Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RMI,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 8 10 11 14 18 23 24 26 28 31 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank.
Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RMI,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 8 10 11 14 18 23 24 26 28 31 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare Statement of Profit or Loss for the month ended 31 March.
Transcribed Image Text:Bill Sankey is a sole proprietor who keeps records of his cash and bank
transactions. This transaction for the month of March:
March
1
Cash in hand RM400, cash at bank RM600.
Sankey received a cheque for RM1,200 from W. Abbot which was
paid directly into the bank. This represented cash sales.
Paid wages in cash RM60.
Sold goods for cash RM300.
Received cash from G. Smart for RM600, in full settlement of a
debt of RM640; this was paid directly into the bank.
Paid sundry expenses in cash RM48.
Purchased goods by cheque for RM1,400.
Paid J. Sander a cheque of RM190 in full settlement of a debt of
4
6
8
10
11
14
18
RM210.
Withdrew RM25 from the bank to pay the office cleaning company.
Paid wages in cash RM60.
Sold goods for cash RM380.
Paid salary by cheque RM240.
Retained cash amounting to RM600 and paid the remaining to the
bank.
23
24
26
28
31
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