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T Account Example

The document provides instructions on preparing T accounts to record various business transactions for a sole proprietorship. On January 1, the owner contributed RM10,000 cash and had RM30,000 in the bank. On January 3, a van was purchased for RM20,000 on credit from Maju Motor. Various purchases and sales were made through January 15, including paying staff salary by cheque. T accounts were set up to track balances in various general ledger and subsidiary ledger accounts, including capital, cash, bank, van, purchases, sales, salary, and amounts owed/due to creditors and debtors.

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kopayied 07
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65 views

T Account Example

The document provides instructions on preparing T accounts to record various business transactions for a sole proprietorship. On January 1, the owner contributed RM10,000 cash and had RM30,000 in the bank. On January 3, a van was purchased for RM20,000 on credit from Maju Motor. Various purchases and sales were made through January 15, including paying staff salary by cheque. T accounts were set up to track balances in various general ledger and subsidiary ledger accounts, including capital, cash, bank, van, purchases, sales, salary, and amounts owed/due to creditors and debtors.

Uploaded by

kopayied 07
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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PREPARE THE T ACCOUNT

Jan 1 Start a business with cash RM10,000 and cash in the bank RM30,000
3 Bought van RM 20,000 on credit from Maju Motor
5 Bought goods in cash RM5,000
6 sold good on credit to Joe RM2,000
7 Paid salary to staff using cheque RM1,000
10 Received Rent RM500 in cash
15 bought good on credit from Jujaya RM3,000

GENERAL LEDGER

Dr Cash a/c Cr Dr Bank a/c Cr

Jan 1 capital RM10,000 Jan 5 purchase RM5,000 Jan 1 capital RM30,000 Jan 7 Salary RM1,000
10 Rent 500

Capital a/c Van a/c

Jan 1 cash RM10,000 Jan 3 Maju Motor RM20,000


Bank 30,000

Maju Motor a/c Purchase a/c


Jan 3 Van RM30,000 Jan 5 cash RM5,000
15 Jujaya 3,000

Sales a/c Salary a/c


Jan 6 Joe RM2,000
Jan 7 Bank RM1,000

Rent received a/c

Jan 10 cash RM500


SALES LEDGER (DEBTOR)

Joe a/c
Jan 6 sales RM2,000

PURCHASE LEDGER (CREDITOR)

Jujaya a/c
Jan 15 purchase RM3,000

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