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

Uses of cash flow statements, Uses of cash flow statements: The main us...

Uses of cash flow statements: The main usefulness of cash flow analysis is that it facilitates the Finance manager to approximation the cash necessities of the firm and match t

Example of accumulated depreciation account, Q. Example of Accumulated Depr...

Q. Example of Accumulated Depreciation account? Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances

Explain double-entry procedure, Q. Explain double-entry procedure? The ...

Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with

The book of Deven Verma could not be tallied. The accountant, The book of D...

The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la

How to get accounting exam help, Hi, How to get help with tutor, in account...

Hi, How to get help with tutor, in accounting exam prepartion? please suggest?

A company would not acquire treasury stock, Q. A company would not acquire ...

Q. A company would not acquire treasury stock a. in order to reissue shares to officers. b. as an asset investment. c. in order to increase trading of the company's stock. d. to ha

Unadjusted trial balances , my unadjusted balance is not the same under cre...

my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Employees, Employees : The view of business organizations exist to maximize...

Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider

Illustrating the recording of sales returns, Q. Illustrating the recording ...

Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose

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