This document provides a series of transactions from August 2006 for a retailer named Jones. It includes details of initial contributions of assets and liabilities, purchases and sales on credit terms, cash receipts and payments, and ending stock values. The tasks are to: 1) Record the transactions in ledger accounts, 2) Prepare a trial balance as of August 31, 3) Prepare a trading and profit & loss statement for the month, and 4) Prepare a balance sheet as of August 31.

1. Tutorial 5: Trial Balance and The Final Accounts
Question 1
Jones started operations as a retailer on 1 Aug 2006. The following transactions occurred during
the month of August 2006.
2006
Aug 1 Commenced operations by contributing the following assets and liabilities:
Cash at bank RM4,000; Stock RM2,800; Motor vehicle RM8,900; Loan from Pacific
Bank RM5,000
3 Purchased goods on credit from Wing RM7,500.
7 Cash sales paid directly into the bank RM2,600.
10 Returned soiled goods worth RM550 to Wing.
13 Sold goods on credit to Isaac RM3,400.
15 Withdrew goods worth RM230 for family use.
20 Paid for transport expenses by cheque RM380.
23 Paid wages by cheque RM900.
25 Cash sales (banked) RM750.
28 Received cheque RM1,200 from Isaac for part payment of account.
30 Paid Wing cheque RM3,000 on account.
31 Closing stock was valued at RM5,100.
You are required to:
a. Open ledger accounts to record the above transactions.
b. Prepare the Trial Balance as at 31 Aug 2006.
c. Prepare the Trading and Profit and Loss Account for month ended 31 Aug 2006.
d. Prepare the Balance Sheet as at 31 Aug 2006.