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

Standards and conventions of accounting, Investigate the principles, standa...

Investigate the principles, standards and conventions of accounting by:   assessing  the need for financial information, its purpose and limitations   analysing the role

Illustrate the structure of brain, Illustrate the structure of brain Br...

Illustrate the structure of brain Brain is capable of changing its structure in numerous ways. Synapses become stronger and denser. Tiny blood vessels increase in size and numb

Define tds and sale tax retrun?, TDS (tax deducted at sources) .The person ...

TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury  wi

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Montana company produces basketballs., Montana Company produces basketballs...

Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698

A baker makes 500 cream-filled eclairs at a cost of $0.72, A baker makes 50...

A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar

Explain benchmarking, Benchmarking A process by which a company reasse...

Benchmarking A process by which a company reassesses its established business practices by comparing them with the best practices of other organizations.  This process is desi

Based on the financial statements for jackson enterprises, Based on the fin...

Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios.

Investments by owners, Investments by owners are raise in equity of a parti...

Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership

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