Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / SEDRA EBRAHIM, just graduated from the eminent management university in Northern Malaysia, opened her own shop named GREENYIELD in September 2020

SEDRA EBRAHIM, just graduated from the eminent management university in Northern Malaysia, opened her own shop named GREENYIELD in September 2020

Finance

SEDRA EBRAHIM, just graduated from the eminent management university in Northern Malaysia, opened her own shop named GREENYIELD in September 2020. She brought in her own car worth RM100,000 for the business use and cash of RM50,000.

The following transactions were completed in the very first month of operation:

September 1 Paid RM2,700 for three months rental starting from September 2020. Purchased exhibition racks and paid RM30,000 for the whole amount.

2 Purchased merchandise from TOP SUPPLIER for RM4,500, FOB shipping point, terms 2/15,n/30.

5 Paid freight on purchases from TOP SUPPLIER for RM120.

7 Purchased decorating merchandise from SMART SHOPPE for RM5,000. FOB destination, terms 3/10,n/eom.

8 Cash sales RM2,700. The cost of the merchandise sold was RM810.

9 Returned defect foam block to SMART SHOPPE costing RM400.

10 Sold merchandise totalled RM7,800 to ZHUL BRIDAL HOUSE. Terms 5/10, n/30. The cost of the merchandise was RM2,340.

11 Paid TOP SUPPLIER the full amount for purchases made on 2 September. SEDRA EBRAHIM took few sets of floral vases costing RM390 as a present for her friends.

15 Obtained a loan from COMMON BANK BERHAD for RM20,000 cash payable in 2 years.

17 Sold merchandise costing RM2,250 to HEBOH EVENT MANAGEMENT for RM7,500. Terms 5/10, n/30.

20 Paid SMART SHOPPE in full. Received payment from ZHUL BRIDAL HOUSE in full.

22 Sold merchandise to STUDENTS ETR CLUB for RM2,810 and received cash. The cost of the merchandise was RM850.

25 Purchased flower buckets and vases from TOP SUPPLIER for RM3,500, FOB shipping point, terms 2/10,n/30. Paid freight charges of RM100.

27 Paid RM300 to STUDENTS ETR CLUB for merchandise returned that costs RM100.

30 Paid utility bills totalled RM310 and RM3,100 for salary to employees. Purchased a one-year insurance policy starting from October 2020 for RM3,600.

At the end of the month, the following adjustments need to be made:

Rental expenses for the month; Vehicles are to be depreciated at the rate of 10% per annum;

Furniture are to be depreciated at the rate of 5% per annum;

and A total of RM370 salary remained payable at the end of the month.

YOU ARE REQUIRED TO:

Journalize all the transactions and the adjusting entries in the general journal.

Post all the entries from general journal to general ledger.

Prepare the Adjusted Trial Balance for the month.

Prepare the Statement of Comprehensive Income for the month.

Prepare the Statement of Retained Earnings for the month.

Prepare the Statement of Financial Position as at the end of the month.

Provide analyses for the month, on the followings:

Current Ratio Acid Test Ratio Total Assets Turnover Profit Margin Return on Assets Return on Equity

The chart of accounts for the shop includes the following: No. Account Description No. Account Description 101 Cash 301 Capital 112 Accounts Receivable 310 Drawings 128 Merchandise Inventory 400 Sales Revenue 130 Prepaid Insurance 501 Sales Returns & Allowances 132 Prepaid Rent 505 Cost of Goods Sold 155 Furniture 507 Sales Discounts 156 Accumulated Depn – Furniture 711 Depreciation Expense – Furniture 157 Vehicles 712 Depreciation Expense - Vehicles 158 Accumulated Depn - Vehicles 722 Insurance Expense 201 Accounts Payable 725 Salaries Expense 212 Salary Payable 727 Utility Expense 290 Bank Loan 730 Rent Expenses

Option 1

Low Cost Option
Download this past answer in few clicks

2.86 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE