Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

B. Soffy has just graduated from Nilai University and with the financial assistance from her parents, she managed to set up a business selling educational

image text in transcribed

image text in transcribed

B. Soffy has just graduated from Nilai University and with the financial assistance from her parents, she managed to set up a business selling educational toys on 1 February 2021. Soffy started her business with RM35,000 cash. She recorded the transaction as follows: General Journal Particulars Date Debit (RM) 35,000 Credit (RM) 1 Feb Cash Capital 30,500 On 10 February, she made a credit purchases of RM2,000 from Segamat Enterprise, which she had debited Segamat Enterprise and credited to purchases account. In addition, a cash sale on 15 February amounting to RM1,000 was not recorded in the business books. Required: a) Identify an accounting concept can be applied by Soffy on th above transactions. (3 MARKS) b) Show the journal entry to correct the above errors

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Analytics Methods And Techniques For Forensic Accounting Investigations

Authors: Mark J. Nigrini

1st Edition

0470890460, 978-0470890462

More Books

Students also viewed these Accounting questions

Question

Complete the following equation by filling in the blank. on 2381 92

Answered: 1 week ago

Question

Is financial support available for travel to conferences?

Answered: 1 week ago

Question

11. Simplify: A. 12(x4) 4(x2) 8 3 C. 8x4 B. 7 D. 3 14 I

Answered: 1 week ago