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use the ledger format given Business transaction Jan started business with RM 20000 cash 2 Purchased furniture worth RM 5000 by cash Feb 2 4
use the ledger format given
Business transaction Jan started business with RM 20000 cash 2 Purchased furniture worth RM 5000 by cash Feb 2 4 Purchased goods worth RM 1000 by cash at a 10% trade discount Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to March 4 Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 26 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 April 11 Received RM 900 from Ming June 16 Received RM1200 from Ting with 5% cash discount July 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount August 16 Office equipments RM 350 purchased 27 The owner invested 10000 cash as capital into the business Sept 17 owner withdrew RM 550 for personal use 30 Made cash sales RM 4500 The cost of sale was RM 700 October 20 Rent of RM 2000 received from Joe Jonas November 22 Telephone bill of RM200 is paid December 24 Paid RM 1200 for utilities 26. Wages of RM 20000 paid Paid RM 300 for a rental car for delivery of shoes 28 Additional info: assets business own 1) Building - RM 74500.5% Per annum, straight line method 2) Motor vehicle - RM 35000 ,5 years useful life, 17000 sorap value USE PERPETUAL INVENTORY SYSTEM A Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in Taccount format B Create your own balance C.Calculate depreciation for the year D Estimate alowance for trade receivables (why?) E. Prepare trial balance E. Prepare statement of profit or loss F.Prepare statement of financial position Ledgers Date Particulars Dr Cr Balance Step by Step Solution
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