Question

Mr. Hon Cloe started his business on 1 January 2019. The following are the business transactions for Mr Hon Cloe

INSTRUCTIONS: TOTAL: (80 MAR Answer ALL questions in the Answer Sheet. (45 Ma Mr Hon Cloe stated his business on I January 2019 The following are the business transactions for Mr. Hon Cloe Enterprise duning January 2019. QUESTION I Jan 1 Stuned the business with RMS.000 cash on hand as bus iness capital 2 Borrowed RM20,000 from Bank ABC and the money deposited into the business bank account on the same day 4 Paid office rent for RM2,500 using online banking 6 Purchased goods worth RM6,600 on credit from Aliah Trading Enterprise 8 Bought office equipment worth RM4,300 on credit from Yang Furniture Sdn I 9 Bought goods worth RM2,400 by cash. 10 Sold goods worth RM 1,700 by cash 11 Sold goods worth RM800 to Jessy on credit. 12 Paid RM500 cash for advertising expense. 13 Return damaged good to Aliah Trading worth RM1,000. 15 Jessy return damaged good worth RMI 50. 16 Sold goods to Kristine for RMI,350 on credit 23 Paid all debt to Aliah Trading Enterprise by online banking 26 The owner withdrew RM2,000 from the business bank account for his perso- use. 27 Paid salanies to workers RMI,200 by online banking. tequired: Prepare journal entries to record the transactions above. Post the joumal entries to ledger accounts and balance off all the accounts. Prepare a trial balance as at 31 January 2019

Answer 1

The answer for 'a' Journal entries are atached in below picture

The question is very lengthy, hence only 'a' sub-part is answered

If you have any doubts, please send me a comment before rating my answer and i will clarify the doubt

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Page Entaies Journal Crodil Accounts Title & Explanabion Debik Dal Cash Jan! 5000 To Hon Cloe Capital (To Srocoad stating business with casb) Bant alcount To loan f2om ABC Bank (To socoad loan faom ABC Bank 20000 Tan 2 20000 Office rent expenses To Bank account (To Srecoad payrpent of office t 2500 Jan 4 2500 mento Puachases To accounts payable Aliah Trading (To sioLOsd puachase f Inventory) 6600 Jan6 6600 4300 To accouns payable - Yang Fuanituro (To Sacoad puichase O office eçuipment fo 4300 coodit) Jan9 Tpeeatoaa Puachases TO cash (TO srecoad pwibase of goode for cash). 240. 2400

1700 Janlo Cash )700 To sales revenue (To secoad sale of goods) 800 Janu Accounts Rocoivable To sales venue (To grecond sale on credit). Jessy 800 S00 Jan 12 Advertising expenses S00 To cash (To recoad aduetising expense) payable - Aliab Trading 1000 Jani3 Reeesebs e As To puachase setone (To secord puschare retuans) lo00. Sales otuns A To accounts oceivable- Jessey (To socnad sales roturns) Jan is 150 Jan 16 AcLoente Iecorvable To sales venue (TO rocOad scale on caedit) Kaistine 1350 1350 Jan2B Accouni payable - Aliab Trading S600 (6600-1000) To bank accound 5660 (To rocoad payment to acLounts payable

Page Hoo Cloe Drawing ఇంంం Jan 26 bank acount 2000 To (To Secoad deawing by owner) Jan aa Salay expenses To bank account (To srecoad salary expepsee 1200 1200 paid)