Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below were transactions for the month of March 2021 for Aisyah, a sole trader: AWN WONO 8 Date Business Transactions 1 Started a business with

image text in transcribed

Below were transactions for the month of March 2021 for Aisyah, a sole trader: AWN WONO 8 Date Business Transactions 1 Started a business with RM20,000. 2 Bought goods worth RM1,000 on credit from Nasir. 3 Paid rent RM200 cash. 4 Transferred RM12,000 of the business cash into the bank account. 5 Sold goods to Nurul RM600. 6 Bought stationery by cheque RM50. 7 Cash sales RM100. Returned goods worth RM150 to Nasir. 12 Received commission RM100 by cash. Required: Using the example provided below: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (10 marks) b) Identify the double entry to record the transactions above. (10 marks) Example: 1 July 2021 Fuzi brought in RM100,000 cash and deposit the money into the business bank account. 2021 Effects Account to be debited Account to be credited July 1 Increase assets Bank Increase owner equity Capital (Total: 20 Marks)

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

Financial Investigation And Forensic Accounting

Authors: George A Manning

3rd Edition

0367864347, 9780367864347

More Books

Students also viewed these Accounting questions

Question

Know how to create a position description

Answered: 1 week ago