Reference no: EM132966500
Question - Samy contributed RM60,000 to start a new business on 1 March, selling school and college textbooks. The following are transactions that occurred in the month of March:
Paid by cheque RM20,000 for ?xtures and ?ttings - Paid by cheque RM6,000 for of?ce equipment (i. e. computer, printer and fax machine)
Purchased inventories totalling RM30,000, of which RM15,000 was paid by cheque and the balance will be paid 2 months later
Sales totalling RM12,000, all deposited into the bank account (inventories sold were costing RM9,000)
Paid staff salaries by cheque RM1,000 - Paid shop rental by cheque RMZ,000
Paid utilities by cheque RM500 - Paid telephone by cheque RM300
Paid printer ink and A4 paper by cheque RM600 - Withdrew RM3,000 cheque for personal use
Required -
(a) Which account was Samy's capital contribution of RM60,000 put into? Calculate the balance in this account at the end of March.
(b) Calculate the inventories balance at the end of March.
(c) Prepare a listing based on the Pro?t Determination Equation for the month of March.
(d) Prepare a listing based on the Accounting Equation as at the end of March.
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