Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date 1 Jan 5 Jan 10 Jan 11 Jan 13 Jan 16 Jan 30 Jan Transactions Owner started the business with RM30,000 for business bank

image text in transcribed

Date 1 Jan 5 Jan 10 Jan 11 Jan 13 Jan 16 Jan 30 Jan Transactions Owner started the business with RM30,000 for business bank account. Acquired new machine amounted RM30,000. The business paid a deposit amounted RM10,000 using business cheque and the balance RM20,000 was settled by using a loan from Bank Islam. Purchased goods on credit from Excel Sdn. Bhd. amounted RM6,000 Retumed goods amounted RM250 to Excel Sdn. Bhd. Sold goods on credit to Haq Niaga Sdn Bhd. RM4,000. Paid RM500 to Excel Sdn. Bhd using business cheque. Owner took goods worth RM100 and cash RM50 for personal use. Required: Prepare the tabular analysis, using the following column headings; Asset (A), Liability (L). Owner Equity (OE), Expense (E) and Revenue (R), to show the effects of the transactions. Please show the total balancing amount. Eg: Paid water bill RM20 by cash. ASSETS EXPENSES LIABILITY OWNERS REVENUE (A) (E) (L) EQUITY (R) (OE) - Cash RM20 Utility expenses RM20

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

Managerial Accounting

Authors: Carl S. Warren, William B. Tayler

16th Edition

0357715225, 9780357715222

More Books

Students also viewed these Accounting questions

Question

Describe four common misunderstandings of Gestalt psychology.

Answered: 1 week ago