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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
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)
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