Record the following transactions in the General Journals, post the transactions in the appropriate ledger accounts, balance off the accounts, and prepare a trial balance as at 31 January 2020.

Jan 1 Started business with RM10,000 cash.

5 Purchased goods worth RM1,000 by cash.

10 Sold goods worth RM5,000 on credit.

15 Bought office equipment worth RM1,200 by cash.

20 Received cheque for RM5,000 from debtor / RECEIVABLE

25 Cash sales of RM500.

31 Paid utility expenses amounting to RM400 in cash.

You are required to:

2. Record the transactions in the ledger.
4. Prepare Trial Balance as at 31 January 2020.

Question 2

Mr Ong started a business dealing in electrical goods on 1 January 2020. The following events occurred during the first month of operation.

January:

1 Mr Ong started a business by investing RM50,000 cash in the business, Quickpower

Trading.

2 Quickpower Trading deposits RM45,000 cash into a bank account.

3 The business borrows RM30,000 from the bank, the loan to be repaid in 3 years.

6 Quickpower Trading purchased RM10,000 worth of furniture by cheque.

9 Stock of electrical goods worth RM18,000 were purchased on credit from Azri.

12 Return damaged goods worth RM500 to Azri.

14 The business paid a cheque for RM9,000 to Azri.

17 Quickpower Trading sold electrical goods for RM4,000 to customers on credit.

19 Customer return some of the goods worth RM200 to business.

31 Quickpower Trading paid RM 300 for electricity by cheque.

You are required to:

2. Record the transactions in the ledger.
4. Prepare Trial Balance as at 31 January 2020.

Question 3

The following is the list of accounts from the books of Yezza Sdn Bhd as at 31 December 2021.

List of accounts	RM
Office equipment at cost	30,000
Motor vehicles at cost	106,500
Inventory at 1 January 2016	15,000
Sales	200,000
Purchases	50,000
Insurance expenses	4,000
Electricity, water and telephone bills	5,000
Custom duty	2,000
Carriages	5,700
Motor vehicle expenses	6,000
Return inwards	500
Return outwards	600
Discount allowed	450
Discount received	500
Advertising expenses	3,400
Rent	24,000
Staff salaries	28,800
Stationery expenses	500
Staff sales commissions	3,500
Capital	213,250
Accounts receivable	50,000
Accounts payable	10,000
Bank	75,000
Drawings	7,000
Fixed deposit (10% per annum)	60,000
Bank loan CHIM Bank (10% per annum)	50,000
Interest received on fixed deposit	3,000

Required:

Prepare the trial balance for the stated date.

Question 4

The following is the list of accounts from the books of Fyy Sdn Bhd as at 31 December 2021.

List of accounts	Amount (RM)
Office equipment	9,800
Motor vehicles	14,400
Fixtures and fittings	7,390
Accounts receivables	6,580
Accounts payables	4,255
Capital	30,658
1 year loan to Shimee	2,500
Purchases	20,310
Sales	37,560
Discount allowed	215
Discount received	175
Advertisement	4,250
Cash	1,630
Commission received	740
Loan from Affuan Bank	8,000
Rent expense	1,200
Rent received	700
Drawings	1,900
Maintenance and petrol	1,160
Salaries	4,105
Insurance	1,000
Bank	5,270
Carriage inwards	1,125
Carriage outwards	250
Telephone and electricity	610
Returns inwards	110
Returns outwards	132
Inventory	3,415

Required:

Prepare the trial balance for the stated date.

Exercises Final Accounts

Question 1

The following trial balance has been extracted from the ledger of Azwin, a sole trader as at 31 May 2019, the end of her most recent financial year.

	Debit(RM)	Credit(RM)
Property, at cost	90,000
Equipment ,at cost	57,500
Accumulated depreciation (as at 1 June 2018) Property Equipment		12,500 32,500
Inventories as at 1 June 2018	27,400
Purchases	259,600
Sales revenue		405,000
Discount allowed	3,370
Discount received		4,420
Wages and salaries	52,360
Bad debts	1,720
Loan interest	1,560
Carriage outwards	5,310
Other operating expenses	38,800
Trade receivables	46,200
Trade payables		33,600
Provision		280
Cash	151
Bank Overdraft		14,500
Drawings	28,930
13% long-term loan		12,000
Capital		98,101
	612,901	612,901

The following additional information as at 31 May 2019 is available:

2. Inventories as at the close of business were valued at RM25,900.
4. Expenses included under this heading are accrued by RM200.
6. RM140 accrues wages and salaries.

Required:

2. Prepare a Statement of Profit or Loss for the year ended 31 May 2019.
4. Prepare a Statement of Financial Position (Balance Sheet) as at 31 May 2019.

Question 2

The following Trial Balance was extracted from the books of Barakah Book Store as of 31 December 2022.

	Debit (RM)	Credit(RM)
Purchases Account Receivables Sales Capital Account Payables Drawings Office Equipment Delivery van Fixtures & fittings Advertising Cash Maintenance & Petrol Salaries & Wages Bad debts Carriage inwards Carriage outwards Electricity, Water & Telephone Duties on Purchases Return inwards Return outwards Inventories 1 Jan 2022 Provision for Depreciation: Delivery Van Fixtures and Fittings Office Equipment Commission received 12% loan from Bank Rakyat Rent Insurance Bank Discounts Provision for doubtful debts; 1 Sept 2017	38,220 13,720 3,800 24,500 18,300 7,200 8,500 8,260 2,320 8,010 200 420 500 1,220 1,830 220 6,830 2,400 2,000 10,540 430 159,420	63,120 59,175 7,265 225 2,745 2,160 4,900 1,480 16,000 1,400 350 600 159,420

The following adjustments need to be considered:

2. Inventories as at 31 December 2022 were valued at RM5,200.
4. Rent received RM400 was accrued.
6. RM600 of the insurance was prepaid.
8. RM250 of the electricity, water, and telephone have not been paid for the current year.
10. Wages & salaries were paid in advance RM5,000.

Required:

2. Prepare Statement of Profit and Loss for the year ended 31 August 2018.
4. Prepare a Statement of Financial Position as at 31 August 2018.