Question
Accounting Transactions Debit Account Credit Account Started a business with RM50,000 cash in bank as capital. Bank RM50,000 Capital RM50,000 1. Started a business with
| Accounting Transactions | Debit Account | Credit Account
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| Started a business with RM50,000 cash in bank as capital. | Bank RM50,000
| Capital RM50,000 |
| 1. | Started a business with RM10,000 cash in hand, RM350,000 in bank and a van worth RM70,000. |
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| 2. | Transfer RM50,000 from bank to petty cash. |
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| 3. | Credit sales of RM60,500 to Rose Enterprise. Bill the invoice to Rose after deducting 10% discount. |
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| 4. | Purchased goods on credit from Sunflower Trading worth RM48,000. Received a discount of 10% from Sunflower Trading. |
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| 5. | Sold goods on credit to Morning Glory Company worth RM22,000. |
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| 6. | Morning Glory Company returned goods worth RM1,500. |
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| 7. | Cash sales of RM8,000 to Rose Sdn Bhd |
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| 8. | Bought a van worth RM150,000 from Lily Motors. Paid a deposit of RM15,000 cash and agreed to pay the balance by installment for the period of 5 years. |
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| 9. | Took cash worth RM10,000 for the owners house rental. |
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| 10. | Paid salary RM20,000 and advertisement RM2,200 by cheque. |
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The Evolution Of Audit Thought And Practice
Authors: T. A. Lee
1st Edition
0367502097, 978-0367502096
