Question
In: Accounting
Journalise the following details relating to a carpet retailer for the month of November 2019 and...
Journalise the following details relating to a carpet retailer for the month of November 2019 and extract a trial balance as at 30 November 2019.
2019
Nov 1 Started in business with RM15,000 in the bank.
3 Bought goods on credit from: J. Small RM290; F. Brown RM1,200; T. Rae RM610; R. Charles RM530.
5 Cash sales RM610.
6 Paid rent by cheque RM175.
7 Paid business rates by cheque RM130.
11 Sold goods on credit to: T. Potts RM85; J. Field RM48; T. Gray RM1,640.
17 Paid wages by cash RM290.
18 We returned goods to: J. Small RM18; R. Charles RM27.
19 Bought goods on credit from: R. Charles RM110; T. Rae RM320; F. Jack RM165.
20 Goods were returned to us by: J. Field RM6; T. Potts RM14.
21 Bought van on credit from Turnkey Motors RM4,950.
23 We paid the following by cheque: J. Small RM272; F. Brown RM1,200; T. Rae RM50
25 Bought another van, paying by cheque immediately RM6,200.
26 Received a loan of RM750 cash from B. Bennet.
28 Received cheques from: T. Potts RM71; J. Field RM42.
30 Proprietor brings a further RM900 into the business, by a payment into the business bank account.
A. Prepare journal entries for all transactions.
B. Prepare a Trial Balance as at 30 November 2019.
Solutions
Expert Solution
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ekkarill92 answered 1 year agoRelated Solutions
(a) Afnan Traders makes the following purchases and issues during the month of November 2019
4 (a) Afnan Traders makes the
following purchases and issues during the month of November
2019 FIFO METHODDate2019TransactionsQuantityUNITSPer Unit OMR 1Inventory Beginning10010
5Purchases20011
9Purchases30012
16Sales550-
26 \Purchases4001331Sales250-REQUIRED:Determine the (a) Cost of Ending Merchandise Inventory,
(b) The Cost of Goods Soldunder Perpetual Inventory System by FIFO Method
Answer
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