Answer Happy

Question 3 Aryan Trading is owned and operated by Sir Adli. His business is mainly on buying can and bottle drinks and sells to his customers on both cash and credit basis. The assets and liabilities of the business on October 1 of the current year are as follows: Cash RM6,250; Accounts Receivable RM18,100; Inventories RM12,200; Building RM250,000; Motor vehicles RM40,000; Accounts Payable RM7,800. a. b. C. e Business transactions for the month of October are summarised as follows: Invoices received from suppliers, RM72,600. Invoices sent to customers, RM90,200. Debit note sent to customers, RM1,200. d. Withdrew RM7,500 cash for personal use. Credit notes received, RM2,300. f. Cash bills given to customers, RM23,100. g. Paid salary expense, RM3,500. h. Received cash from customers, RM75,200. i. Paid amounts owing to creditors, RM52,300. j. Received monthly invoice from Maid Cleaner, RM800 for the cleaning services performed on Aryan Trading's place of business (to be paid on November 9). k. Encik Aryan donated mineral drinks to his former school, RM500. 1. Received rental revenue, RM3,500. Required: (a) Determine the amount of Sir Adli's capital as of October 1. (3 marks) (b) State the account to be debited and account to be credited for each of the transactions above by completing the following table. (12 marks) a. Sir Adli's capital as of October 1:
b. Debit Credit a b. c. d. e. f. g. h.