Mr. Ravinggo commenced trading as a wholesale stationer on 1 st Dec 2021 with a capital of
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Question:
Mr. Ravinggo commenced trading as a wholesale stationer on 1st Dec 2021 with a capital of RM6 000 with which he opened a bank account for his business. Transactions for the month of December 2021 are given as following:-
2021
Dec 1 Bought shop fittings and fixtures by cheque for RM2000.
2 Purchased goods on credit from Shawn for RM650; Kee RM76; Mei Lin RM27; and Indra RM56.
- Sold goods on credit to Chan for RM700.
- Cash sales RM 87
- Purchased goods on credit from Gan for RM300.
- Paid wages in cash RM 14
- Sold goods on credit to Heng for RM580; Hilly RM 35; Jack RM 42; Clinton RM 72.
- Cash sales paid intact into bank RM200.
- Bought goods for cash RM 46
- Received cheque from Chan in settlement of his account.
- Bought goods on credit from: Mei Lin RM 57; Indra RM 98; Kay RM800.
- Paid wages in cash RM
- Sold goods on credit to : Jack RM32; Clinton RM23
- 16 Bought furniture from Stella Design on account RM 50.
- 17 Paid Mei Lin RM 84 by cheque
- Sold goods on credit to Ning RM360.
- Goods returned to Indra RM 20 and Kee RM 24
- Sent cheque to Shawn in settlement of his account.
- Paid rent by cheque RM200.
- Paid delivery expenses by cheque RM50.
- Paid Stella Design a cheque for RM 50
- Received from Heng RM200 by cheque.
- Clinton paid us his account by cheque RM 95.
- Josephine lent Mr. Ravinggo RM 60 by cash.
- Bought a motor van paying by cheque RM 400.
- Drew cheques for personal expenses RM200 and assistant’s wages RM320.
- Settled the account of Gan.
Required:
- Prepare a Prime Book Entry for the above transactions
- Record the transactions in Ledgers and Balance-off the ledgers.
- Extract a trial balance.
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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