Account

In: Business and Management

Submitted By mizah
Words 2848
Pages 12
Question 1.
Ahmad Trading Enterprise started his business on 1st June 2012 and made the following transactions for whole month of June 2012. All Cash transactions are referred to Cash at Bank.
June 2012
1. Owner invested Rm30,000 in cash, car valued at Rm20,000 and furniture valued at
Rm5,500 to start the business.
2. Paid rent of Rm2,000, and bought stationery costing Rm500 for cash.
3. Paid for insurance Rm200.
5. Purchased office equipment costing Rm5,000 paying Rm1,000 as down payment
with the balance to be paid by 30.6.2008.
7. Purchased goods for resale on credit Rm8,000.
8. Sold goods for Rm5,000 on credit.
9. Paid travel expenses Rm6,00.
12. Sold goods for cash Rm2,500.
14. Paid trade creditors Rm5,000.
16 Received from customers Rm4,500.
19 Sold goods on credit Rm3,500.
20 Purchased goods for cash Rm1,500.
23 Collected from customers Rm2,500.
25 Paid utility bills Rm800.
28 Paid creditors the balance due for office equipment.
29 Bought delivery van costing rm50,000, paid Rm10,000 cash, with the balance to be
settled later.
30 Owner withdrew cash rm2,500 and stock costing Rm2,000 for personal use.
30. Paid salaries of workers Rm12,000.
Record the above transaction in ledgers and prepare a trial balance on 30 June 2008.

Solution to Q1
Capital Account

Date | Details | Amt RM | Date | Details | Amt RM |
30.6. | Bal Car/ for | 55500 | 1.6. | bank | 30000 |
| | | | M/car | 20000 |
| | | | furniture | 5500 |
| Total | 55500 | | Total | 55500 |

Motor car Account
Date | Details | Amt RM | Date | Details | Amt RM |
1.6. | Capital | 20000 | 30.6. | Bal Car/For | 20000 |
| | | | | |
| | | | | |
| Total | 20000 | | Total | 20000 |

Furniture Account
Date | Details | Amt RM | Date | Details | Amt RM |
1.6. |...