Question

Fresh Bouquet Enterprise is a local organic fertilizer distributor for flower nurseries around Malacca and Johor. The company has the following opening balances for the month of August 2019. Account RM Bank 25,000 (debit) Inventories 5,300 (debit) Accounts Receivable 7,200 (debit) Accounts Payable (Cameron Enterprise) 2,700 (credit) Capital 34,800(credit) The following transactions occur during the month: August 2019 2 Deposited RM7,000 into the bank as additional capital 4 Bought 60 packs of organic fertilizer on credit RM5,200 from Cameron Enterprise. 5 Bought a second hand van worth RM70,000 from Great Auto. Paid RM6,000 by cheque and remaining balance by loan from Megah Bank. 7 Bought 20 packs of organic fertilizer for cheque RM1,740. 10 Sold 40 packs of organic fertilizer on credit RM4,000 to Highland Flowers. 12 Highland Flowers returned 5 pack of fertilizer total of RM500 to Fresh Bouquet Enterprise due to wrong specifications. 19 Sold 15 packs of fertilizer amounted to RM1,500 by cheque. 29 Paid Cameron Enterprise RM3,200 by cheque 31 Ending inventory amounted to RM2,167 Required: a) Journalize the Aug's transactions by using periodic inventory system. b) Post to accounts and prepare a trial balance as at 31st Aug 2019. Prepare the Statement of Profit or Loss for the month ended 31st Aug 2019

Answer 1

Requirement - Ca) Journal entriel Desit cheelch Date Accounts he encplanations 7000 Aug Bank 7000 2019 Capital (Being capital introduced as cleposit indo Bank) 5200 Aug 4 5200 purchase Accounts payable (Being supplies for treating Swaschered) from cameron enterprise 70 000 Aus S van Banic Loan from megah Bank 6 000 64.000 (Being van parchered) 1740 Aug 7 Purchase Bank (Being Supplies for trading purcheren) 1740 4000 Aug 10 4000 Accounts receivable Sales revenue (Beng corelat sales to Highland flowers) 500 sales return Aug Soo Accounts recevable (Being sales return from High land)

1500 Bank Ang 19 1500 Sales revenue being sales) 3200 Ang 29 Accounts payable 132.00 Banic (Bering payment to camaron enterprise) 2167 Ang 31 Inventaries c closing Cost of goods sold 10073 6940 Purchase Inventuries [ opening 5300 Being Adjusting entry for periodical inventory System workily wore inventory costat soous sold opowing state & punch are closing inventory - 5300 + 6940 - 2167 10073

Requirement-6) Banie Rm Accouny Date Accounts 12m Dale 25000 118/19 opening balance . 218 119 capital 19/8.119 Sales revenue 7000 At 518119 van 718 119 purchase 2918/19 Accounts punaste 6000 1740 Svo 3200 closing Balance 22560 33500 33500 inventorill Rm Date Dake Account Accoune Rm 5300 31/8/19 Cost A goods sold 10073 118119 opening balance 31/8119 purchase 6940 3118119 Closing Balance 2167 12240 12240 Accounts receivaser Rm Date Accounts 1.m Date 118119 1018119 Accouns opening Balance sales revenue 12/8/19 Sales return Soo 7200 4000 closing Balance 10700 11200 11200 Allouns Accounts Date 29/8/19 Accounts payable Rim Dale 3200 118119 418119 hm Bank opowing Balance purchase 2700 5200 Closing Balance 4700 7900 7900

Carital Account Account nim opening Balance 34 Pov 1800 Purchase Rim Rm Account Accounts Inventory 3118 asliq G900 Accounts payable 6940 718119 Bank 6940 6940 Sales envenue Account Date Rim nare Allow 4000 10/6/14 1918/19 Accounts recente Bank Isoo closing Balane 5sou 5500 Soo Loan from megah Banke rm Date Account Account 518/19 64000 van Closing Balane 64000 G4ood 64000

sales return im Rm bute Accounts bare Account 12/8/19 Account enceivable sou closing Bullinie Soo Soo Soo Cost of goolus Sold Date Rim Account bute am Accomp 3118/19 purchase 6940 Inventory 3133 3118119 closing Balance 10073 10073 10073 van kim Date Accounte hm Dale Account 6000 518/19 (1 Banu 64000 S18119 Loan from Megah Bank closing 70 000 Toooo 70 000

AUG 2014 Deut meeld 2.2.560 2167 Acuunt becret weslee 10700 Account pedalle 1700 141800 Salt devenue 550o hoan from meash Bank 64.000 Saler Oetuan 500 cost of goods sold 10073 70 000 116000 116000 Comper hensive Income Statement-phthe loss All Sales 5 500 sales retum (500) Sobo Cost of goods sold (10073) Net loss / arrossloss 5073