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Example Return & Discount

Etiq Sdn Bhd commenced operations in January 2025 and recorded several transactions in February 2025, including stock purchases, sales on credit, and cash sales. Key transactions include a purchase of stock for RM3,000 with a trade discount, a credit sale of RM8,000 to a customer, and cash sales totaling RM2,500 with a discount. The document requires the preparation of journal entries to accurately reflect these transactions.

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Nur Hidayah
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6 views1 page

Example Return & Discount

Etiq Sdn Bhd commenced operations in January 2025 and recorded several transactions in February 2025, including stock purchases, sales on credit, and cash sales. Key transactions include a purchase of stock for RM3,000 with a trade discount, a credit sale of RM8,000 to a customer, and cash sales totaling RM2,500 with a discount. The document requires the preparation of journal entries to accurately reflect these transactions.

Uploaded by

Nur Hidayah
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Example:

Return & discount

Etiq Sdn Bhd started business on January 2025. Below are the business transactions
during the month of February 2025.

February Transactions

1 Purchase of stock is made by cheque RM3,000 before receiving trade


discount of 2%.

3 Sold goods on credit RM 8,000 to Lina. (credit term 2/10, net 30)

7 Bought goods on credit RM5, 000 from Timah.

10 Lina paid full amount by cheque.

14 Make cash sales of RM 2,500 and give cash discount RM 50.

20 Bought goods on credit from Julia RM 6,000 (credit term 1/5, net 20)

28 Paid full amount to Julia.

Required:

Prepare journal entries to record of the transaction above.

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