Question 1Below were transactions for the month of March 2021 for Aisyah, a sole trader:Date Business TransactionsStarted a business with RM20,000.Bought goods worth RM1,000 on credit from Nasir.Paid rent RM200 cash.123Transferred RM12,000 of the business cash into the bankaccount.Sold goods to Nurul RM600.Bought stationery by cheque RM50.Cash sales RM100.Returned goods worth RM150 to Nasir.Received commission RM100 by cash.47812Required: Using the example provided below:a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner'sequity, revenues and expenses.b) Identify the double entry to record the transactions above.Example:1 July 2021 Fuzi brought in RM100,000 cash and deposit the money into the business bankaccount.2021July 1EffectsAccount to be debitedAccount to be creditedIncrease assetsBankIncrease owner equityCapital

Name: Question 1Below were transactions for the month of March 2021 for Ais
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Question 1Below were transactions for the month of March 2021 for Aisyah, a sole trader:Date Business TransactionsStarted a business with RM20,000.Bought goods worth RM1,000 on credit from Nasir.Paid rent RM200 cash.123Transferred RM12,000 of the bu

Every Journal Entry passed in the books of accounts has two aspects which are called debit and…

Business

Accounting

Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. 3 2 Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. 7 6 Cash sales RM100. 8 Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 1: Using the example provided below: ffe trenegotione en ogeete liebilitien

Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. 3 2 Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. 7 6 Cash sales RM100. 8 Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 1: Using the example provided below: ffe trenegotione en ogeete liebilitien

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Record the following transaction in the appropriate account: Transaction Started business with cash RM50,000 Bought goods by cheque RM10,000 Sold goods on credit to Tok Trading for RM3,000
Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record the transaction in the appropriate ledger accounts and balance all the account
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: a. Record all the transaction in the general journal (with narration) b. Record the transaction in the appropriate ledger accounts and balance all the account C. Prepare the trial balance as at 28 February 2020 0.0 AE ) A ENG 9:38 PM
Enter the following transaction in the main ledger accounts of Atif & Co and extract a trial balance as at 30 June 2020. June 2020 01 Started business with Rs 800,000 in the bank 02 Bought goods on credit from KH Supplies Rs. 76,000, Hatts Rs 27,000 and Toby Traders Rs 56,000. 05 Cash sales Rs 87,000. 06 Paid wages Rs 14,000 by cheque. 07 Sold goods on credit to: Elliots Rs 35,000, Lane Rs 42,000 and Carton Leisure Rs 72,000. 09 Bought goods for cash Rs 46,000. 10 Bought goods on credit from KH Supplies Rs. 57,000 and Toby Traders Rs 98,000. 12 Paid wages Rs 14,000 by cheque. 13 Sold goods on credit to Lane Rs 32,000 and Carton Leisure Rs 23,000. 15 Bought Shop fixtures on credit from Beta Fittings Rs 50,000. 17 Paid KH Supplies Rs 84,000. 18 Goods returned to Toby Traders Rs 20,000. 21 Paid Beta Fitting Rs 50,000. 24 Payment received from Carton Leisure Rs 95,000. 27 Goods returned to KH Supplies Rs 24,000. 30 King Bank provide a loan of Rs 60,000. 31 Bought a…
2. Below are transactions for April 20X3 for Mr Lam, a sole trader: Apr. 1 Started business with RM12,000 cash. 2 Bought goods worth RM1,000 on credit from Shah. 3 Paid rent amounting to RM200 in cash. 4 Deposited RM11,000 of the business cash into the bank account. 6 Sold goods worth RM600 on credit to Tan. 7 Bought stationery worth RM50 by cheque. 11 Made cash sales of RM100. 14 Returned goods worth RM150 to Shah. 15 Sold goods worth RM1,200 on credit to Ting. 18 Goods worth RM45 returned by Tan. 23 Paid RM850 to Shah by cheque. 25 Purchased goods worth RM250 by cash. 28 Received a cheque for RM500 from Ting. 31 Received RM100 commission in cash.
14. Yusuf enters into the following transactions in his first month of trading: What is the total entry to the credit side of the cash T-account? (1) Buys goods for cash for RM380. (2) Pays RM20 in sundry expenses. (3) Makes RM1,000 cash sales. (4) Receives a bank loan of RMS,000. (5) Pays RM2,600 for fixtures and fittings a) RM6,380 b) RM3,000 c) RM2,620 d) RM6,000
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
Show how the following transactions for March 2024 will reflect in the ledger accounts of Mike Traders. i. Purchased trading inventory on cash for R120 000. ii. Bought stationary on credit R7 500. iii. Bought a computer for R19 200 cash.
1. Record the following transaction in the appropriate journal, ledger accounts and balance off the accounts at 30 September 2020. Sept 3 Bought goods on credit for RM846 from Labu Enterprise 6 Sold goods for cash of RM73 7 Bought motor vehicle by cheque for RM4,300 11 Sold goods to Karas Sdn Bhd on credit for RM380 13 Karas Sdn Bhd returned goods to Labu Enterprise worth RM143 Returned goods to Labu Enterprise worth RM83 Received cheque for RM60 from Karas Sdn Bhd on acount 24 Bought office furniture by cheque for RM365 27 Sent cheque to Labu Enterprise in settlement of account 29 17 20 Sold goods to Sakun Enterprise on credit fro RM412
Assignment (Ignore Narrations): Enter the following in the journal entries (ignore narrations) for May, 2019; 1. Started business with shs 18,000,000 in the Bank. 2. Bought goods on credit from Belinda shs 1,455,000. 3. Bought goods on credit from Smith shs 472,000. 4. Sold goods worth shs 210,000 for cash. 5. Returned goods to Belinda worth shs 82,000. 6. Bought goods on credit from Smith shs 370,000. 7. Sold goods to Patrick shs 483,000 on credit. 8. Took shs 250,000 out of cash and paid in Bank. 9. Bought a printer by cheque shs 1,000,000. 10.Sold goods on credit to Baker shs 394,000. 11. Patrick returned goods worth shs 160,000. # 40 + CO
Journalize the following transactions.2018Jan. 1 Started business with P10 000. 3 Deposited P5 000 into bank. 4 Purchased goods for P14 000. 8 Purchased goods of P18 000 from Hulela. 11 Sold goods for P18 000. 14 sold goods of P14 000 to Gabrieal. 16 Paid P13 000 to Hulela on account. 18 Gabrieal returned goods of P2 400 to us. 21 Returned goods of P1 250 to Hulela. 23 Withdrew P1 500 from the bank. 24 Received P4 000 from Gabrieal on account