Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION Vicky, a sole trader selling electrical equipment, started his business on 1 June 2 0 2 3 . DATE TRANSACTIONS June 1 He started

QUESTION
Vicky, a sole trader selling electrical equipment, started his business on 1 June 2023.
DATE TRANSACTIONS
June 1 He started business on this date with RM600,000 in the bank, a shophouse of RM40,000 and a delivery van worth RM25,000.
4 Purchased office furniture by cheque RM3,000 from Jati Furniture Bhd.
5 Received an invoice from Hello Enterprise for RM10,000 for the goods he purchased. Issued a cheque for RM3,000 to pay part of the invoice.
7 Issued invoices to Greengate Trading and Koko Enterprise for goods sold to them worth RM5,000 and RM300 respectively. Received full payment from Koko Enterprise in cash.
11 Rent part of the shophouse to Rico Workshop for RM600 cash.
17 Issued a debit note to Hello Enterprise for RM100 and a credit note to Greengate Trading for RM250; both for goods damaged during transportation.
20 Issued a cheque for RM800 to Simba Printshop for making the shops signboard.
24 Issued a business cheque for RM300 to Setia Restaurant as payment for dinner there with his family.
26 Paid cash RM300 for petrol for the van used to deliver business goods
30 Paid shop assistants salary of RM3,000 through bank transfer.
From the above transactions, you are required to:
a) Show the double entries for above transactions.
b) Record the above transactions in the ledgers (T-Account)
c) Prepare the trial balance as at 30 June 2024
FORMAT
i. JOURNAL ENTRIES
DATE DETAILS DR.
(RM) CR.
(RM)
Jan 3 Dr. xx
Cr. xx xx
xx
4 Dr. xx
Cr. xx xx
xx
ii. LEDGERS (T-ACCOUNT)
Name of Account
Date Item Amount
(RM) Date Item Amount
(RM)
xx xx
iii. TRIAL BALANCE (TB)
VICKY
TRIAL BALANCE AS AT 30 JUNE 2024
Name of Account (from ledgers) Debit (RM) Credit (RM)
Capital xx
xx
xx
xx
xx
TOTAL XXXX XXXX

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

Petroleum Accounting: Principles, Procedures; And Issues

Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou

8th Edition

0940966328, 978-0940966321

More Books

Students also viewed these Accounting questions

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago