In: Accounting
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:
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)