Reference no: EM132419628
Problem: Sally has recently opened a pastry stall and his transaction during May were as follows:
May 1 Started in business with RM 1,000 in the bank and RM 300 cash.
May 2 Purchased goods to the value of RM 1,050 from Herry, agreeing credit terms of 60 days.
May 3 Bought fixtures and fittings for the pastry for RM 100, paying by cheque.
May 6 Bought goods on credit from Seline for RM 100.
May 10 Paid rent of RM 200 paying cash.
May 12 Bought stationery for RM 70 paying by cash.
May 14 Sold goods on credit, value RM 120, to Hung.
May 20 Bought an old van for deliveries for RM 5,000 on credit from Rachel.
May 30 Paid wages of RM 350 net for the month by cheque.
May 31 Summarised cash sales for the month and found them to be RM 2,000. Took a cheque for RM 530 as own wages for the month. Banked RM 1,000 out of the cash sales over the month.
May 31 Closing inventory was RM 600.
You are required to:
(a) Enter the following transactions in the ledger of Sally and balance off the accounts;
(b) Do trial balance at 31 May;
(c) Do income statement at 31 May;
(d) Do statement of financial position as at 31 May.