Following balances appeared in the books of Rachel on January 1, 2023: Assets: Cash in hand...

 

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Following balances appeared in the books of Rachel on January 1, 2023: Assets: Cash in hand RM 30,000, Stock RM 36,000, Lina Chan RM 7,600, Malik Kamal RM 16,200, Furniture RM 8,000. Liabilities: Ghani RM 6,000, Vincent RM 8,000. Following transactions took place during January 2023- 2023 January 2 4 Transactions Purchased Typewriter for RM 7,500. cetates Sold goods for Cash of the list price of RM 25,000 at 20% trade discount and 5% Cash discount. Sold goods to Ghan Singh for RM 10,000. Purchased goods from Arif RM 12,000; and from Vivi RM 15,000. 6 8 Ghan Singh returned goods for RM 1,500, 12 13 14 16 Settled Arif's account in full after deducting 5% for cash discount. Paid cash to Ghani in full settlement of his account. Received RM 7,500 from Lina Chan in full settlement of his account Purchased a Scooter for office use RM 18,000. Sold goods for cash RM 20,000. Received from Ghan Singh RM 4,850 and discount allowed RM 150. Paid for Wages RM 7,000 and Salaries RM 3,000. 17 20 22 27 28 29 Paid for Life Insurance Premium of the proprietor RM 1,600. Withdrew goods for RM 2,000 and Cash RM 1,500 for private use. From the transactions above, prepare: (a) General Journal (b) Ledger Accounts (c) Trial Balance as at 31 January 2023 after balancing off the ledger accounts. Following balances appeared in the books of Rachel on January 1, 2023: Assets: Cash in hand RM 30,000, Stock RM 36,000, Lina Chan RM 7,600, Malik Kamal RM 16,200, Furniture RM 8,000. Liabilities: Ghani RM 6,000, Vincent RM 8,000. Following transactions took place during January 2023- 2023 January 2 4 Transactions Purchased Typewriter for RM 7,500. cetates Sold goods for Cash of the list price of RM 25,000 at 20% trade discount and 5% Cash discount. Sold goods to Ghan Singh for RM 10,000. Purchased goods from Arif RM 12,000; and from Vivi RM 15,000. 6 8 Ghan Singh returned goods for RM 1,500, 12 13 14 16 Settled Arif's account in full after deducting 5% for cash discount. Paid cash to Ghani in full settlement of his account. Received RM 7,500 from Lina Chan in full settlement of his account Purchased a Scooter for office use RM 18,000. Sold goods for cash RM 20,000. Received from Ghan Singh RM 4,850 and discount allowed RM 150. Paid for Wages RM 7,000 and Salaries RM 3,000. 17 20 22 27 28 29 Paid for Life Insurance Premium of the proprietor RM 1,600. Withdrew goods for RM 2,000 and Cash RM 1,500 for private use. From the transactions above, prepare: (a) General Journal (b) Ledger Accounts (c) Trial Balance as at 31 January 2023 after balancing off the ledger accounts.

Answer rating: 100% (QA)

To prepare the General Journal Ledger Accounts and Trial Balance we need to go through each transaction and record them accordingly Lets start with th... View the full answer