Question 2

Balances of accounts for GoodLuck Sdn Bhd on 1 June 2019 are as follows:

	RM
Cash in hand	36,800
Cash at bank	100,000
Inventory	24,500
Mortgage on premises	800,000
Van	125,000
Lucky Sdn Bhd	72,000
Buildling	900,000
Rainbow Berhad	61,670
Sunshine Supplies	24,700
Happy Trading	95,270
Capital	400,000

The following transactions took place in the month of June:

Date	Transactions
1	The business decided to add additional cash to the bank accounts amounted to RM300,000.
3	Purchased goods on credit from Happy Trading RM120,000 and RM86,000 from Sunshine Supplies.
3	Sold goods on credit Lucky Sdn Bhd net worth of RM45,000. Discount allowed to Lucky Sdn Bhd amounted to RM1,000.
4	Sold RM9,500 worth of goods and received cash.
6	Paid a cheque for RM20,000 for two months rental to Big Rental Properties.
8	Billed Rainbow Berhad for goods sold to them amounted to RM45,000 after deducted discount allowed of RM5,000.
15	Goods drawings by the owner amounted to RM8,000. The owner also issued cheque amounted to RM5,000 to purchase his own personal smartphone.
18	Lucky Sdn Bhd returned goods worth RM1,100.
20	Purchased goods worth RM2,500 by cash.
22	Returned RM1,600 worth of goods to Happy Trading.
26	Purchased a van for RM180,000 from Thor Motorcar. Paid now 15% deposit by cheque and the balances will be paid through hire purchase from Maybank.
28	Sold goods for cash RM22,000.
30	Paid salary amounting to RM25,000 and motor vehicle expenses of RM800 by cheque.
30	Paid RM380 cash for telephone bills.

Required:

1. Record the above transactions in the appropriate journals (General Journal and Special Journals). (10 marks)

2. Transfer the transactions from journals to ledger. (10 marks)

3. Prepare the Trial Balance for GoodLuck Sdn Bhd as at 30 June 2019. (5 marks)