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INSTRUCTION TO STUDENTS: 1. This assignment consists of THREE (3) questions. Students need to answer ALL questions. 2. This assignment represents 30%...
INSTRUCTION TO STUDENTS:
1. This assignment consists of THREE (3) questions. Students need to answer ALL questions.
2. This assignment represents 30% of the total assessment for the module.
3. Please read the assessment guidelines at the end of the assignment questions.
Ibrahim has recently opened a pastry stall and his transaction during May were as follows:
May 1 Started in business with RM1,500 in the bank and RM500 cash.
May 2 Purchased goods to the value of RM1,750 from Dinah, agreeing credit terms of 60 days.
May 3 Bought fixtures and fittings for the pastry for RM150, paying by cheque
May 6 Bought goods on credit from Fatimah for RM115.
May 10 Paid rent of RM300 paying cash.
May12 Bought stationery for RM75 paying by cash.
May14 Sold goods on credit, value RM125, to Hung.
May20 Bought an old van for deliveries for RM2,000 on credit from John.
May30 Paid wages of RM450 net for the month by cheque.
May31 Summarised cash sales for the month and found them to be RM2,500. Took a cheque
for RM500 as own wages for the month. Banked RM2,000 out of the cash sales over the
May31 Closing stock was RM500.
You are required to:
(a) Enter the following transactions in the ledger of Ibrahim and balance off the accounts;
(b) Prepare a trial balance at 31 May;
(c) Prepare an income statement at 31 May;
(d) Prepare a statement of financial position as at 31 May.