Clapy Sdn Bhd has been offering a credit settement for most of their customers. Below are...

 

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Clapy Sdn Bhd has been offering a credit settement for most of their customers. Below are the detals as at 31 March Trade recelvables (after bad debts written-off RM 23800 35 700 Year Bad debts Provision Provision written-off for doubtful for discount debts RM 952 1428 allowable RM 685 RM 2018 2019 1430 Increase by 50% 2020 35.114 During the year enderd 31 Mach 2020, several adjustmerts has to be made before audt resumes Transastions No record has been made on sales transaction of RMO 450 to Fan Enterprise which 30 of payment was setted on that day Date 11 Apri 2019 Missing record of an issued invoice of RM4 850 to Com Enterprise before allowing 2% trade discount 22 May 2019 23 May 2019 Fan Enterprise returms damaged biscuts to Maylem amounting RM1,340. Cash sales to Lily of RM1,240 Howover, she retumed four boxes of biscuits worth RM280 the next day. 10 July 2010 1 August 2010 Sold thity boxes of biscuts to Minnie Enterprise and Meen Enterprise worth RM17540 and RM15.740 respectively both with credt term of 350, net 180. 1 October 2019 Gurb Enterprise repaid debe of RMES6 by cheque although this debt was previously writen off as bad debt 15 December 2019 Recerved 60% payment hrom Fan Enterprise by cheque to settle their remaining amount due 11 January 2020 Received payment rom Meen Enterprise for their ful settlement of dets and 45% settlement trom Mirnie Enterprise Al payment was recerved in the form of cheque 14 March 2020 Recerved 50% payment trom Com Enterprise by cash The provision for doubtful debts is to be maintaned at 4% of outstanding trade recevaties and provision for discount alowable is at 3% of potentialy good receivables You are requred to prepare (a) Joumal entries for al adustments discovered (narrations are not required (9 marks) (b Trade receivaties account (4 marks) (O Provision for doubtha detts and provision for discount alowatle account for the year 2019 and 2020 7 Maks) Clapy Sdn Bhd has been offering a credit settement for most of their customers. Below are the detals as at 31 March Trade recelvables (after bad debts written-off RM 23800 35 700 Year Bad debts Provision Provision written-off for doubtful for discount debts RM 952 1428 allowable RM 685 RM 2018 2019 1430 Increase by 50% 2020 35.114 During the year enderd 31 Mach 2020, several adjustmerts has to be made before audt resumes Transastions No record has been made on sales transaction of RMO 450 to Fan Enterprise which 30 of payment was setted on that day Date 11 Apri 2019 Missing record of an issued invoice of RM4 850 to Com Enterprise before allowing 2% trade discount 22 May 2019 23 May 2019 Fan Enterprise returms damaged biscuts to Maylem amounting RM1,340. Cash sales to Lily of RM1,240 Howover, she retumed four boxes of biscuits worth RM280 the next day. 10 July 2010 1 August 2010 Sold thity boxes of biscuts to Minnie Enterprise and Meen Enterprise worth RM17540 and RM15.740 respectively both with credt term of 350, net 180. 1 October 2019 Gurb Enterprise repaid debe of RMES6 by cheque although this debt was previously writen off as bad debt 15 December 2019 Recerved 60% payment hrom Fan Enterprise by cheque to settle their remaining amount due 11 January 2020 Received payment rom Meen Enterprise for their ful settlement of dets and 45% settlement trom Mirnie Enterprise Al payment was recerved in the form of cheque 14 March 2020 Recerved 50% payment trom Com Enterprise by cash The provision for doubtful debts is to be maintaned at 4% of outstanding trade recevaties and provision for discount alowable is at 3% of potentialy good receivables You are requred to prepare (a) Joumal entries for al adustments discovered (narrations are not required (9 marks) (b Trade receivaties account (4 marks) (O Provision for doubtha detts and provision for discount alowatle account for the year 2019 and 2020 7 Maks)

Answer rating: 100% (QA)

a 2019 RM RM 11 Apr Cash account wiRM3450 30 1035 Fan Enterprises Account 2415 Sales Account 34... View the full answer