Reference no: EM133026512
Question - Mr. Hassan commenced business on 1 March 2020. During the first month of the operation, the following events and transactions occurred.
March 1 Started business with cash in hand RM15,000, cash at bank RM10,000, machinery valued at RM20,000 and loan from bank RM50,000.
March 5 Purchased goods worth RM8,000 on credit from Malika Enterprise before 7% trade discount.
March 9 Received a credit note from Malika Enterprise for goods returned worth RM500.
March 9 Sold goods on credit to Kala Sdn Bhd worth RM15,000
March 11 Kala Sdn Bhd returned 5% of goods sold to them.
March 12 Paid Malika Enterprise in full settlement of the amount owing for goods purchased by cheque.
March 18 Sales on credit to Mega Sdn Bhd worth RM5,500.
March 21 Mega Sdn Bhd return goods to business worth RM500.
March 25 Paid utility expenses for RM1,000 by cash.
March 29 Paid loan RM10,000 by cheque.
Required - You are required to record the above transactions in the related journals.