JUNE 2018 QUESTION 1 a)Below are the transactions of Hassan Book Store Sdn. Bhd. In March 2018. March 2018 Transactions 1 Balance brought forward of this month is cash in hand RM6,000 and cash at bank RM14,000 6 Bought book racks worth RM3,000 paid by cheque 8 Bought vehicle on credit from UMW Motor worth RM45,000 10 Purchased stationery for office use worth RM350 by cash 11 Paid shop rental for RM1,000 by cheque 12 Cash sales for RM2,000 was bank in on the same day 15 Took books and magazine RM100 for own use 18 Purchased shelves and tables for RM7,000 and paid by cheque 21 Paid advertisement expenses by cash for RM500 25 Paid water and electricity bills RM850 by cash 27 Owner brought in computer from his house for business use worth RM1,200 28 Paid staff’s salary of RM3,000 by cashYou are required to record the above transaction in the cash book (3 columns) b)Mr. Izz started his business on 1 July 2018 with furniture RM8,000 and cash at bank RM42,000. During the month of July 2018, the transactions took place as follow: July 1 Purchased goods from Iqbal Trading on credit RM3,000 5 Sold goods to Nissa on credit RM3,500 and she received trade discount 5% 9 Mr. Izz paid his personal car insurance by cheque RM800 13 Nissa sent cheque to settle all her debts 15 Cash sales RM1,500 21 Received invoice from Effa Trading for purchased goods RM2,500 25 Received a credit note form Effa Trading RM200 due to spoilt items 29 Paid salary by cheque RM3,500 You are required to record all the transactions into related ledgers without balancing off the account.
QUESTION 2 Puan Moist, the owner of Moist Enterprise has prepared the trial balance for the year end 31 December 2017. Below is the improper trial balance prepared by Puan Moist: Particular Debit (RM) Credit (RM) Capital 39,468 Sales 237,942 Administrative expenses 7,100 Cash in hand 9,480 Salaries expenses 18,700 Cash at bank 13,562 Office equipment 16,000 Purchases 118,435 Commission received 8,320 Motor vehicle 21,453 Debtors 17,400 Creditors 19,000 Discount allowed 7,000 Opening stock 25,600 Land and building 50,000 You are required to show the correct trial balance as at 31 December 2017 by listing the above items.
QUESTION 3 The following trial balance is taken from the books of sole trader Alias Enterprise on 31 December 2017. ALIAS ENTERPRISE Trial Balance as at 31 December 2017 Additional information: i.Closing stock on 31 December 2017 was RM10,000 ii.Accrued insurance was RM200 iii.Rental which not been received amounted RM200 iv.Building and motor vehicle is depreciated at the rate of 10% on cost v.Provision for doubtful debts is 1% on account receivable’s balanceParticulars Debit (RM) Credit (RM) Opening stock, 1 January 2017 45,000 Purchases 50,000 Sales 300,100 Return 200 150 Purchases tax 100 Wages 440 Salaries 6,700 Insurance 200 Rental received 550 Stationeries 570 Bad debt 200 Interest on loan 1,000 Building 300,000 Land 100,000 Motor vehicle 150,000 Loan from Mei Bank 100,000 Account receivable 10,000 Provision for doubtful debts 200 Account payable 50,000 Cash in hand 30,000 Cash at bank 50,000 Drawings 5,000 Capital 298,410 749,410 749,410
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- Winter '17
- Debt, Mei Bank, Alias Enterprise