Reference no: EM132589318
Question 1 - On 1st January, Mega Enterprise had the following balances in its Purchases Ledger: Super RM18,000, Fantastic RM30,000 and Grand RM21,000. And the balance of cash and bank account in Cash Book as at 1st January is RM23,000 and RM46,000 respectively.During the month the following transactions took place:
Jan 3 Purchased RM5,000 goods on credit from Fantastic, received discount 10% from listed price (invoice no 23).
Jan 5 Returned goods RM500 to Super per credit note no. 876 and paid Super a cheque in settlement of invoice RM10,000, receiving a discount of RM1,000
Jan 8 Returned goods RM1,000 (credit note no. 098) to Grand due towrong specifications
Jan 10 Purchased RM7,000 goods on credit (invoice no. 542) from Super and RM6,000 from Grand (invoice no.421)
Jan 12 Paid cash to settle invoices RM5,000 to Fantastic and receiving a 10% cash discount
Jan 15 Purchase RM8,000 goods on credit (invoice no 455) from Grand
Jan 22 Returned goods RM3,000 to Fantastic due to wrong design(credit not no. 368)
Jan 28 Pay cheque to settle an invoice RM2,400 to Grand and receiving a 10% cash discount
Required:
(a) Record the above transaction in the books of prime entry;
(b) Post the transactions to Purchases Ledger, taking into consideration of the opening balances; and
(c) Show the transfer to General Ledger.
Question 2 - The followings are the transactions of Jaya Trading during the month of
May: 1 Credit sales to Arumugam Trading (invoice no 120) RM 750 less 10% trade discount
May: 5 Credit notes no. 220 to Arumugam Trading for goods returned amounting to RM120
May: 8 Sent invoice no 121 to Chop Seng Fatt for goods supplied at the list price amounting to RM900 less trade discount 10%
May: 13 Chop Seng Fatt returns goods amounting to RM150 and credit note no. 221 was issued to him
May: 26 Received cheque payment from Chop Seng Fatt being partial payment in settlement of RM500 less cash discount 5%.
May: 27 Arumugam Trading makes payment by cash in settlement of RM400 less cash discount 5% to settle part outstanding sum
Required:
(a) Record the above transactions in the books of prime entry;
(b) Post the transactions in Sales Ledger; and
(c) Show the transfers to the General Ledger.
Question 3 - Jenny has the following purchases for the month of May
May 1 From Ace: 4 DVDs at RM 80 each, 3 mini hi-fi at RM 500 each. Less 20% trade discount (Invoice 1234)
May 2 From Lee: 2 washing machines at RM 2,000 each, 5 vacuum cleaners at RM 1,000 each, 2 kettles at RM 20 each. Less 20% trade discount (Invoice 0001)
May 3 From Bee: 1 hi-fi unit at RM 600 each, 2 washing machine at RM 500 each. Less 25% trade discount (Invoice 4567)
May 4 From Wee: 6 CD/radios at RM 50 each. Less 20% trade discount (Invoice 7299)
May 5 From Fong: 4 kettle at RM 50 each without any trade discount (Invoice 3245)
Required:
(a) Enter up the purchases day book for the month.
(b) Post the transactions to the suppliers' account.
(c) Transfer the total to the purchases account.
Question 4 - Record the following transactions into appropriate Books of Prime Entry for Jaya Trading for the month of March
March 1 Purchases of goods from May Bee Sdn Bhd amounting to RM1,350, less trade discount of 20%
March 2 Purchases of goods RM105 from Sin Sin Store on credit
March 3 Received invoice from Sunny Enterprise at list price of RM540, less discount 15%
March 4 Return goods at list price RM180 to Sunny Enterprise
March 5 Purchases of goods RM360 by cash
March 6 Received a credit note from May Bee Sdn Bhd for goods at list price RM135 purchased on 1 May
Required: Post the data from the Books of Prime Entry to General Ledger and Purchase Ledger.