FAR210 On 1 August 2022, Tango Bhd bought inventories at RM75,000 (excluding transportation cost of RM2,400) from JP Bhd: Financial Accounting And Reporting Assignment, UiTM, Malaysia

University Universiti Teknologi MARA (UiTM)
Subject FAR210 financial accounting and reporting Assignment

4. On 1 August 2022, Tango Bhd bought inventories at RM75,000 (excluding transportation cost of RM2,400) from JP Bhd. The company paid 10% of the value in cash upon the delivery while the balance will be paid in 30 days. On 25 August, the company paid all the outstanding amount to JP Bhd by cheque. However, these transactions have been recorded in the company’s book.

i. Discuss whether the above transactions on 1 August 2022 give rise to financial liability in the books of Tango Bhd.
ii. Prepare the journal entry to record the above transactions (Assuming that the company is mistakenly omit the above transactions from the record)

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