Question

In: Accounting

The following accounts are taken from the book of GGGG books as at 31 December 2019....

The following accounts are taken from the book of GGGG books as at 31 December 2019. Use the following information to prepare the trial balance as at 31 December 2019.

RM

Purchases

         26,000

Sales

         33,690

Capital

       150,000

Cash in hand

              52,000

Opening inventory

           5,600

Debtors

         70,910

Furniture

10,000

Creditors

           1,900

Office equipment

         16,000

Wages

           1,780

Interest

              230

Interest received

           4,900

Rental

         18,000

Machineries

         30,000

Commission

              190

Cash at bank

         53,200

Loan

       100,000

Utilities bills

              120

Drawings

           5,600

Advertisement

              360

Insurance

              500

       580,980
GGGG Books
Trial Balance
As on 31st December 2019
Debit Credit
Purchase 26,000
Sales 33,690
Capital 150,000
Cash in hand 52,000
Opening inventory 5,600
Debtors 70,910
Furniture 10,000
Creditors 1,900
Office equipment 16,000
Wages 1,780
Interest 230
Interest received 4,900
Rental 18,000
Machineries 30,000
Commission 190
Cash at bank 53,200
Loan 100,000
Utilities bills 120
Drawings 5,600
Advertisement 360
Insurance 500
Total 290,490 290,490
  1. 3 Depreciation
  • The total life of furniture is 5 years with RM 1,000 salvage value.
  • Depreciation on office equipment at 10% based on straight line method.
  • Depreciation on machineries at the end of the year at 10% based on straight line method.
  1. 3 Bad debts and allowance for doubtful debts
  • Bad debts written off during the year is RM 500.
  • Provision for doubtful debts at 5% of account receivable.
  • Additional provision for doubtful debts at 2% at the end of the year based on account receivable balance
  1. 4 Accruals and prepayments
  • Interest payable at the end of the year RM 200.
  • Utilities bill not paid for the month of December at RM 500.
  • Insurance paid in advance for next 3 months.
  • Advertisement service performed in December but bill yet to received RM 100.
  1. Prepare the journal entries                                                                                 

Prepare journal entries for each transactions above.

  1. Prepare the ledger                                                                                           

Using the information above and in (a). Balancing-off the account and get the balance of each accounts.

Solutions

Expert Solution

Note. All other accounts have no postings. So other Accounts are not opened.

ekkarill92 answered 1 year ago
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