MURNI Trading was formed on 1 July 2020 with a capital of RM35,000 cash. On the...

 

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MURNI Trading was formed on 1 July 2020 with a capital of RM35,000 cash. On the same day, the owner, Puan Nora open a current account in National Bank Bhd and deposited RM35,000 cash into the account. MURNI Trading located No 215, Jalan Paka, 23000 Dungun, Terengganu. The business is involved in the buying and selling various brands of oil pump and accessories. On 4 July 2020, Puan Nora received a letter from XYZ Bank Bhd informing about the approval of her loan application. Enclosed together with the letter is a cheque (numbered: 202121) amounting to RM45,000. Puan Nora hired Puan Aina as her assistant in the administrative work. Instructions: Based on the source documents given, you are required to record all the transactions in the following books of accounts for the month of July 2020. The business adopt a periodic inventory system. a) General journal b) General ledger c) Prepare the table of inventory record as per outlined in Appendix 1. At the end of the month, you are required to take into consideration the following adjustments: a) Non-current assets are to be depreciated at the rate of 8% per year. b) Electricity bill of RM150 for the month of July 2020 is still accrued. c) Insurance paid in advance amounted to RM200. d) Ending balance for inventory of oil pump. On 31 July 2020, you are required to balance all the accounts and complete the following requirements: a) Prepare the Trial balance as at 31 July 2020. b) Prepare the Income Statement for the month ended at 31 July 2020. c) Prepare the Statement of financial position as at 31 July 2020. MURNI Trading was formed on 1 July 2020 with a capital of RM35,000 cash. On the same day, the owner, Puan Nora open a current account in National Bank Bhd and deposited RM35,000 cash into the account. MURNI Trading located No 215, Jalan Paka, 23000 Dungun, Terengganu. The business is involved in the buying and selling various brands of oil pump and accessories. On 4 July 2020, Puan Nora received a letter from XYZ Bank Bhd informing about the approval of her loan application. Enclosed together with the letter is a cheque (numbered: 202121) amounting to RM45,000. Puan Nora hired Puan Aina as her assistant in the administrative work. Instructions: Based on the source documents given, you are required to record all the transactions in the following books of accounts for the month of July 2020. The business adopt a periodic inventory system. a) General journal b) General ledger c) Prepare the table of inventory record as per outlined in Appendix 1. At the end of the month, you are required to take into consideration the following adjustments: a) Non-current assets are to be depreciated at the rate of 8% per year. b) Electricity bill of RM150 for the month of July 2020 is still accrued. c) Insurance paid in advance amounted to RM200. d) Ending balance for inventory of oil pump. On 31 July 2020, you are required to balance all the accounts and complete the following requirements: a) Prepare the Trial balance as at 31 July 2020. b) Prepare the Income Statement for the month ended at 31 July 2020. c) Prepare the Statement of financial position as at 31 July 2020.

Answer rating: 100% (QA)

General Journal of Murni Trading for July 2020 Date Particulars LF Amount RM Date Particulars LF Amount RM 17 Capital Ac Dr 35000 17 Bank Ac Cr 35000 ... View the full answer