2020 PHS 3N POA EOY P1 Q3

2020 PHS 3N POA EOY P1 Q3

3 Nathania Nuggets provided the following ledger account for the month of December 2019.

Trade receivable – Syarifah account

2019

Particulars

Dr ($)

Cr ($)

Balance ($)

Dec 1

Balance b/d

  

3 600 Dr

9

Sales revenue

1 300

 

4 900 Dr

12

Cash in hand

 

2 800

2 100 Dr

16

Sales returns

 

200

1 900 Dr

 

Additional information

1. The owner took out an office computer costing $2 100 for his son. This has not been recorded yet.

2. The net realisable value of the inventory was $47 930.

3. Interest expense of $200 was unpaid.

REQUIRED

a. Describe the transactions that took place on the following dates:

[6]

i. 9 December 2019

ii. 12 December 2019

iii. 16 December 2019

b. State the source document used in the transaction on 16 December 2019.

[1]

c. State the effect sales returns has on the profit for the year.

[1]

[TOTAL 8]

Lorem ipsum dolor sit amet, consectetur adipisicing elit. Optio, neque qui velit. Magni dolorum quidem ipsam eligendi, totam, facilis laudantium cum accusamus ullam voluptatibus commodi numquam, error, est. Ea, consequatur.

(i) Nathania Nuggets sold goods on credit to Syarifah for $1 300.

 

(ii) Nathania Nuggets received cash,$2 800, from Syarifah.


(iii) Syarifah returned of goods of $200 to Nathania Nuggets.

Credit note

Profit for the year will decrease

Related Articles