Question 3 Balances of accounts for Marvels Berhad on 1 June 2018 are as follows: RM...

Question 3

Balances of accounts for Marvels Berhad on 1 June 2018 are as follows:
RM
Cash in hand 250,000
Cash at bank 380,000
Van 150,000
Spiderman Sdn Bhd 75,000
Ironman Trading 85,000
Bank loan 500,000
Capital 270,000

The following transactions took place in the month of June:
Date Transactions
1 Purchased goods on credit from Ironman Trading RM120,000.
4 Sold RM17,800 worth of goods and received cash.
6 Paid a cheque for RM13,800 for advertising in a radio station.
8 Sold goods on credit to Spiderman Sdn Bhd net worth of RM28,000 after discount allowed RM2,000.
15 Goods drawings by the owner amounted to RM4,000 together with the cash of RM1,000.
18 Spiderman Sdn Bhd returned goods worth RM800.
20 Purchased goods worth RM6,000 by cash.
22 Returned RM1,200 worth of goods to Ironman Trading.
26 Purchased a van for RM180,000 from Thor Motorcar. Paid now 15% deposit by cheque and the balances will be paid through hire purchase from Maybank.
28 Sold goods for cash RM22,000.
30 Paid salary amounting to RM25,000 and sundry expenses of RM800 by cheque.
30 Paid RM400 cash for telephone bills.

Required:
a) Record the above transactions in the appropriate journals (General Journal and Special Journals).

b) Transfer the transactions from journals to ledger.
(Total: 20 Marks)

Solutions

Expert Solution

1. Journal Entries -

2. Ledgers -

ekkarill92 answered 1 year ago

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