Accounting

by Elmuiez
(Malaysia)

Assignment Individual BusAcc Mar10 Question

Assignment Individual BusAcc Mar10 Question

SECTION B

ANSWER THE QUESTION IN THIS SECTION

(THIS SECTION CARRIES 15 MARKS)

QUESTION:

The following are the transactions of Wong Ah Meng for the month of March 2010.
Mar 1 Wong Ah Meng started business with RM100,000 in Bank.
3 Bought office fixtures by cheque RM8,000.
4 Bought goods by cheque RM35,000.
5 Withdrew RM8,000 from bank for use in shop.
6 Bought goods on credit : Priya & Sons RM2000; May RM3400.
7 Paid wages by cash RM100.
9 Cash sales RM9,520.
10 Bought goods on credit from: Alfanso RM5,000; C.Rose RM1,600.
13 Goods sold on credit to: Ali RM4,000; John RM3,000.
15 Bought office stationery for cash RM290.
19 Paid cheque to May RM1,000.
20 Wong Ah Meng takes RM500 drawings in cash.
22 Bought goods on credit from Philips RM20,000.
23 Wong Ah Meng returned goods to Philips RM400.
22 Bought office stationery RM220 by cash.
24 Received cheque from Ali RM2500; John RM1200
26 Cash sales RM18,000.
29 Paid sundry expenses by cash RM50.
31 Paid salary by cheque RM2000.
REQUIRED:
a) Prepare Journal Entries for all the above transactions.
b) Post the transactions into the relevant ledgers.
c) Balance off all the accounts for the month of March 2010.
d) Extract a trial balance as at 31 March 2010.

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Accounting For Raffle Monies Received And Paid Out

My client collected raffle money during her event for a boat that was donated. Her event also made a contribution, which booked as expense. How do I book the money received for the raffle? A check was written to the shelter for this money..I am not sure how to book it? Thanks, Jean

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Borrowing Base Certificates

by Lisa Nixon
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Hello,

I am a tad bit rusty to borrowing base certificates. The prior co. I worked for the accountant did all the journal entries at the end of the year & never had used borrowing base certs. I am now with a company that does all the above & I am rusty.

How do I track or show the line of advances, or transfers to & from loan for line of credit. Is this done as a journal entry or entered elsewhere to show on balance sheets, profit & loss sheets, trial balance reports and so forth.

The program they use is American Contractor, are you familiar at all with this program? We have accounts payable, cash payments, purchase orders and general journal entries we keep track of all transactions in.

I hope that you are able to help me figure this out quicker than having to old school refresh my brain. If I even can. It's been many years.
I'm sure easy question perhaps, with maybe easy answer, but I am confusing myself more by thinking about it way too much I think.

Thank you kindly & hope you have a wonderful day!

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by Becky
(Covington Texas)

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by Joe Palazzo
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In my new company, I have not been paying myself and want to record this as a liability to be paid in the future when the company can afford it. How should I record this?



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by John
(LA, CA)

Hi, I paid my consignees when items were sold. Should I record the payment transactions as purchases-retail items/cost of goods sold, or create a new account for Consignment item/cost of goods sold. Please advice.

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by tuna hernandez
(new york, usa)

I just started bookkeeping of an existing company and realized that there is check recorded from 2006 for 4333.97 , from one bank a/c to another, and it was never reconciled on the main ac/ looks like still uncashed, although secondary ac somehow looks good.

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A cheque is received with an incorrect date, a year earlier than current date, although the remittance advice date was correct, can this be passed for banking, or should it be returned?

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Accrued Income and Expenses in myob

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by Amy Clark
(Foster City, CA)

What accounts do I debit/credit for work done in exchange for rent?

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Savings And Credit Cooperative Societies

by Eddy Mbaru
(Kenya)

Which accounts are maintained for a savings and credit society?

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Setting Up a Co-Op Ministry

Our church recently decided to take on a Co-Op ministry for Home school families. We have not had this type of ministry in the past, nor anything similar to it and I need to know the requirements the church is to follow in getting this set up.

Thank you.

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Transferring Personal Assets To The Business

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Thanks, Kenneth

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by Gayla
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by Robin
(Coldwater, Ontario)

Our small museum wants to do admission by donation as the bookkeeper I feel that this concept is not a good idea is it feasible? We have always charged an entrance fee and have a donation box. I think the two should be separated.

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How do I record advanced expenses paid for a partner. For example, 1/2 of the rent. The rent expense is entered as a bill and paid but how do I accrue the expense in the "loan" account? One side is Advanced expenses, what's the other side?

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AP Yearly Comparsion For Expenses Paid To Others

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by Yvonne
(UK)

Hi there,

I am currently studying towards bookkeeping at the basic level. I was wondering what steps the bookkeeper should take if there is a discrepancy between the purchase order and the sales invoice which does not affect the amount to be paid e.g. purchase order states that 14 units are required @ $16.00 each, but on the sales invoice it actually says that customer is being charged for 16 units @ $14.00 each. It means that the total is still the same but the information is incorrect and it will also affect the business records. It is not such a common thing, but it may happen and I am not sure if I could enter such invoice to the account meanwhile sending the correct one ( with correct units on it) to the customer.

Many thanks

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by Gordon
(Belfast)

What is the correct way to account for auctioneers commission deducted from the gross sale price.
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How would I enter a $5,000.00 certified cheque which was given as a bid deposit with a tender which our company submitted?

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Bookkeepers Liability To Disclose

If a company has several partners, and 1 of the smaller shareholders is running the company (other partners not involved other than contributing money), what liability does the bookkeeper have in disclosing information to the uninvolved partners. The one running the company does not want info disclosed to the other larger shareholders.

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