QUESTION 1 (TRIAL BALANCE) Rizuan’s business position at 1 July was as follows: RM Inventory 5,000...

QUESTION 1 (TRIAL BALANCE)

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

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

During July, he:

	RM
Sold goods for cash – paid to bank	3,200
Sold goods to Citra Sdn Bhd	600
Bought goods from ABC Sdn Bhd	3,900
Paid Citra 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. Opening balance of capital account is the balance in figure of given accounts balances at the beginning of the period.

which is Total of debit balance deducted by total of credit balance , (5000+3700+300+1200) - 500 = RM 9,500

2. Closing balances of all accounts are posted to the Trial balance.

3. Cost of goods sold is RM 2,700 (8900 - 6200) (Inventory available - Ending inventory)

ekkarill92 answered 2 years ago

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...

The trial balance for Game Time on July 31 is as follows: Game Time Trial Balance...

The trial balance for Game Time on July 31 is as follows: Game Time Trial Balance July 31, 20-- Account Name Debit Credit Cash 14,721 Supplies 257 Prepaid Insurance 1,295 Equipment 17,642 Accumulated Depreciation, Equipment 2,287 Repair Equipment 1,265 Accumulated Depreciation, Repair Equipment 880 Accounts Payable 942 B. Ryan, Capital 23,871 B. Ryan, Drawing 2,000 Game Fees 7,954 Concession Fees 3,752 Wages Expense 1,068 Rent Expense 980 Utilities Expense 246 Repair Expense 180 Miscellaneous Expense 32 39,686 39,686 Data for...

The trial balance of Protege Enterprise as at 31 December 2019 is as follows: Debit (RM)...

The trial balance of Protege Enterprise as at 31 December 2019 is as follows: Debit (RM) Credit RM) Account receivables/payables 165,520 72,440 Carriage inwards 3,520 Inventory as at 1/1/2019 65,980 Carriage outwards 4,360 Discount allowed/received 2,680 60 Electricity and water 25,100 Loan from Maybank (long-term loan) 80,000 Return inwards/outwards 3,840 3,580 Bank 10,400 Premises 160,000 Motor vehicles 56,000 Furniture and fittings 27,600 Cash 2,160 Accumulated depreciation – Motor vehicles 20,160 Accumulated depreciation – Furniture and fittings 8,280 Salaries and wages...

Question 2 Harry’s business position at 1 July was as follow: &nbsp

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: Open...

Question 1 The adjusted trial balance columns of the worksheet for Martinez Company are as follows....

Question 1 The adjusted trial balance columns of the worksheet for Martinez Company are as follows. MARTINEZ COMPANY Worksheet (partial) For the Month Ended April 30, 2017 Adjusted Trial Balance Account Titles Dr. Cr. Cash 8,850 Accounts Receivable 7,769 Prepaid Rent 2,478 Equipment 23,235 Accumulated Depreciation—Equip. 5,386 Notes Payable 5,842 Accounts Payable 4,831 Share Capital—Ordinary 24,145 Retained Earnings 4,224 Dividends 3,287 Service Revenue 12,464 Salaries and Wages Expense 9,695 Rent Expense 842 Depreciation Expense 736 Interest Expense 22 Interest Payable...

Silver Lake Resort opened for business on July 1 with eight air-conditioned units. Its trial balance...

Silver Lake Resort opened for business on July 1 with eight air-conditioned units. Its trial balance before adjustment on December 31 in as follows. (100 points) Silver Lake Resort, Inc. Unadjusted Trial Balance December 31,2014 Debit Credit Cash $ 19,600 Supplies 3,300 Prepaid Insurance 6,000 Land 25,000 Buildings 125,000 Equipment 26,000 Accounts Payable $6,500 Unearned Rent Revenue 7,400 Mortgage Payable 80,000 Share Capital-Ordinary 100,000 Dividends 5,000 Rent Revenue 80,000 Maintenance and Repairs Expense 3,600 Salaries and Wages Expense 51,000 Utilities...

Question 2 The adjusted trial balance columns of the worksheet for Indigo Company are as follows....

Question 2 The adjusted trial balance columns of the worksheet for Indigo Company are as follows. No ordinary shares were issued during April. INDIGO COMPANY Worksheet (partial) For the Month Ended April 30, 2017 Adjusted Trial Balance Account Titles Dr. Cr. Cash 7,099 Accounts Receivable 7,241 Prepaid Rent 2,491 Equipment 22,834 Accumulated Depreciation—Equip. 4,680 Notes Payable 5,613 Accounts Payable 5,569 Share Capital—Ordinary 21,320 Retained Earnings 4,887 Dividends 3,439 Service Revenue 12,434 Salaries and Wages Expense 9,933 Rent Expense 829 Depreciation...

The following trial balance relates to Atlop Sdn Bhd at 31 March 2020 : RM’000 RM’000...

The following trial balance relates to Atlop Sdn Bhd at 31 March 2020 : RM’000 RM’000 Ordinary share @ RM0.50 per share 70,000 Retained profit at 1 April 2019 11,200 Land and building at cost (land RM100milion) 60,000 (note i) Plant and equipment at cost (note i) 94,500 Accumulated depreciation at 1 April 2019 : - Building 20,000 - Plant and equipment 24,500 Inventories at 31 March 2020 43,700 Trade receivables 42,200 Bank 6,800 Deferred tax (note ii) 6,200 Trade...

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....

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units @ $22 9 Sale 34 units 13 Purchase 40 units @ $24 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 Beginning inventory, purchases, and sales...

Question