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Lecture 3&4: In Class Example – ACC406 (Financial Accounting)

1. Mr Lim, a sole trader selling electrical goods, started his business on 1 July 2012. You
are required to record the following business transactions in the appropriate accounts for
July 2012

July 1 Started business with RM50,000 in the bank, a shop building worth
RM30,000, and a secondhand van worth RM20,000
4 Bough office furniture worth RM4,000 from Black Furniture Bhd., paid
by cheque
5 Received invoice from Yellow Enterprise for RM10,000 for goods
purchased. Issued a cheque for RM3,000 to settle part of the invoice
7 Issued invoice to Green&Sons Trading and White Enterprise for goods
sold to them worth RM5,000 and RM300 respectively. Received full
payment from White Enterprise in cash.
11 Sublet part of the shop building to Red Auto Workshop for RM600 cash.
17 Issued a debit note to Yellow Enterprise for RM100 and a credit note to
Green&Sons Trading for RM250; both for goods damaged during
transportation
20 Issued cheque for RM800 to Blue Printshop for making the shop’s
signboard
24 Issued business cheque for RM300 to Sedap Seafood Restaurant being
payment for dinner with his family.
26 Issued a cheque for RM500, being bills for petrol used by the van to
deliver goods
2. The financial position of Vee Gee Trading as at 1 January 2013 is as follows:

RM
Buildings 24,000
Fixtures & Fittings 2,650
Inventory 11,000
9% Loan from BIMB Bank 10,000
Accounts receivable - Lili 1,330
-Leman 1,215
Accounts payable - Peng 1,275
Cash at Bank 12,000
Cash in Hand 1,800

During the month of January 2013, the following transactions took place:

Jan 2 Paid telephone bills of RM300 by cheque


3 Received rent amounting to RM460 by cash
5 Cash purchase of RM1,000 from Luna
6 Sold goods to Leman and Roslan by cash worth RM6,600 and RM4,540
respectively
8 Bought delivery van worth RM23,000 from Eon Bhd on credit
9 Issued a cheque for RM10,000 to Eon Bhd
11 Bought goods on credit from Musa and Awee, worth RM2,360 and
RM3,600 respectively
12 Vee Gee, the owner, took goods worth RM860 for his own use
15 Issued a credit note for RM540 to Roslan for goods returned
17 Lili paid RM330 cash
22 Returned goods worth RM100 to Musa
24 Paid interest of RM90 by cheque to BIMB Bank
26 Roslan sent cheque worth RM3,800 to settle his account
29 Sent cheque to Musa and Awee to settle the account
31 Paid wages amounting RM400 by cash