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 1 year ago

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