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Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM...

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Accounting

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Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales and RM700 cash sales with 15% trade discount 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. 11 Received RM 900 from Ming Received RM1200 from Ting with 5% cash discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 5% cash discount 20 Rent of RM 400 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM 120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info: assets business own 1) Building - RM 74500, 5% Per annum , straight line method 2 Motor vehicle - RM 35000, 5 years useful life, 17000 scrap value Prepare journal entries and post it to ledgers B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?) E.Prepare statement of profit or loss F. Prepare statement of financial position

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