Accounting Help

by Elmuiez
(Malaysia)

Accounting Help

SECTION B
ANSWER THE QUESTION IN THIS SECTION
(THIS SECTION CARRIES 15 MARKS)

The following are the transactions of Wong Ah Meng for the month of March 2022.

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 cheques 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 salaries by cheque RM2000.

QUESTION:

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 2022.
d) Extract a trial balance as of 31 March 2022.

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

Admission by Donation

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.

Advanced Expenses

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?

AP Yearly Comparsion For Expenses Paid To Others

How to compare expenses paid to others yearly to see how much we spend.

Example: How much we paid out each year? How to track?

Approving Invoices

by Yvonne
(UK)

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.

Bid Deposit

How would I enter a $5,000.00 certified cheque which was given as a bid deposit with a tender which our company submitted?

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.

Borrowing Base Certificates

by Lisa Nixon
(WA)

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!

Auctioneers Commission Deducted at Source

by Gordon
(Belfast)

What is the correct way to account for auctioneers commission deducted from the gross sale price.
E.G Items sold for £2010.00 at auction
Auctioneers commission £43.75 + £7.67 Vat

Cost of Goods Sold

by Becky
(Covington Texas)

Is the cost of goods sold, the actual cost of goods sold, or the amount of goods purchased from a vendor?

How Do I Record the Sale of a Fixed Asset?

I have just sold a trailer for $1350 which originally cost me $3000. How do I record this sale in the account register?

How should I record a liability of pay not taken?

by Joe Palazzo
(Baton Rouge, LA)

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?

List of General Leger accounts would appear in Post-closing Trial Balance?

Which General Leger account would appear in post-closing trial balance and why?

Payment for Consignees

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.

Professional Fees

I am new to bookkeeping and i don't understand why when i over look my GL accounts my professional fees are in parenthesis and red? Is that normal? What is exactly professional fees?

PURCHASE OF BUILDING

WE HAVE PURCHASED A BUILDING I UNDERSTAND YOU WOULD DEBIT THE PLANT AND EQUIPMENT AND CREDIT THE LOAN ACCOUNT, BUT IF THE PURCHASE AMOUNT WAS TO INCLUDE STOCK WOULD I DEBIT THE STOCK ON HAND ACCOUNT AND CREDIT THE LOAN ACCOUNT.

RECONCILIATION FAILURE

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.

I am wondering if there is any way to get rid of this entry, as this is also an reconciled amount on the primary account?

Remittances

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?

Rent Paid By Work Done

by Amy Clark
(Foster City, CA)

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

Savings And Credit Cooperative Societies

by Eddy Mbaru
(Kenya)

Which accounts are maintained for a savings and credit society?

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.

Transferring Personal Assets To The Business

I started a business (LLC) last year in April. I also purchased a vehicle, that I intended to use for the business, just prior to starting the business. I purchased the vehicle with a personal check on my personal bank account. Now I would like the company to own the vehicle. Can I just loan the company the money and purchase the vehicle buy writing a check to myself with a company check after I deposit the money in the company bank account? I'm worried that it may look skeptical. Can you provide me with some insight into this problem?
Thanks, Kenneth

Working But On Social Security

by Gayla
(Lincoln, NE)

Made more working full time over what early retirement allows. What form to use and how to enter this.

 SUBSCRIBE to YOUTUBE

PINTEREST