10. If the proprietor Serena obtains a loan of RM10,000 in the form of cheque from business woman Emma, the double entry for the transaction would be A. Debit Capital account and credit Loan from Emma account B. Debit Bank account and credit Loan from Emma account C. Debit Loan from Emma account and credit bank account D. Debit bank account and credit Capital account A. 11. The debts which are to be repaid within a short period (1 year or less) are known as Current liabilities B. Current assets Bonds D. Preferred Stock C. 12. Which of the statements below are correct? What are the disadvantages of a Corporation type of business organization, 1. Legal requirements to form the business II. Gover by rules and regulations under Companies Act. Publish yearly accounts VI. Easy to obtain financing from banks III. A II and IV only I and IV only c. D. III and IV only I, II and III B. 13. Based on the accounting equation, if Assets are RM65,000, and Liabilities are RM15,000 than what is the Capital? A RM54.000 RM80,000 C. RM50,000 D RM48,500 B. 14. Using the accounting equation calculate the capital using the following given information. On 15 August 2019, the assets and liabilities of Serena and Co were as follows: Assets Fixtures and Fittings RM80,000, Stock RM18,000, Cash at the bank RM45,000 Liabilities Creditors RM22.000 RM121,000 RM121,500 RM120,000 RM122,500 A B. C. D 15. Based on the information in question 10, the whole of the stock is sold for RM24,000 for cash. On 30th September 2019, the assets and liabilities have become: Assets : Fixtures and Fittings RM80,000, Stock nil, Cash at the bank RM69,000 Liabilities : Creditors RM22.000 What is the new capital as at 30 September 2019? A. RM127,500 RM127,000 C. RM126,500 D. RM125,500 B. 16 A. Using the information given in question 10. if the owner Serena took cash RM1,000.00 for her own use, which account would be credited Drawings account Purchases account C. Sales account Cash account B D. 17. Sarah Shoe Shop bought goods from their supplier Syarikat Muzakkir on the following dates, September 3, 2019 bought goods for cash RM4,800 September 10, 2019 bought goods on credit RM5,200 September 15, 2019 bought goods for cash RM2,700 September 25, 2019 bought goods on credit RM5,300 What is the total purchases for the month of September? A RM18,000 RM17.200 C. RM14,250 RM16,150 . D 18 On 1 September 2019, Syarikat Muzakkir had a cash balance of RM 20,500. He paid for the following expenses: September 1 Paid rental RM2,500 September 3 Bought stationary RM500 September 10 Paid telephone bill RM250 September 15 Paid electricity bill RM150 Calculate the closing balance as at 30 September 2019, A. RM17,100 RM17.000 RM16,500 D. RM16,000 B C. 19. Based on the example in question 13, Sarah Shoe Shop return some of the goods purchased on 10 September 2019, due to some defects in the shoes. This is classified as what in the books of Syarikat Muzakkir, Return Inwards Withdrawal of Goods C. Return Outwards D. Rate of Return A B. 20 A Sarah Shoe Shop on 5 September 2019 purchased some office stationary cash for their own use. State the relevant accounts that has to be debited and credited in the books of Sarah's Shoe Shop, Debit Stationary account and Credit Cash account Debit Cash account and Credit Stationary account C Debit Purchases account and Credit Bank account Debit Purchases account and Credit Cash account B. D