QUESTION UW Enterprise, which is owned by Umar Wafiy, deal with selling and distributing home furniture all over Kedah. Below were the transactions for the month of March 2024, in which the business started its operation. Date 2024 March Transactions 1 Umar Wafiy invested RM150,000 cash into the business. 3 Umar Wafiy transferred RM100,000 of the cash invested into the business bank account with Bank Menabung (M) Berhad. 5 Bought goods from Home Deco Sdn Bhd on credit at a price of RM85,000. 6 Bought goods from Home Deco Sdn Bhd at a price of RM5,000 by cheque before deducting cash discount of 2%. 7 Purchased two units of computer worth RM9,800 by cheque to be used in the business. 8 Sold goods to Mewah Enterprise on credit for goods worth RM45,000. 9 Returned goods to Home Deco Sdn Bhd for goods defect during transportation amounted to RM25,000. 11 Sold goods to One Plus Trading on cash amounted to RM32,000. 17 Received RM8,000 goods returned by Mewah Enterprise due to wrong specification item. 22 Make full payment to Home Deco Sdn Bhd by cheque. 27 Received cheque from Mewah Enterprise for full settlement of the debts. 28 Paid salary of two workers amounting RM5,400 by cash. 31 Umar Wafiy took RM2,000 cash and RM1,000 goods to celebrate his wedding anniversary with his family. Required: A. Journalise the above transactions of UW Enterprise for March 2024. 2 B. Post the journal entry to the appropriate accounts and balance off the accounts. C. Prepare a trial balance for UW Enterprise as at 31 March 2024.
QUESTION UW Enterprise, which is owned by Umar Wafiy, deal with selling and distributing home furniture all over Kedah. Below were the transactions for the month of March 2024, in which the business started its operation. Date 2024 March Transactions 1 Umar Wafiy invested RM150,000 cash into the business. 3 Umar Wafiy transferred RM100,000 of the cash invested into the business bank account with Bank Menabung (M) Berhad. 5 Bought goods from Home Deco Sdn Bhd on credit at a price of RM85,000. 6 Bought goods from Home Deco Sdn Bhd at a price of RM5,000 by cheque before deducting cash discount of 2%. 7 Purchased two units of computer worth RM9,800 by cheque to be used in the business. 8 Sold goods to Mewah Enterprise on credit for goods worth RM45,000. 9 Returned goods to Home Deco Sdn Bhd for goods defect during transportation amounted to RM25,000. 11 Sold goods to One Plus Trading on cash amounted to RM32,000. 17 Received RM8,000 goods returned by Mewah Enterprise due to wrong specification item. 22 Make full payment to Home Deco Sdn Bhd by cheque. 27 Received cheque from Mewah Enterprise for full settlement of the debts. 28 Paid salary of two workers amounting RM5,400 by cash. 31 Umar Wafiy took RM2,000 cash and RM1,000 goods to celebrate his wedding anniversary with his family. Required: A. Journalise the above transactions of UW Enterprise for March 2024. 2 B. Post the journal entry to the appropriate accounts and balance off the accounts. C. Prepare a trial balance for UW Enterprise as at 31 March 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QUESTION
UW Enterprise, which is owned by Umar Wafiy, deal with selling and
distributing home furniture all over Kedah. Below were the transactions for
the month of March 2024, in which the business started its operation.
Date
2024
March
Transactions
1 Umar Wafiy invested RM150,000 cash into the business.
3 Umar Wafiy transferred RM100,000 of the cash invested into the
business bank account with Bank Menabung (M) Berhad.
5 Bought goods from Home Deco Sdn Bhd on credit at a price of
RM85,000.
6 Bought goods from Home Deco Sdn Bhd at a price of RM5,000 by
cheque before deducting cash discount of 2%.
7 Purchased two units of computer worth RM9,800 by cheque to be used
in the business.
8 Sold goods to Mewah Enterprise on credit for goods worth RM45,000.
9 Returned goods to Home Deco Sdn Bhd for goods defect during
transportation amounted to RM25,000.
11 Sold goods to One Plus Trading on cash amounted to RM32,000.
17 Received RM8,000 goods returned by Mewah Enterprise due to wrong
specification item.
22 Make full payment to Home Deco Sdn Bhd by cheque.
27 Received cheque from Mewah Enterprise for full settlement of the
debts.
28 Paid salary of two workers amounting RM5,400 by cash.
31 Umar Wafiy took RM2,000 cash and RM1,000 goods to celebrate his
wedding anniversary with his family.
Required:
A. Journalise the above transactions of UW Enterprise for March 2024.
2
B.
Post the journal entry to the appropriate accounts and balance off the
accounts.
C. Prepare a trial balance for UW Enterprise as at 31 March 2024.
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