Question

Question 2

Balances of accounts for GoodLuck Sdn Bhd on 1 June 2019 are as follows:

	RM
Cash in hand	36,800
Cash at bank	100,000
Inventory	24,500
Mortgage on premises	800,000
Van	125,000
Lucky Sdn Bhd	72,000
Buildling	900,000
Rainbow Berhad	61,670
Sunshine Supplies	24,700
Happy Trading	95,270
Capital	400,000

The following transactions took place in the month of June:

Date	Transactions
1	The business decided to add additional cash to the bank accounts amounted to RM300,000.
3	Purchased goods on credit from Happy Trading RM120,000 and RM86,000 from Sunshine Supplies.
3	Sold goods on credit Lucky Sdn Bhd net worth of RM45,000. Discount allowed to Lucky Sdn Bhd amounted to RM1,000.
4	Sold RM9,500 worth of goods and received cash.
6	Paid a cheque for RM20,000 for two months rental to Big Rental Properties.
8	Billed Rainbow Berhad for goods sold to them amounted to RM45,000 after deducted discount allowed of RM5,000.
15	Goods drawings by the owner amounted to RM8,000. The owner also issued cheque amounted to RM5,000 to purchase his own personal smartphone.
18	Lucky Sdn Bhd returned goods worth RM1,100.
20	Purchased goods worth RM2,500 by cash.
22	Returned RM1,600 worth of goods to Happy 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 motor vehicle expenses of RM800 by cheque.
30	Paid RM380 cash for telephone bills.

Required:

1. Record the above transactions in the appropriate journals (General Journal and Special Journals).

2. Transfer the transactions from journals to ledger.                                                

3. Prepare the Trial Balance for GoodLuck Sdn Bhd as at 30 June 2019.                 

Answer 1

Date	Account Titles	Debit (RM)	Credit (RM)
01-Jun	Bank	300,000
	Cash		300,000
03-Jun	Purchases	206,000
	Happy Trading		120,000
	Sunshine supplies		86,000
03-Jun	Lucky Sdn Bhd	45,000
	Discount allowed	1000
	Sales revenue		46,000
04-Jun	Cash	9500
	Sales revenue		9500
06-Jun	Rent expense	20,000
	Bank		20,000
08-Jun	Rainbow Berhad	45,000
	Discount allowed	5,000
	Sales		50,000
15-Jun	Drawings	13,000
	Purchases		8,000
	Bank		5,000
18-Jun	Sales return	1100
	Lucky Sdn Bhd		1100
20-Jun	Purchases	2500
	Cash		2500
22-Jun	Happy trading	1600
	Purchases return		1600
26-Jun	Van	180,000
	Bank		27,000
	Maybank		153,000
28-Jun	Cash	22,000
	Sales revenue		22,000
30-Jun	Salaries expense	25,000
	Motor vehicle expense	800
	Bank		25,800
30-Jun	Telephone expenses	380
	Cash		380