The following transactions are taken from Pak Maun Enterprise in November 2020:

Nov 1  Starting business with cash in hand RM18,000 and cash in bank account RM100,000

3 Purchased office furniture worth RM24,000 from Kedai Perabot Dinesh

4 Purchased business inventories worth RM12,800 using cheque

5 Sold inventories worth RM6,000 to Kedai Mei Ling

7 Kedai Mei Ling returned defective inventories worth RM920

9 Drawing (business inventories) worth RM480 for family use

10 Received cheque from Kedai Mei Ling RM3,400

12 Purchased business inventories worth RM27,200 from Pembekal Syazwani

15 Returned business inventories worth RM560 to Pembekal Syazwani (wrong brand)

16  Cash sale RM2,400

20 Paid to Pembekal Syazwani using cheque RM14,000

22 Paid rental fee RM2,000 using cash

29 Paid workers' salaries RM2,800 using cheque

Beginning inventory is 0

Question 

1. Prepare the income statement and balance sheet for Pak Maun Enterprise

Answer rating: 100% (QA)

Income Statement for Pak Maun Enterprise in November 2020 Revenue Sales RM6000 Cash Sale RM2400 Total Revenue RM8400 Cost of Goods Sold Beginning Inve... View the full answer