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 | 1 300 | 4 900 Dr | ||
12 | Cash in hand | 2 800 | 2 100 Dr | |
16 | 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]
(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.
Profit for the year will decrease