1 May . Started the business with RM20000 in cash. 2 May. Paid RM8000 into a business...
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1 May . Started the business with RM20000 in cash. 2 May. Paid RM8000 into a business bank account. 4 May. Purchased RM1000 of goods in cash. 7 May. Paid rental RM 500 by cheque 11 May. Bought goods costing RM10000 on credit from Roy. 16 May. Return goods to Roy worth RM 1000. 17 May. Cash sales of RM5000. 18 May. Goods sold on credit terms to Norman for RM7000. 22 May. Norman return goods worth RM 400. 25 May. Ivan pays Roy’s by cheque, RM5,000 . 28 May. Cheque for RM3000 received from Norman.
Required: a) Prepare journal entry for the above transaction. b) Post the entries to ledger. c) Prepare the trial balance for the month ended 31 May.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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