Prepare trial balance for transaction, Accounting Basics

Assignment Help:

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.


Related Discussions:- Prepare trial balance for transaction

Change in accounting method for inventory, Q. Change in accounting method f...

Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely

Explain about income statement, Q. Explain about income statement? The ...

Q. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period

Calculate the total interest, Question: You have decided to borrow $20,...

Question: You have decided to borrow $20,000 so that you can consolidate the loans you currently have with other lenders. You have agreed to repay the loan in 8 equal semi-annu

the relevant authoritative literature, Determining the physical quantity t...

Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of

Show payment of a liability, Q. Show payment of a liability? Accountant...

Q. Show payment of a liability? Accountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on credit and the payment of a

Help, Upper D minus Mobile Wireless needed additional capital to? expand,...

Upper D minus Mobile Wireless needed additional capital to? expand, so the business incorporated. The charter from the state of Georgia authorizes Upper D minus Mobile to issue

General accepted accounting principles, Q. General accepted accounting prin...

Q. General accepted accounting principles? In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information. A

What do you mean by partnership, Q. What do you mean by partnership? A ...

Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu

Accounting error, the books of deven verma could not be tallied.the account...

the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later

Trial balance, List of things to include in a trial balance before adjustme...

List of things to include in a trial balance before adjustments

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd