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Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% cash discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1»Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM A. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?)

Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% cash discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1»Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM A. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?)

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
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pls follow the ledger format
Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1) Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM a. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?) E.Prepare statement of profit or loss F.Prepare statement of financial position
Transcribed Image Text:Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1) Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM a. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?) E.Prepare statement of profit or loss F.Prepare statement of financial position
Ledgers Date Particulars Dr Cr Balance
Transcribed Image Text:Ledgers Date Particulars Dr Cr Balance
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