On 1 July 2021, MYJ Enterprise had the following balances in its Purchases Ledger: Understanding Sdn....
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On 1 July 2021, MYJ Enterprise had the following balances in its Purchases Ledger: Understanding Sdn. Bhd. RM200, Loyal Sdn. Bhd. RM250. MYJ Enterprise also had the following balances in its Sales Ledger: Refreshing Sdn. Bhd. RM320, Sweetness Sdn. Bhd. RM340. July 1 : Bought from Understanding Sdn. Bhd. (invoice), retail price of goods was RM1,800, with discount of 20% given by supplier. July 2 : Bought from Loyal Sdn. Bhd. (invoice 016) at list price RM450, discount given by supplier of 10%. July 4 : Sold to Refreshing Sdn. Bhd. (invoice 022) at list price RM450. July 6 : Sold to Sweetness Sdn. Bhd. (invoice 023) at list price RM240. July 8 : Returned RM100 worth of goods to Understanding Sdn. Bhd. July 9 : Paid RM300 to Loyal Sdn. Bhd. using cheque. July 11: Paid off entire debt to Understanding Sdn. Bhd. using cheque. July 12: Received RM400 from Refreshing Sdn. Bhd. by cheque. July 13: Received RM200 from Sweetness Sdn. Bhd. by cheque. Required: (a) Prepare all the related books of prime entry for the above transactions (except Cash Book is provided). (b) Prepare all accounts in the Purchases Ledger and Sales Ledger. (c) Prepare the Trade Payables Control Account, Trade Receivables Control Account and Return Outwards Account. (a) 3-column Cash Book (provided) Discoun Discoun Fol. Fol. Dat Cas Dat t Cas Particulars Bank Particulars Bank h e Receive Allowed d. Feb RM RM RM Feb RM RM RM TR: Refreshing Sdn. Bhd. TP: Understanding Sdn. Bhd. 12 400 9 1,560 13 TR: Sweetness Sdn. Bhd. 200 11 TP: Loyal Sdn. Bhd. 300 On 1 July 2021, MYJ Enterprise had the following balances in its Purchases Ledger: Understanding Sdn. Bhd. RM200, Loyal Sdn. Bhd. RM250. MYJ Enterprise also had the following balances in its Sales Ledger: Refreshing Sdn. Bhd. RM320, Sweetness Sdn. Bhd. RM340. July 1 : Bought from Understanding Sdn. Bhd. (invoice), retail price of goods was RM1,800, with discount of 20% given by supplier. July 2 : Bought from Loyal Sdn. Bhd. (invoice 016) at list price RM450, discount given by supplier of 10%. July 4 : Sold to Refreshing Sdn. Bhd. (invoice 022) at list price RM450. July 6 : Sold to Sweetness Sdn. Bhd. (invoice 023) at list price RM240. July 8 : Returned RM100 worth of goods to Understanding Sdn. Bhd. July 9 : Paid RM300 to Loyal Sdn. Bhd. using cheque. July 11: Paid off entire debt to Understanding Sdn. Bhd. using cheque. July 12: Received RM400 from Refreshing Sdn. Bhd. by cheque. July 13: Received RM200 from Sweetness Sdn. Bhd. by cheque. Required: (a) Prepare all the related books of prime entry for the above transactions (except Cash Book is provided). (b) Prepare all accounts in the Purchases Ledger and Sales Ledger. (c) Prepare the Trade Payables Control Account, Trade Receivables Control Account and Return Outwards Account. (a) 3-column Cash Book (provided) Discoun Discoun Fol. Fol. Dat Cas Dat t Cas Particulars Bank Particulars Bank h e Receive Allowed d. Feb RM RM RM Feb RM RM RM TR: Refreshing Sdn. Bhd. TP: Understanding Sdn. Bhd. 12 400 9 1,560 13 TR: Sweetness Sdn. Bhd. 200 11 TP: Loyal Sdn. Bhd. 300
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Cost Management Accounting and Control
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Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
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