The following transactions took place during the month of November, 2020 for Laily Enterprise. The bank...
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The following transactions took place during the month of November, 2020 for Laily Enterprise. The bank balance on 1 November valued at RM12,000. Required: (a) (b) Date 1 3 5 6 8 10 11 15 16 20 24 29 30 Transactions Received additional capital from the owner amounting RM30,000 by cheque. Purchased goods on credit from Rose Supermart amounting to RM10,000. Purchased office cabinets amounting to RM5,000. Additional installation costs amounting to RM600. All payments were made by cheques. Credit sales to Jaycorp Trading amounting to RM35,000. Returned faulty goods to Rose Supermart amounting to RM600. Paid building maintenance for RM4,800 by online banking. Jaycorp Trading returned goods amounting to RM4,000. Paid utilities bills amounting to RM3,300 by online banking. Made payment to Rose Supermart amounting to RM8,500 by online bank transfer. Owner took goods for personal use amounting to RM2,000. Received full payment settlement from Jaycorp Trading by cheque after deduction of 5% cash discounts. Owner withdraw cash from banking account for personal use amounting to RM5,000 Paid staff salaries amounting to RM17,000 by direct online transfer. Prepare the journal entries for all the above transactions with narrations. Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at 30th November 2020. The following transactions took place during the month of November, 2020 for Laily Enterprise. The bank balance on 1 November valued at RM12,000. Required: (a) (b) Date 1 3 5 6 8 10 11 15 16 20 24 29 30 Transactions Received additional capital from the owner amounting RM30,000 by cheque. Purchased goods on credit from Rose Supermart amounting to RM10,000. Purchased office cabinets amounting to RM5,000. Additional installation costs amounting to RM600. All payments were made by cheques. Credit sales to Jaycorp Trading amounting to RM35,000. Returned faulty goods to Rose Supermart amounting to RM600. Paid building maintenance for RM4,800 by online banking. Jaycorp Trading returned goods amounting to RM4,000. Paid utilities bills amounting to RM3,300 by online banking. Made payment to Rose Supermart amounting to RM8,500 by online bank transfer. Owner took goods for personal use amounting to RM2,000. Received full payment settlement from Jaycorp Trading by cheque after deduction of 5% cash discounts. Owner withdraw cash from banking account for personal use amounting to RM5,000 Paid staff salaries amounting to RM17,000 by direct online transfer. Prepare the journal entries for all the above transactions with narrations. Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at 30th November 2020.
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Answer rating: 100% (QA)
Lets start with the journal entries Journal Entries 1 Received additional capital from the owner Debit Cash Bank RM30000 Credit Owners Capital RM30000 Narration Received additional capital from the ow... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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