Gan Eng Hardware Sdn. Bhd business transaction for the month of February are as followings: Date...

 

Transcribed Image Text:

Gan Eng Hardware Sdn. Bhd business transaction for the month of February are as followings: Date Transactions Feb 1 Feb 3 Feb 5 Feb 6 Feb 7 Feb 10 Feb 11 Feb 13 Feb 17 Feb 27 Feb 28 Purchased goods worth RM10,200 from YTL Supplies with credit term 2/10n30. Sold goods to Kedai Besi Ming RM8,100 by credit with term 2/10n30. Goods return to YTL Supplies RM550 due to damage. Kedai Besi Ming return goods to Gan Eng Hardware amount of RM300 Settlement of the outstanding credit purchase to YTL Supplies. Purchased goods RM 5,200 from Megat Enterprise by cash. Kedai Besi Ming made payment to Gan Eng Hardware on the outstanding of credit sale due. Sold goods to Ramesh Development Sdn. Bhd. RM6,800 by cash and deposited to bank. Mr. Gan took goods amount RM1,000 and cash RM500 to fix his house kitchen. Salaries for the employee incurred for the month was RM4,400 Business received cash of RM20,000 on Note payable issued for business additional working capital. Required: 1. Prepare the journal entries on the above transactions. (20 marks) 2. Prepare A/P ledger for supplier YTL Supplies. (5 marks) Gan Eng Hardware Sdn. Bhd business transaction for the month of February are as followings: Date Transactions Feb 1 Feb 3 Feb 5 Feb 6 Feb 7 Feb 10 Feb 11 Feb 13 Feb 17 Feb 27 Feb 28 Purchased goods worth RM10,200 from YTL Supplies with credit term 2/10n30. Sold goods to Kedai Besi Ming RM8,100 by credit with term 2/10n30. Goods return to YTL Supplies RM550 due to damage. Kedai Besi Ming return goods to Gan Eng Hardware amount of RM300 Settlement of the outstanding credit purchase to YTL Supplies. Purchased goods RM 5,200 from Megat Enterprise by cash. Kedai Besi Ming made payment to Gan Eng Hardware on the outstanding of credit sale due. Sold goods to Ramesh Development Sdn. Bhd. RM6,800 by cash and deposited to bank. Mr. Gan took goods amount RM1,000 and cash RM500 to fix his house kitchen. Salaries for the employee incurred for the month was RM4,400 Business received cash of RM20,000 on Note payable issued for business additional working capital. Required: 1. Prepare the journal entries on the above transactions. (20 marks) 2. Prepare A/P ledger for supplier YTL Supplies. (5 marks)

Answer rating: 100% (QA)

1 JOURNAL ENTRIES Date Account Debit Credit Feb 1 Accounts Payable YTL Supplies 10200 I... View the full answer