LET’S START LEARN HOW TO POSTING!!!♡I LOVE ACCOUNTING ♡
REMEMBER ACCOUNTING CYCLE???
BEFORE THATLET’S RECAP BACK!!!PURCHASESASSETSDRAWINGSEXPENSESLIABILITIESOWNER’S EQUITYREVENUESSALES↑DEBITCREDIT ↓↑ CREDITDEBIT ↓DEBITCREDIT
QUESTIONMiss Andrea, the owner of Apex Enterprise started business on 1 April 2017. Main operation of Apex Enterprise is selling electrical appliances in area of Malacca City. You are required to:(a) Record the transactions in the Book of First Entry.(10marks)(b) Post the entries to relevant ledger account(10 marks)(c) Prepare the Trial Balance as at 30 April 2017.(5 marks)DATETRANSACTIONS2017April 1Started a business with cash at bank RM 100,000, cash in hand RM 5,000, van RM 8,000 & loan from Bank Rakyat RM 50,0005Purchased 10 unit of LED television from Panasonic Sdn Bhd amounted to RM 45,0008Purchased display furniture from IKEA worth RM 800, paid by cash12Sold 30 unit of rice cookers to Dynamic Enterprise worth RM 10,00015Dynamic Enterprise returns 2 unit of misfunctional items worth RM 80017Received cash RM 2,500 on sales goods to Mrs Niyu20Andrea took Faber Microwave Oven worth RM 450 for personal used23Andrea brought in her computer RM 3,000 from home to office for business used25Paid worker salary by cheque amounted to RM 3,50027Paid installment on loan to Bank Rakyat RM 1000 by cheque30Paid water & electricity bill by cash RM 500
SOLUTIONDATETRANSACTIONSBOOK OF FIRST ENTRY2017April 1Started a business with cash at bankRM 100,000, cash in handRM5,000, vanRM 8,000 & loan from Bank Rakyat RM 50,000GENERAL JOURNAL & CASH BOOK5Purchased10 unit of LED televisionfrom Panasonic Sdn Bhd amounted to RM45,000PURCHASE JOURNAL8Purchaseddisplay furniturefrom IKEA worth RM800, paid by cashCASH BOOK (CT)12Sold30 unit of rice cookersto Dynamic Enterprise worth RM10,000SALES JOURNAL15Dynamic Enterprise returns 2 unit of misfunctional items worth RM800SALES RETURN JOURNAL17Received cash RM2,500 on salesgoods to Mrs NiyuCASH BOOK (DT)20Andrea took Faber Microwave Oven worth RM450 for personal usedGENERAL JOURNAL23Andrea brought inher computerRM3,000 from home to office for business usedGENERAL JOURNAL25Paidworker salaryby chequeamounted to RM3,500CASH BOOK (CT)27Paidinstallment on loan