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R Hakim started a toy shop business on 1 August 2022. He started the business with an investment of RM 5,000. From this amount of

R

Hakim started a toy shop business on 1 August 2022. He started the business with an investment of RM 5,000. From this amount of investment, RM 1,000 was in cash and RM 4,000 was in bank account.

August

1

Borrow from Citibank RM 2,000

2

Paid rent for office RM 750 using online banking

5

Paid wages to shop assistant RM 120 by cash

6

Bought a computer RM 3,000 in cash

8

Purchased goods RM 1,380 by cheque

10

Sold toys for RM 650 cash

12

Withdrew RM 200 cash to pay for his mothers medical bills

15

Bought goods on credit from Siam Sdn Bhd RM 830

18

Sold goods on credit to Kenny Enterprise for RM 1,250

19

Purchased goods worth RM 3,789 from Panda Sdn Bhd, paid by cheque RM 2,000 and balance to be paid in the next month

20

Bought office equipment by online banking RM 2,500

23

Paid electricity bills RM 325 by cash

25

Paid internet bills for RM 230 by online banking

27

Returned goods amounted to RM 515 that previously purchased from Panda Sdn Bhd

28

Returned damaged goods worth RM 310 to Siam Sdn Bhd

29

Kenny Enterprise return wrong colour goods of RM 480

30

Bought stationeries of RM 90 using cash money

30

Hakim invested further RM 3,000 into the business

31

Paid RM 300 to Siam Sdn Bhd through online banking

31

Received cheque from Kenny Enterprise RM 500

Required:

Prepare a Prime Book Entry for the above transactions

Record the transactions in Ledgers and Balance-off the ledgers.

Extract a trial balance.

Prepare Statement of Profit or Loss & Statement of Financial Position.

Good accounting practices in a business protect the company from any fraudulent activities and ensure the credibility of a business. Briefly explain how accountant can ensure good accounting practices being implemented in a business.

ecord the transactions in Ledgers and Balance-off the ledgers. Borrow from Citibank RM 2,000

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