Prepare trial balance for transactions, Cost Accounting

Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May

a. Encik Farid brought in cash RM51,000 and used motor van valued at RM25,000 for business purposes

b. Opened a business bank account at Maybank and banked in RM45,000 cash

c. Paid office rental RM1,000 by cheque

d. Purchased office equipment from Gergasi Berhad for RM5,500, paying RM3,000 in cash

e. Paid office rental RM900 cheque

f. Paid RM1,000 cash on account for office equipment purchased in transaction d

g. RM500 cash was paid for advertising

h. Paid office salaries by cheque RM3,000

i.  Encik Farid withdrew RM1,000 cash for own use

j.  Received commission RM750 by cheque

Required:

Prepare Trial Balance as at 31 May 2010 for above transactions.

Posted Date: 3/19/2013 5:32:00 AM | Location : United States







Related Discussions:- Prepare trial balance for transactions, Assignment Help, Ask Question on Prepare trial balance for transactions, Get Answer, Expert's Help, Prepare trial balance for transactions Discussions

Write discussion on Prepare trial balance for transactions
Your posts are moderated
Related Questions
Labour Costs Definition of Labour Cost A labour cost refers to all the costs incurred in compensating the human resources used in the production process to provide a us

ACRS is a system of depreciation started by the Economic Recovery Tax Act of 1981. ACRS depreciation relies on recovery periods in spite of useful life. These periods were preset b

Variable Overhead Variance (VOHV) VOHV is defined by ICMA, London, as 'the variation between the standard variable production overhead absorbed in the production achieved, whet

information for the year ended December 31, 2010: Direct labor $16,840 Direct material used 16,300 General and administrative expenses 14,240 Indirect production costs 16,780 Selli


NSC Ltd. has a 31 May fiscal year-end. NSC disposed of its Information Systems Group (ISG) on 31 January 20X3. ISG had a net loss (after taxes) of $37,700,000 in 20X3, to the date

Estimate Fixed Overhead Variances Referring to data, we can estimate the fixed overhead variances as given below: Budget for December 2003;

what are thereasons for holding inventories

What is an advantage of using absorption costing? A. It permits a business to calculate the break-even point for production. B. It permits a business to calculate the total c

The vice president of operations of six layer computer Inc. is evaluating the performance of two divisions organized as investments centers. Invested assets and condensed income st