30 Paid wages of RM450 net for the month by cheque.

31 Summarized cash sales for the month and found them to be RM2500. Took a cheque for RM500 as own wages for the month. Banked RM2000 out of the cash sales over the month.

31 Closing inventory was RM500.