Rizuan’s business position at 1 July was as follows: RM Capital 9,700 Inventory 5,000 Equipment 3,700...

Rizuan’s business position at 1 July was as follows:

	RM
Capital	9,700
Inventory	5,000
Equipment	3,700
ABC Sdn Bhd (Creditor)ok	500
Mascom Sdn Bhd (Debtor)ab	300
Bank balance	1,200

During July, he:

	RM
Sold goods for cash – paid to bank	3,200
Sold goods to Mascom Sdn Bhd	600
Bought goods from ABC Sdn Bhd	3,900
Paid ABC Sdn Bhd by cheque	3,000
Paid general expenses by cheque	500
Mascom Sdn Bhd paid by cheque	300

Inventory at 31 July was RM6,200.

Required:

Record all transactions (T- account) including capital as at 31 July.
Prepare a trial balance.

Expert Solution

Note:

1- Ledger accounts are tallied and closing balance posted to Trial balance

2- Cost of goods sold is RM 2,700 (8900-6200), (Goods available for sale - ending inventory)

ekkarill92 answered 1 year ago

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