Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vicky, a sole trader selling electrical equipment, started his business on 1 June 2 0 3 . You are required to record the following business

Vicky, a sole trader selling electrical equipment, started his business on 1 June 203. You are required to record the following business transactions in the appropriate accounts for June 203.
June 1 Started business with RM60,000 in the bank, a shophouse of RM40,000 and a delivery van worth RM25,000
4 Purchased office furniture by cheque RM3,000 from Jati Furniture Bhd.
5 Received an invoice from Hello Enterprise for RM10,000 for goods purchased. Issued a cheque for RM3,000 to settle part of the invoice
7 Issued invoices to Greengate Trading and Koko Enterprise for goods sold to them worth RM5,000 and RM300, respectively. Received full payment from Koko Enterprise in cash
11 Sublet part of the shophouse to Rico Workshop for RM600 cash
17 Issued a debit note to Hello Enterprise for RM100 and a credit note to Greengate Trading for RM250; both for goods damaged during transportation
20 Issued a cheque for RM800 to Simba Printshop for making the shop's signboard
24 Issued a business cheque for RM300 to Setia Restaurant as payment for dinner there with his family
26 Paid cash RM300 for petrol for the van used to deliver business goods
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Economics And Financing

Authors: Thomas E. Getzen, Michael S. Kobernick

6th Edition

1119815681, 9781119815686

More Books

Students also viewed these Accounting questions