Zarina is a founder of Sugar Bakery Sdn Bhd, a business that produces and sells various flour-based baked such as bread, cookies, cakes, pastries and pies. She started a business with the help of her siblings who keep the business sustain until today.

Routinely, Zarina will check and review all transactions occurred between customers, suppliers and employees at the end of each month. Considering that today is the first day of May 2023, Zarina has decided to review the cumulative results for the month of April 2023 as well as the overall performance of the business. The documents reviewed were related to the financial year end of the business as of April 2023.

With the help of her account executive, all transactions for the months of April 2023 were summarized as below:

CASE STUDY-BUSINESS TRANSACTIONS REPORTING

ACCOUNTING I

SEPTEMBER 2023

Transactions

1. Zarina brought in RM20,000 into business as capital and deposited all to bank account.

1.Purchased baking raw materials RM7,200 from Sofia Enterprise paid by cheque.

2. Bought on credit 2 units of new convection microwave oven for bake worth RM2,450 each from Panasonic Malaysia Berhad.

3. Cash sales RM230 of bread to Mrs Hanis.

4. Bought 10 units of chairs for dining area worth RM55 per unit from Mr Lim by credit.

5. Sold 50 units of moist chocolate cake priced at RM5.20 per unit to Baker Recipes on credit.

5. Return 2 units of chairs to Mr Lim, as the chairs found damage.

6. Bought additional furniture and fixtures for RM4,440 on credit from Perabot Enterprise.

6. Baker Recipes return 5 units of moist chocolate cakes upon delivery as it does not fulfill the order requirement.

8. Sold 15 jar of caramel cookies worth RM450 to Amirah cookies which 60% was a cash sale.

10. Cash sales RM350 of pastries to Mr Gapar.

12. Sold 10 units cakes to Sarafina Taste and Safarina Star worth RM800 and RM750 respectively both with credit. Sarafina return 1 unit of cake on the next day, early in the morning.

14. Purchased baking raw materials again from Sofia Enterprise total RM6,500 on credit.

16. Full settlement by Baker Recipes by cheque. 3% cash discount was given as early settlement made within a deadline.

18. Received cheque for RM950 being rental received from tenant.

20. Zarina withdrew RM450 cash to prepare her daughter's birthday celebration.

22. Cash sales to Mr Muthu worth RM80.

24. Paid salary amounting RM8,800 by cheque.

26. Credit sales to Gulan Butter business worth RM630.

28. Paid interest of RM112 for loan from Maybank via bank transfer.

30. Paid rental and utilities of RM2,300 and RM325 respectively. All payment were made by cheque.

Closing inventory as at 30 April 2023 amounted to RM150. No inventory at beginning.

On 2 May 2023, her account executive has been warded to undergo a kidney stone removal treatment. Due to that, Zarina had difficulties summarizing all information as she does not have accounting background and incompetent to finalise the financial reports for the business.

Hence, Zarina seeks your cooperation and advice on how to prepare the following with the

informations given. It is assumed that closing inventory as at 30 April 2023 amounted to RM150

(a) Prepare ledger accounts to record all the above transactions.

(b) Extract a trial balance as at 30 April 2023.

(c) Prepare a Statement of Comprehensive Income and a Statement of Financial Po the month ending 30 April 2023.