Question

(A)

Kindly answer in typed words

Chocolairs Food Enterprise is a cookie manufacturer in Selangor. The following information was extracted from the books of Chocolars Food Enterprise for the month of May 2021:- 6 May 2 Bought goods on credit amounting to RM8,000 from Lala Enterprise before deducting 10% trade discount 3 A sales invoice for RM4,000 was sent to Lulu Trading. 5 Sold goods of RM10,000 on credit to Paul less 15% trade discount. Return goods of RM1,000 to Lala Enterprise. 7 Sent a credit note for RM300 to Lulu Trading 9 Credit sales of RM3,000 to Lili Trading 10 A sales invoice for RM6,000 was sent to Lolo Sdn. Bhd. before less trade discount 5%. 12 Credit purchase of RM10,000 from Ali Tata Sdn. Bhd. before deducting 8% trade discount. 13 Lolo Sdn. Bhd. returned goods with a list price of RM500. 15 Return goods of RM500 to Ali Tata Sdn. Bhd. 20 Purchased goods amounting to RM800 on credit from Siew Ling Trading. 24 A sales invoice for RM6,000 was received from DD Va Enterprise before deducting 2% trade discount Required: Prepare the appropriate books of prime entry for the above transactions. (B) a) Explain TWO (2) differences between the cash basis and the accrual basis of revenue and expenses recognition b) Explain THREE (3) functions of preparing a petty cash book. c) The business needs to record the trade discount in the book of account". Do you agree with the above statement? Justify your