Tutorial 1 - Trial Balance

1.On 1 July 2020, Bala Grocery Shop assets and liabilities are as follows:

Bank RM30,000
Cash 5,000
Creditors 15,000
Debtors 20,000
Motor vehicles 40,000

During the month of July, the following transactions have occurred:

July 1 Purchased furniture for the shop use for RM20,000 by cheque
3 Cash sales of RM8,000
7 Cash purchase from F&N Coca Cola of RM2,000
10 Drawing of goods worth RM300
12 Credit sales to debtor of RM300
13 Credit sales to debtor of RM500
17 Credit purchase of RM3,000
19 Paid creditor with cheque of RM8,500 and received discount 10% discount
23 Returned goods worth RM200
24 Credit purchase of RM4,000
27 Paid electricity and water bill of RM90 by cash
29 Paid owner’s son’s tuition fees of RM150 by cash
31 Debtor paid his debt of RM5,000 by cheque

2. The accounting information of Salwa Enterprise for January 2021 is given as follows:

Jan 1 Salwa started the business with RM50,000 cash

2 Paid shop rental of RM600 cash and deposited RM30,000 cash into the bank
5 Purchased equipment for business worth RM10,000
7 Cash purchase of RM700
9 Credit purchased from Abu, RM20,000
12 Sold RM3,000 worth of goods on credit to Jamal
20 Paid Abu RM10,000 by cheque.
25 Purchased lorry worth RM30,000. 10%
of the lorry is paid in cash and the balance by loan form DRB Ltd.
29 Paid electricity and water bill of
RM250 by cash

For above questions, you are required to:

a) Record the above transactions into ledgers

b) Prepare the trial balance