Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 Balances of accounts for GoodLuck Son Bhd on 1 June 2019 are as follows: Cash in hand 36,800 Cash at bank 100,000 Inventory

image text in transcribedimage text in transcribed
Question 2 Balances of accounts for GoodLuck Son Bhd on 1 June 2019 are as follows: Cash in hand 36,800 Cash at bank 100,000 Inventory 24,500 Mortgage on premises 800,000 Van Lucky Son Bhd 125,000 Buildling 72,000 Rainbow Berhad 900,000 61,670 Sunshine Supplies 24,700 Happy Trading Capital 95,270 400,000 The following transactions took place in the month of June: Date Transactions The business decided to add additional cash to the bank accounts amounted to RM300,000, Purchased goods on credit from Happy Trading RM120,000 and RM86,000 from Sunshine Supplies. Sold goods on credit Lucky Son Bhd net worth of RM45,000. Discount allowed to Lucky Sdn Bhd amounted to RM1,000. Sold RM9,500 worth of goods and received cash 6 CO Paid a cheque for RM20,000 for two months rental to Big Rental Properties. 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 Son 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 bill's.+ A" Read aloud introduction to Accounting (BAAD1003) CONFIDENTIAL April 2020 Final Examination Required: a) Record the above transactions in the appropriate journals (General Journal and Special Journals). (10 marks) b) Transfer the transactions from journals to ledger. (10 marks) c) Prepare the Trial Balance for GoodLuck Son Bhd as at 30 June 2019. (5 marks) (Total: 25 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Management Accounting A User Perspective

Authors: Michael L Werner, Kumen H Jones

2nd Edition

0130327506, 9780130327505

More Books

Students also viewed these Accounting questions

Question

Why are the elderly and/or uneducated so susceptible to fraud?

Answered: 1 week ago