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MONTH January DETAILS i. You returned some goods purchased earlier (you decide the amount and the creditor's involved) ii. You pay insurance premium for the vehicle used in the business RM1,800.00. the coverage is for one year starting in January 2020. i. One of the cheques you issued was returned because the payee had spilled some curry on it. ii. Electricity bill for the month of January has not been paid yet. February Additional Information: 1. Amount estimated for Allowance for doubtful debts is 2%. 2. Depreciation of the non-current asset using straight-line method. 3. Ending inventory is RM1000.00 3 4. Parts of the rental paid is for March until June 2020 5. Parts of the sales received is for March 2020, 1) Based on all the transactions listed, prepare a) Journal entries for all transactions (5 marks/ the monti b) Post the joumal entries to the appropriate ledger accounts and balance the accounts for each month 15 marks/ c) Trial balance for the month of January and February2020) 15 marks/ d) Prepare adjusting entries 15 marks/ e) Prepare trial balance after adjustments 15 marks/ v) Prepare a quarterly financial statement ending 28th February 2020: a)Statement of Profit and Loss 10marks/ b) Statement of Financial Position/10 marks/ vi) Notes Accuracy, neatness, format and correct flow of transactions must be ensured 15 marks/ ant Paragraph Styles Question 1 [80 marks) Following the Covid-19 pandemic, the job market has been very challenging especially when many businesses have to reduce the number of employees in order to reduce operational costs. New graduates have been under the pressure when employment is concern and have to do the best to generate income. After completing your degrees at University Muhibal you have observed that there are opportunities in some areas and has decided to start a small business(sole proprietor)selling merchandise goods. You are required to: i) Describe the business that you are starting in terms of the type of business and rationale for the selection of the type of business, location, types of products, and means of getting capital and the amount of capital, maumber of workers, premise and other details necessary to start a business. [10 marks) ii) Based on your creativity. list business transactions required to start the business, preferably on 1 January 2020. (example: January 1 2020 Write down ten transactions for ench month that may occur in the month of January and February 2020. The transactions for the two months should involve these items, inclusive of existing transactions Ed States i. Starting of business, for example, transactions required to start the business, preferably on 1 January 2020. At least one (1) non-current asset. ii. Cash and credit sales and purchases: Two (2) creditors and two (2) debtors 11. Sales and purchase returns; a transaction each. iv. One (1) transaction each for discount allowed and discount received v. One or more (1) transactions each for prepaid expenses and uneamed revenue, vi. Bad debt vii. Accrued or pre-paid expenses. vii. Unearned or pre-paid revenue, vii. Depreciation; Calculated on monthly basis. You will need at least ten (10) transactions for each month. The transactions listed must be realistic and appropriate for the business. These are existing transactions for the month of January and February 2020. You are required to add another eight (8) transactions for January and February 20marks/ MONTH January DETAILS i. You returned some goods purchased earlier (you decide the amount and the creditor's involved) ii. You pay insurance premium for the vehicle used in the business RM1,800.00. the coverage is for one year starting in January 2020. i. One of the cheques you issued was returned because the payee had spilled some curry on it. ii. Electricity bill for the month of January has not been paid yet. February Additional Information: 1. Amount estimated for Allowance for doubtful debts is 2%. 2. Depreciation of the non-current asset using straight-line method. 3. Ending inventory is RM1000.00 3 4. Parts of the rental paid is for March until June 2020 5. Parts of the sales received is for March 2020, 1) Based on all the transactions listed, prepare a) Journal entries for all transactions (5 marks/ the monti b) Post the joumal entries to the appropriate ledger accounts and balance the accounts for each month 15 marks/ c) Trial balance for the month of January and February2020) 15 marks/ d) Prepare adjusting entries 15 marks/ e) Prepare trial balance after adjustments 15 marks/ v) Prepare a quarterly financial statement ending 28th February 2020: a)Statement of Profit and Loss 10marks/ b) Statement of Financial Position/10 marks/ vi) Notes Accuracy, neatness, format and correct flow of transactions must be ensured 15 marks/ ant Paragraph Styles Question 1 [80 marks) Following the Covid-19 pandemic, the job market has been very challenging especially when many businesses have to reduce the number of employees in order to reduce operational costs. New graduates have been under the pressure when employment is concern and have to do the best to generate income. After completing your degrees at University Muhibal you have observed that there are opportunities in some areas and has decided to start a small business(sole proprietor)selling merchandise goods. You are required to: i) Describe the business that you are starting in terms of the type of business and rationale for the selection of the type of business, location, types of products, and means of getting capital and the amount of capital, maumber of workers, premise and other details necessary to start a business. [10 marks) ii) Based on your creativity. list business transactions required to start the business, preferably on 1 January 2020. (example: January 1 2020 Write down ten transactions for ench month that may occur in the month of January and February 2020. The transactions for the two months should involve these items, inclusive of existing transactions Ed States i. Starting of business, for example, transactions required to start the business, preferably on 1 January 2020. At least one (1) non-current asset. ii. Cash and credit sales and purchases: Two (2) creditors and two (2) debtors 11. Sales and purchase returns; a transaction each. iv. One (1) transaction each for discount allowed and discount received v. One or more (1) transactions each for prepaid expenses and uneamed revenue, vi. Bad debt vii. Accrued or pre-paid expenses. vii. Unearned or pre-paid revenue, vii. Depreciation; Calculated on monthly basis. You will need at least ten (10) transactions for each month. The transactions listed must be realistic and appropriate for the business. These are existing transactions for the month of January and February 2020. You are required to add another eight (8) transactions for January and February 20marks/