Question

In: Accounting

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:

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

Solutions

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)


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