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.

Solutions

Expert Solution

ekkarill92 answered 3 months ago

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