Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 3 Salim started in business on 1 April 2019 and his transactions for the first month are as follows:- 2019 April 1 RM 40,000

image text in transcribed
image text in transcribed
QUESTION 3 Salim started in business on 1 April 2019 and his transactions for the first month are as follows:- 2019 April 1 RM 40,000 2 2 2 Opened business bank account with capital Purchased van by cheque Purchased inventory on credit from Mimi Purchased inventory by cheque from Kiki Enterprise. Cash Sales Paid wages in cash Paid rent by cheque Banked in cash 8,000 12,700 7,900 9,640 430 1,250 6,000 7 8 9 14 Cash Sales 7,850 15 Bought inventory with cash 5,290 20 Paid wages in cash 670 24 Purchased inventory from Mimi paying by cheque 7,840 25 CashSales 12,400 25 Banked cash 8,000 27 Paid wages in cash 700 27 Paid sundry expenses in cash 170 29 Sold goods on credit to Haji 2,900 Required: Journalize the above transactions and enter in Salim's ledgers. (10 marks) b. Briefly explain the examples of Sources of Documents in relation with Prime Book Entry and Bookkeeping. (10 marks) a

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

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

9th Edition

111970958X, 9781119709589

More Books

Students also viewed these Accounting questions

Question

What is a father-son-grandson relationship? Discuss.

Answered: 1 week ago