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Saniz Co is a supplier of instant hand sanitizer. Saniz Co uses the periodic inventory system . The balance of assets and liabilities as at
Saniz Co is a supplier of instant hand sanitizer. Saniz Co uses the periodic inventory system. The balance of assets and liabilities as at 1 March 2021 were as follows:
Saniz Co Trial Balance as at 1 March 2021 | ||
RM | RM | |
Accounts payable | 30,000 | |
Accounts receivable | 40,000 | |
Capital | 100,000 | |
Cash at bank | 23,000 | |
Furniture & Fittings | 26,000 | |
Inventory | 41,000 | |
130,000 | 130,000 |
The following transactions took place during the month of March 2021:
March 2 | Issued a cheque RM15,000 to supplier to settle partial outstanding in February 2021 |
5 | Purchased extra couple design hand sanitizers worth RM20,000 on terms 8/20, n/30 |
7 | Purchased office equipment worth RM1,200 and paid by cheque. |
9 | Sold hand sanitizers at RM15, 500 on terms 10/20, n/30. |
10 | Received loan worth RM30,000. |
12 | Returned damaged hand sanitizers purchased on 5 March worth RM6,000. |
14 | A customer returned hand sanitizers sold on 9 March worth RM1,000. |
15 | Customer settled paid in full the amount outstanding by cheque for the sales made on 9 March |
17 | Walch, the owner of Saniz Co withdrew some instant hand sanitizers worth RM2,000 to give for the local clinics. |
18 | Sold 20 alcohol free sanitizer worth RM25 each and received cheque. |
19 | Paid suppliers by cheque in full settlement for purchases made on 5 March |
21 | Received commission worth RM1,000. |
23 | Purchased more instant hand sanitizers worth RM3,000 paying by cheque |
25 | Purchased a delivery vehicle paying by cheque worth RM20,000 |
28 | Paid advertisement by cheque worth RM2,000. |
30 | Paid salaries by cheque worth RM1,800. |
*All receipt and payment made by cheque.
You are required to prepare:
- Ledgers to record the above transactions.
- a trial balance as at 31 March 2021
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