Question 2 (A) The following transactions extracted from the books of Kershe Enterprise For the first month ended 30 June 2023. June 1 Started a business with Cash in hand RM3,000 and Cash at bank RM10,000 2 Purchased goods by cheque RM2,000 4 8 Purchased goods on credit from Cracker Co RM2,000 on 28 May 2023. Full payment made seven days later by cheque of RM1,850 and received a discount of RM150 for prompt payment. Credit sales to Fresh Enterprise of RM3,500 on 31 May 2023. Received full settlement by cheque of RM3,300 and RM200 was given as a discount for settling before the due date. Cash sales RM1,000 9 10 Paid salary by cheque RM6,000. 13 Received payment from Kenson Enterprise by cheque RM4,700 as full settlement for goods sold on June 9 with discount allowed of RM300. 20 Paid for stationery in cash RM550 25 Kershe Enterprise injects further capital of RM5,000 by cheque Record the above transactions in a three-column Cash Book and close the Cash Book at the end of June 2023. (14 marks) (B) Solar Tech Enterprise is in the business of buying and selling electrical products. The following transactions was extracted from their books for the month ended June 2023: June 1 Opening inventory 15 Sales 23 Purchases 28 Sales Units 5,000 2,000 6,000 5,000 (b) Cost per unit (RM) 50 60 Selling price (RM) Required: Record the above transactions into the store ledger card using the following methods: First in first out (FIFO) method; Weighted average method (round off the unit cost to two decimal places). 120 120 (6 marks) (5 marks) [Total: 25 marks]
Question 2 (A) The following transactions extracted from the books of Kershe Enterprise For the first month ended 30 June 2023. June 1 Started a business with Cash in hand RM3,000 and Cash at bank RM10,000 2 Purchased goods by cheque RM2,000 4 8 Purchased goods on credit from Cracker Co RM2,000 on 28 May 2023. Full payment made seven days later by cheque of RM1,850 and received a discount of RM150 for prompt payment. Credit sales to Fresh Enterprise of RM3,500 on 31 May 2023. Received full settlement by cheque of RM3,300 and RM200 was given as a discount for settling before the due date. Cash sales RM1,000 9 10 Paid salary by cheque RM6,000. 13 Received payment from Kenson Enterprise by cheque RM4,700 as full settlement for goods sold on June 9 with discount allowed of RM300. 20 Paid for stationery in cash RM550 25 Kershe Enterprise injects further capital of RM5,000 by cheque Record the above transactions in a three-column Cash Book and close the Cash Book at the end of June 2023. (14 marks) (B) Solar Tech Enterprise is in the business of buying and selling electrical products. The following transactions was extracted from their books for the month ended June 2023: June 1 Opening inventory 15 Sales 23 Purchases 28 Sales Units 5,000 2,000 6,000 5,000 (b) Cost per unit (RM) 50 60 Selling price (RM) Required: Record the above transactions into the store ledger card using the following methods: First in first out (FIFO) method; Weighted average method (round off the unit cost to two decimal places). 120 120 (6 marks) (5 marks) [Total: 25 marks]
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
Related questions
Question
![Question 2
(A)
The following transactions extracted from the books of Kershe Enterprise For the first month ended 30
June 2023.
June
1 Started a business with Cash in hand RM3,000 and Cash at bank RM10,000
2 Purchased goods by cheque RM2,000
4
8
Purchased goods on credit from Cracker Co RM2,000 on 28 May 2023. Full payment made
seven days later by cheque of RM1,850 and received a discount of RM150 for prompt payment.
Credit sales to Fresh Enterprise of RM3,500 on 31 May 2023. Received full settlement by
cheque of RM3,300 and RM200 was given as a discount for settling before the due date.
Cash sales RM1,000
9
10
Paid salary by cheque RM6,000.
13 Received payment from Kenson Enterprise by cheque RM4,700 as full settlement for goods
sold on June 9 with discount allowed of RM300.
20 Paid for stationery in cash RM550
25 Kershe Enterprise injects further capital of RM5,000 by cheque
Record the above transactions in a three-column Cash Book and close the Cash Book at the end of June
2023.
(14 marks)
(B)
Solar Tech Enterprise is in the business of buying and selling electrical products. The following
transactions was extracted from their books for the month ended June 2023:
June 1 Opening inventory
15 Sales
23 Purchases
28 Sales
Units
5,000
2,000
6,000
5,000
(b)
Cost per unit (RM)
50
60
Selling price (RM)
Required:
Record the above transactions into the store ledger card using the following methods:
First in first out (FIFO) method;
Weighted average method (round off the unit cost to two decimal places).
120
120
(6 marks)
(5 marks)
[Total: 25 marks]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87ee0615-5e91-4bcc-bf42-f2d494cd3e8f%2F283f0be5-9fd9-4ca0-bb5b-15434ace0a80%2F79s1fbn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 2
(A)
The following transactions extracted from the books of Kershe Enterprise For the first month ended 30
June 2023.
June
1 Started a business with Cash in hand RM3,000 and Cash at bank RM10,000
2 Purchased goods by cheque RM2,000
4
8
Purchased goods on credit from Cracker Co RM2,000 on 28 May 2023. Full payment made
seven days later by cheque of RM1,850 and received a discount of RM150 for prompt payment.
Credit sales to Fresh Enterprise of RM3,500 on 31 May 2023. Received full settlement by
cheque of RM3,300 and RM200 was given as a discount for settling before the due date.
Cash sales RM1,000
9
10
Paid salary by cheque RM6,000.
13 Received payment from Kenson Enterprise by cheque RM4,700 as full settlement for goods
sold on June 9 with discount allowed of RM300.
20 Paid for stationery in cash RM550
25 Kershe Enterprise injects further capital of RM5,000 by cheque
Record the above transactions in a three-column Cash Book and close the Cash Book at the end of June
2023.
(14 marks)
(B)
Solar Tech Enterprise is in the business of buying and selling electrical products. The following
transactions was extracted from their books for the month ended June 2023:
June 1 Opening inventory
15 Sales
23 Purchases
28 Sales
Units
5,000
2,000
6,000
5,000
(b)
Cost per unit (RM)
50
60
Selling price (RM)
Required:
Record the above transactions into the store ledger card using the following methods:
First in first out (FIFO) method;
Weighted average method (round off the unit cost to two decimal places).
120
120
(6 marks)
(5 marks)
[Total: 25 marks]
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