Reference no: EM132632004
Question - On 1 January 2017, Yusuf and Sam started their own printing shop by investing RM80,000 each. They decided to call their printing shop as Holand Family Printing Sdn Bhd (HFP). Their shop is specializing in printing office documents and corporate souvenirs. They deposited their investment in a bank accounts with Maybank Berhad. During the month of January, below were the transactions that took place:
Date of transactions: January 2017,
(1) Purchased 2 computers for office used on account value at RM3,000 each.
(2) Paid rent of RM3,000 to Yusuf's father for renting the business premises. The rental for the month was RM1,000, whereas the balance is the deposit for two months.
(3) Bought RM7,000 materials via cheque. The materials will be used for printing the office documents.
(4) Bought materials from Danny Printing Bhd on credit worth RM12,000.
(5) Sold corporate souvenirs to Direction Sdn Bhd value at RM15,000.
(6) Received RM5,000 via cheque from a walk-in customer that required HFP to print 20 quantities of tender documents.
(7) Withdrew RM3,000 from the company's bank accounts to set up petty cash funds in the office.
(8) Direction Sdn Bhd returned RM1,000 worth of souvenirs due to poor workmanship.
(9) Paid salary via cheque to an accounts clerk for RM2,500.
(10) Paid utility bills for RM500 using the petty cash funds.
(11) Returned some materials to Danny Printing Bhd due to incorrect specifications, RM2,000.
(12) Direction Sdn Bhd paid RM5,000 for part settlement of their accounts.
(13) Received telephone bills from Telekom Malaysia Berhad (TMB). The bills stated RM500 and RM1,000 as a deposit and telephone bills respectively.
(14) Purchased a secondhand Honda Jazz value at RM20,000. The motor vehicle will be used to send documents and souvenirs to corporate clients.
(15) Paid maintenance expenses for RM500 via cheque.
(16) Obtain bank loan for RM50,000. ATPSB deposited the cash in their bank accounts.
(17) Lim withdrew RM1,000 cash from the company bank accounts for his personal used.
(18) Purchased printing machinery from Ayla Printers Bhd for RM5,000.
(19) Bought 500 shares of Company L as an investment from the Bursa Malaysia value at RM10,000.
Required - As the Company accountant you are required to:
1) Record the above transactions in General Journals.
2) Post the transactions into three column Ledger Accounts.
3) Prepare HFP Trial Balance as at 31 January 2017.
4) Prepare HFP Statement of Profit or Loss for the month ended 31 January 2017.
5) Prepare HFP Statement of Financial Positions as at 31 January 2017.