MYKIDS SDN BHDBUSINESS OVERVIEWMy Kids Sdn Bhd has started its operation on \( 1^{\text {st }} \) December 2023. Currently, it manufactures baby care products. Its offer strollers, car seats, bag and warmers, and playtime products. The company also provides feeding productes for newborns to toddlers and clothing such as infant wear and toddler fashion. In addition, My Kids Sdn Bhd offers baby care products such as bathcare, as well as towels, bathtubs, and wet wipes.The business is located at Lot 106989, Batu 91/2, Kampung Jawa, Klang, 41000, MalaysiaPhone: 601137226985Fax:60351611241LIST OF ACCOUNTING TRANSACTIONSThe following transactions of the company took place in the month of December 2023:\begin{tabular}{|l|l|}\hline \multicolumn{1}{|c|}{ DATE } & \multicolumn{1}{|c|}{ TRANSACTIONS } \\\hline 1 & \begin{tabular}{l} Started the business with RM50,000 in the bank, motor vehicle RM25,000 \\and computer worth RM5,000.\end{tabular} \\\hline 2 & Bought stationeries RM800 by cash. \\\hline 4 & Sent invoice to Baby Boo Berhad for goods sold to them worth RM6,300. \\\hline 5 & Bought office equipment worth RM8,000 on credit from Lestari Berhad. \\\hline 7 & \begin{tabular}{l} Received an invoice from Little Kids Enterprise for goods purchase amount \\RM3,000.\end{tabular} \\\hline 8 & \begin{tabular}{l} Received credit note from BabyBoo Berhad for damages goods amount \\RM300.\end{tabular} \\\hline 10 & Issued a debit note to LittleKids Enterprise RM250 for defective goods. \\\hline 15 & \begin{tabular}{l} Sold goods on credit to ManjaKu Berhad and ComelMu Berhad worth \\RM9,000 and RM7,500 respectively.\end{tabular} \\\hline 16 & \begin{tabular}{l} Received cheque from BabyBoo Berhad for all the amount due by him less \\\( 10 \% \) of cash discount.\end{tabular} \\\hline\end{tabular}2\begin{tabular}{|l|l|}\hline 17 & \begin{tabular}{l} Paid RM2,700 by cheque to LittleKids Enterprise being full settlement of the \\amount owed to them.\end{tabular} \\\hline 18 & \begin{tabular}{l} Goods returned to Manjaku Berhad due to wrong specification to the amount \\of RM200.\end{tabular} \\\hline 20 & Credit purchases RM4,800 from MooMoo Enterprise. \\\hline 22 & Bought goods RM5,000 on credit from CintaKu Berhad. \\\hline 23 & Paid sundry expenses by cash RM200. \\\hline 24 & \begin{tabular}{l} Goods RM500 and RM230 were returned to MooMoo Enterprise and \\CintaKu Berhad respectively due to goods damages during transportation.\end{tabular} \\\hline 26 & Received commission of RM1,500 by cash. \\\hline 28 & The owner took goods worth RM400 for his own use. \\\hline\end{tabular}Inventory as at \( 31^{*} \) December 2023 was valued at RM6,500.REQUIRED:1. Journalise the daily transactions chronologically into the appropriate journals.2. Post all the business transactions from the journals to relevant ledgers.3. Close off the accounts in the ledgers and transfers all the balances from ledger accounts to the Trial Balances as at \( 31^{*} \) December 2023 .
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Submitted by Syafiq A. Jun. 04, 2024 02:48 a.m.
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Solved on June 4, 2024, 2:49 a.m.
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Journalising the daily transactions: - December 1: Debit Bank RM50,000, Debit Motor Vehicle RM25,000, Debit Computer RM5,000, Credit Capital RM80,000. - December 2: Debit Stationery RM800, Credit Cash RM800. - December 4: Debit Accounts Receivable (Baby B ...
Journalising the daily transactions: - December 1: Debit Bank RM50,000, Debit Motor Vehicle RM25,000, Debit Computer RM5,000, Credit Capital RM80,000. - December 2: Debit Stationery RM800, Credit Cash RM800. - December 4: Debit Accounts Receivable (Baby Boo Berhad) RM6,300, Credit Sales RM6,300. - December 5: Debit Office Equipment RM8,000, Credit Accounts Payable (Lestari Berhad) RM8,000. - December 7: Debit Purchases RM3,000, Credit Accounts Payable (Little Kids Enterprise) RM3,000. - December 8: Debit Sales Returns and Allowances RM300, Credit Accounts Receivable (Baby Boo Berhad) RM300. - December 10: Debit Accounts Payable (Little Kids Enterprise) RM250, Credit Purchase Returns and Allowances RM250. - December 15: Debit Accounts Receivable (ManjaKu Berhad) RM9,000, Debit Accounts Receivable (ComelMu Berhad) RM7,500, Credit Sales RM16,500. - December 16: Debit Cash RM5,670, Debit Sales Discounts RM630, Credit Accounts Receivable (Baby Boo Berhad) RM6,300. - December 17: Debit Accounts Payable (Little Kids Enterprise) RM2,700, Credit Cash RM2,700. - December 18: Debit Sales Returns and Allowances RM200, Credit Accounts Receivable (ManjaKu Berhad) RM200. - December 20: Debit Purchases RM4,800, Credit Accounts Payable (MooMoo Enterprise) RM4,800. - December 22: Debit Purchases RM5,000, Credit Accounts Payable (CintaKu Berhad) RM5,000. - December 23: Debit Sundry Expenses RM200, Credit Cash RM200. - December 24: Debit Purchase Returns and Allowances RM500, Credit Accounts Payable (MooMoo Enterprise) RM500, Debit Purchase Returns and Allowances RM230, Credit Accounts Payable (CintaKu Berhad) RM230. - December 26: Debit Cash RM1,500, Credit Commission Income RM1,500. - December 28: Debit Drawings RM400, Credit Inventory RM400.
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