In: Accounting
Question 2
Harry’s business position at 1 July was as follow:
RM
Inventory 5,000
Equipment 3,700
Creditor (Maju Ent.) 500
Debtor (Abadi Ent.) 300
Bank balance 1,200
During July, he:
RM
Sold goods for cash – paid to bank 3,200
Sold goods to Abadi Ent. 600
Bought goods from Maju Ent. 3,900
Paid Maju Ent. by cheque 3,000
Paid general expenses by cheque 500
Abadi Ent. paid by cheque 300
Inventory at 31 July was RM6,200
Required: