Accounting Cycle: T- account and Trial balance

1. Memories Forever Trading is a business selling souvenirs. The following transactions

took place in the month of September 2017.

Dates Transactions
Sep 1 Owner invested RM100,000 cash into the business bank account
3 Purchased a motor van from Lim motors costing RM70,000; deposit of
RM10,000 was paid cheque and balance to be paid by instalment starting
from next month
6 Received invoices of RM8,000 from Amir and RM3,000 from Harriz for
goods purchased
8 Sold goods on credit to Zulaikha for RM4,800 and to Khaira for RM3,600
15 Issued a debit note of RM600 for damaged goods returned to Harriz
20 Received a cheque from Pelangi Berhad for investment income of
RM15,000
23 Paid RM1,200 to Tenanga Berhad for electricity expense
26 Received a cheque for cash sales amounting to RM10,000
29 The owner withdrew goods worth RM340 for personal use

Required:

a) Record the above transactions in the relevant ledger accounts

b) Balance off the accounts
c) Prepare a trial balance as at 30 September 2017

2. State accounts to be debited and the accounts to be credited for the following
transactions relating to Asia Rempah Ratus. Also prepare T-account.

Transactions Debit Credit

Started business and invested RM25,000 cash in the
business
Deposited RM15,000 cash into business bank account
Purchase fixtures and fittings amounting to RM7,500 by
cheque
The owner took some goods worth RM3500 from
business for personal use
Received purchase invoice amounting to RM14,000 on
credit from Tanjung Sdn.Bhd
Sold goods to Miney Sdn.Bhd amounting to RM9500 and
received the cheque immediately
Returned goods previously purchased on credit
amounting to RM600