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Xin produced her draft year end accounts for her first year of trading


Xin produced her draft year end accounts for her first year of trading. She then made final adjustments for year end accruals of $400 and prepayments of $250.

What effect will these final adjustments have on her profit and net assets?

30 Received payment from Jeya RM200, Meena RM300 and Suri Club who settled the full amount 31 Paid wages to the shop assistant, RM400 31 Paid shop rental of RM1,000 The account number for MMA's ledger are as follows: No. 101(cash), No 112 (debtors), No. 120 (inventories), No. 151 (furniture and fittings), No. 201 (creditors), No. 205 (bank loan), No. 301 (capital, Azzaitun), No.302 (drawings). No. 401 (sales), No. 412 (sales return and allowances), No. 414 (sales discounts), No. 510 (purchases), No. 512 (purchases return and allowances). No. 514 (purchases discounts). No. 516 (carriage inwards), No. 520 (wages), No. 521 (rental) and No. 522 (utilities). Question Mini Market Azzaitun (MMA) starts its business in the beginning of year 2009. On June 30, 2009, MMA's ledger accounts show the following balances: cash: RM7,500, inventory: RM5,100, furniture and fittings: RM9,500 and capital from Arraitun (the owner): RM22,100. The ending inventory as on July 31, 2009 is RM6,100. The following are the business transactions in July 2009: July 2 Purchased goods on credit worth RM1,920 from Malia Ltd. with credit term of 3/10, 1/30 4 Paid transport expense of RM120 for goods bought from Malia Ltd. 8 Goods sold on credit to Petra Cooperative RM1,500, Jeya RM400 and Meena RM800 with credit term of 2/10, 1/30 8 Received a credit memo amounting to RM120 from Malia Ltd. for goods returned due to spoilage 9 Goods purchased by cash worth RM900 from Kuntum Enterprise 11 Settled debt to Malia Ltd. in full 12 Goods purchased worth RM2,100 on credit from Foong Supplier with credit term 2/10, 1/30 13 Received cash RM150 from Kuntum Enterprise for return of spoilage goods 14 Azzaitun withdrew cash of RM200 for her personal use 15 Paid transportation expense of RM135 for purchases of goods from Foong Supplier 16 Paid utility expense of RM270 16 Goods sold on credit to Suri Club RM1500 and Selly RM900 with credit term of 2/10, 1/30 17 Received full payment from Petra Cooperative 18 Received part payment of RM500 from Meena 19 Settled debt to Foong Supplier in fall 20 Obtained a bank loan of RM5,000 to finance the business operation 25 Purchased goods worth RM1,900 on credit from Hasani Tracting with credit term of 2/10, 1/30 26 Goods sold with RM3.500 for cash 21 Gave creat memo of KM to Suri Club for return of spilt good 29 Goods sold on credit to al M1,500. Noran RM500 and I Cooperative ItM700 with a credit term of 2/10,30 "Every item or account is grouped according to their type of ac example, assets accounts number from 100 to 200, liabilities accounts nut from 201 to 300, capital and drawings accounts number from 301 to 400, revenue accounts number from 401 to 500 and expenses accounts number from 501 to 600. Required: (a) Journalize the transactions which occur in the month of July 2009, (b) Record the beginning balances in the ledger accounts and post ! journal entries to the respective ledger accounts (journal reference numb is JI). (c) Prepare the trial balance as on July 31, 2009 (d) Prepare the financial statements for the month ended July 31. 2009.

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