Question 3 [40 marks] Calvin started his furniture business, Excel Furniture Trading, last month with the balances of RM

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Question 3 40 Marks Calvin Started His Furniture Business Excel Furniture Trading Last Month With The Balances Of Rm 1 (107.98 KiB) Viewed 49 times

Question 3 [40 marks] Calvin started his furniture business, Excel Furniture Trading, last month with the balances of RM15,000 for both cash in hand and capital. The following transactions were made in January 2022: Date Transactions 1 Additional capital brought into the business by opening business bank account RM60,000 and office equipment RM5,000. 2 Bought a new printer for RM1,200. Payment made using business debit card. 6 Bought furniture RM25,000 from Solo Supplies on credit. 9 Sold furniture RM10,000 to Kumar Furniture on time. 13 Sold furniture by cash RM1,700. 16 Calvin took a book cabinet RM400 for his personal use. 18 Bought furniture RM2,500 by cash. 19 Sold goods RM14,500 to Dina Furniture. 1 month credit term given. 23 Returned damage furniture RM1,300 to Solo Supplies. 27 Paid Solo Supplies RM10,000 by cheque. 29 Paid salary RM1,400 by online banking. You are required to: a) Record the above transactions in general journal (without narration); [14 marks] b) Prepare ledger entries and balancing off the ledgers. [16 marks] c) Prepare trial balance. [10 marks]