Answered step by step
Verified Expert Solution
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 June
DATE TRANSACTIONS
June He started business on this date with RM in the bank, a shophouse of RM and a delivery van worth RM
Purchased office furniture by cheque RM from Jati Furniture Bhd
Received an invoice from Hello Enterprise for RM for the goods he purchased. Issued a cheque for RM to pay part of the invoice.
Issued invoices to Greengate Trading and Koko Enterprise for goods sold to them worth RM and RM respectively. Received full payment from Koko Enterprise in cash.
Rent part of the shophouse to Rico Workshop for RM cash.
Issued a debit note to Hello Enterprise for RM and a credit note to Greengate Trading for RM; both for goods damaged during transportation.
Issued a cheque for RM to Simba Printshop for making the shops signboard.
Issued a business cheque for RM to Setia Restaurant as payment for dinner there with his family.
Paid cash RM for petrol for the van used to deliver business goods
Paid shop assistants salary of RM 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 TAccount
c Prepare the trial balance as at June
FORMAT
i JOURNAL ENTRIES
DATE DETAILS DR
RM CR
RM
Jan Dr xx
Cr xx xx
xx
Dr xx
Cr xx xx
xx
ii LEDGERS TACCOUNT
Name of Account
Date Item Amount
RM Date Item Amount
RM
xx xx
iii. TRIAL BALANCE TB
VICKY
TRIAL BALANCE AS AT JUNE
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started