Related questions
Concept explainers
Transaction Account to be
debited
Account to be
credited
a. Started a business with RM50,000 by cash
b. Owner transfer RM25,000 cash to the
business bank account
c. Purchased a motor vehicle on credit from
Honda Berhad for RM40,000
d. Bought goods on credit from Laila Berhad
worth RM250
e. Paid to Lili Berhad, a creditor RM100 by
cheque
f. The owner took out RM1,500 cash for family
holiday trip with his family
g. Goods purchased from Lili Berhad broken
so we returned back to her worth RM25
h. Cash sales RM800
i. Paid electricity bill by cheque for RM200
Transaction Asset Liabilities Capital
Example : Start a
business with cash in
hand
+ Cash + Capital
a) The owner brought
in his furniture for
business use
b) Bought motor van
on credit for
business use
c) Deposited cas into
a bank
d) Sold goods on
credit to Ayoyo Sdn
Bhd
e) Paid creditor Imran
Enterprise by
cheque
f) Bought goods on
credit from Batani
Enterprise
g) The owner invested
additional cash into
business
h) Goods are returned
by Batani Enterprise
because damage
i) Received a loan
from OACC Bank
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- 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit sidearrow_forwardThe transactions of Mr. Azizul Hani, a merchant for the month of March 2023 are as follows. 2023 RM March 1 Starting a business with cash as capital 5 000 3 Buy merchandise on credit from Razi 850 5 Sell merchandise on credit to Chia 800 10 Buy an office desk for cash 750 12 Cash purchase 1 000 14 Cash sale 900 17 Sell merchandise on credit to Zam 2 250 18 Pay Razi in cash 250 24 Pay general expenses with cash 200 31 Chia settled the debt in full with cash 800 You are required to record the above transactions into the ledger account and balance.arrow_forwardAccount for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).arrow_forward
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