The following balances have been extracted from the records of Pam Goal’s business as at 30th...

The following balances have been extracted from the records of Pam Goal’s business as at 30^th July 2020. Pam’s business is called “Honeypot” and she sells cakes and confectionery from a small high street shop.

	RM
Bank overdraft	2,100
Cash	450
Land and building	20,900
Account receivable - Sharon Evans	700
Account payable - Baking Bliss	1,100
Account receivable - Archie Eel	500
Capital account	20,150
Inventory at cost	1,200
Account payable - Sweet Things	400

The following transactions occurred during August 2020:

August	5	Pam Goal paid RM3,000 into the business bank account.
	7	Wages were paid in cash RM240.
	10	Inventory was purchased on credit from Baking Bliss to the value of RM900.
	11	Pam Goal took two cakes from her shop’s inventory for her own use. The cakes are usually sold for RM25 each.
	13	A cheque for RM300 received from Archie Eel was banked. This was in part of payment of his account.
	14	Cash sales for the two weeks were RM4,100. Half of this was banked.
	25	Sold cakes to Sharon Evans on credit, RM260.
	26	Purchased sweets, paying in cash RM180.
	28	Cash sales for the two weeks were RM4,300. RM2,300of this was taken by Pam Goal for personal use.
	30	Sharon Evans returned a cake, complaining about the poor flavour. Pam agreed to adjust Sharon owes the business by RM24.

Required:

Prepare the journal entries.
Record the transactions in the ledger accounts.
Prepare the trial balances as at 31 August 2020.

Expert Solution

ekkarill92 answered 11 months ago

The following accounts and account balances have been extracted from the accounting records of Catalina’s Guatemalan...

The following accounts and account balances have been extracted from the accounting records of Catalina’s Guatemalan Antiques, Inc at December 31, 2009. Balance Unearned rent revenue $ 15,500 Buildings 250,000 Inventory 7,500 Bonds payable (due in 2012) 200,000 Accounts payable 27,500 Note payable to bank due in 90 days 50,000 Retained Earnings (ending) 85,000 Premium on common stock (paid-in capital in excess of par) 75,000 Investment in stock of another company; intent is to hold long-term 50,000 Accounts receivable 46,000...

The following balances have been extracted from the books of XYZ Company for the year to...

The following balances have been extracted from the books of XYZ Company for the year to 31/12/2019 Dr Cr US$ US$ Cash at bank and in hand 10,000 Plant and equipment: At cost 70,000 Accumulated depreciation (at 31.12.19) 25,000 Retained earnings (at 1.2.2020) 15,000 Profit for the financial year (to 31.12.19) 20,000 Share capital (issued and fully paid) 50,000 Inventory (at 31.12.19) 27,000 Trade payables 17,000 Trade receivables 20,000 127,000 127,000 Additional information: 1 Corporation tax owing at 31 December...

Q1. The following balances have been extracted from the books of Caswell Ltd as at 31...

Q1. The following balances have been extracted from the books of Caswell Ltd as at 31 December 2009. £ £ £1 ordinary shares 600,000 6% preference shares 600,000 5% debentures 480,000 Share premium account 330,000 Debenture interest paid 12,000 Bad debts written off 20,280 Provision for doubtful debts 24,480 Cash in hand 18,960 Debtors & Creditors 207,000 78,000 Bank balance 379,200 Land at cost 540,000 Buildings at cost 1,140,000 Fixtures and fittings at cost 660,000 Accumulated depreciation: Buildings...

Question 1 The following balances have been extracted from the accounts of Peya, a sole trader,...

Question 1 The following balances have been extracted from the accounts of Peya, a sole trader, for the period ended 31 March 2020. N$ Sales 427,726 Carriage inwards 476 Wages and salaries 64,210 Carriage outwards 829 Purchases 302,419 Rent and rates 12,466 Heat and light 4,757 Stock at 1 April 2019 15,310 Drawings 21,600 Equipment at cost 102,000 Motor vehicles at cost 43,270 Provision for depreciation – equipment 22,250 – motor vehicles 8,920 Debtors 50,633 Creditors 41,792 Bank 3,295 cr...

The following data have been extracted from the records of Puzzle, Inc.: February August Production level,...

The following data have been extracted from the records of Puzzle, Inc.: February August Production level, in units 11,800 25,960 Variable costs $ 33,040 $ ? Fixed costs ? 32,500 Mixed costs 29,120 ? Total costs $ 94,660 $ 161,212 Required: a. Calculate the missing costs. (Do not round intermediate calculations.) b. Calculate the cost formula for mixed cost using the high-low method. (Do not round intermediate calculations. Round "Variable cost" to 2 decimal places.) cost formula _____ + _____...

QUESTION FOUR [25] The following balances/data was extracted from the accounting records of Rosie Blue Ltd...

QUESTION FOUR [25] The following balances/data was extracted from the accounting records of Rosie Blue Ltd on 28 February 2015, the end of their financial year. Share capital (900 000 shares originally issued at R2 each) 1 800 000 Retained income 160 000 Non Current Assets 1 750 000 Inventories 220 000 Receivables 600 000 Cash/Bank 300 000 Payables 730 000 Loans at 15% p.a. 180 000 Net profit after tax 765 000 Market price of share 270c Dividends per...

Following information has been extracted from the records of four registered persons for the month of...

Following information has been extracted from the records of four registered persons for the month of February 2019: Particulars Registered Persons A B C D -------------------- Rupees -------------------- Purchases Taxable supplies from registered persons 1,500,000 1,500,000 - - Taxable supplies from un-registered persons - - 1,500,000 1,500,000 Fixed assets (machinery) from a registered supplier - - - 2,500,000 Supplies Taxable supplies to registered persons 1,200,000 - 1,000,000 1,000,000 Exempt supplies to registered persons 300,000 800,000 Taxable supplies to un-registered persons...

The following list of balances as at 30 September 20X9 has been extracted from the books...

The following list of balances as at 30 September 20X9 has been extracted from the books of Brick and Stone, trading partnership, sharing the balance of profits and losses in the proportions 3:2 respectively. Ksh Ksh Printing, stationery and postage 3,500 Sales 322,100 Stock in hand at 1 October 20X8 23,000 Purchases 208,200 Rent and rates 10,300 Staff salaries 36,100 Telephone charges 2,900 Motor vehicle running costs 5,620 Discounts allowable 950 Discount receivable 370 Sales returns 2,100 Purchases returns 6,100...

The following trial balance has been extracted from the books and records of Carpets R Us...

The following trial balance has been extracted from the books and records of Carpets R Us Limited, a registered company, on the 30th September 2019: £ £ Premises at cost 300,000 Motor Vehicles at cost 25,000 Trade Receivables/Payables 72,000 24,320 Accumulated Depreciation on motor vehicles b/f 9,000 Inventory at 1st October 2018 52,500 Cash at bank and in hand 60,875 Debenture Interest paid 2,250 Retained profit b/f 55,250 Purchases 545,325 General expenses 20,450 Revenue 865,400 Issued ordinary shares @ £0.50...

The following information has been extracted from the financial records of Platinum Ltd and its subsidiary...

The following information has been extracted from the financial records of Platinum Ltd and its subsidiary Serum Ltd at 30 June 2017. Income statement Platinum Ltd ($) Serum Ltd ($) Sales revenue 198,000 112,000 Cost of goods sold -149,000 -102,000 Gross profit 49,000 10,000 Dividend revenue 8,000 25,000 Depreciation expense -12,000 -11,000 Other expenses -8,000 -4,000 Profit before tax 37,000 20,000 Tax expense -11,100 -6,000 Profit for the year 25,900 14,000 Retained earnings – 30 June 2016 110,000 46,000 Interim...

Question