Study the restaurant transactions for the month of September 2017 shown in the following list, (a) record the necessary T-accounts, balance off the accounts and extract a trial balance as at 30 September 2017.
(b) Prepare an Income statement and a Statement of Financial Position based on the trial balance for the month ended 30 September 2017.
Sep 1The owner opened a business account and deposited RM35,000 in the bank, and kept RM25,000
cash in the restaurant.
Sep 5The owner loanedRM30,000 from HLC Finance and deposited in the bank.
Sep 7Utility deposit of RM500 was paid by cash.
Sep 8The owner paid one month rent for the restaurant space, RM4,000 cash.
Sep 9The owner purchased equipment RM46,000 ; RM16,000 by cheque and the balance on credit.
Sep 11Furniture & fittings were purchased for RM30,400 cheque.
Sep 14The owner purchased RM3,200 food supplies on credit, and paid RM3,800 cash for beverage
Sep 15The owner purchased coffee machine RM5,600 by cheque.
Sep 16The owner paid for insurance RM4,000 which covered RM1,000 for the current month, the
balance for the following 3 months.
Sep 18The owner purchased RM3,800 of food supplies on credit.
Sep 23The owner paid advertising of RM700 by cash.
Sep 25Loan interest was paid by cash RM120.
Sep 29Employees were paid salaries of RM12,800 and wages of RM2,400.
Sep 30Sales revenue for the first month was RM42,800; 90% cash, 10% on credit.
Sep 30The owner paid RM16,600 on accounts payable by cheque.
Sep 30The owner withdrew RM500 cash from his business account.
Additional information (adjustment)
·Closing food & beverage inventory valued at RM1,400 on 30 September 2017.