Loki has just gone into business. The following is a list of his transaction for the month of September 2020:

1. Loki buys some office machinery for cash.
2. Some goods sold on cash terms.
3. One quarters rent for premises paid in cash.
4. Van bought for cash.
5. Goods for resale purchased on cash terms.
6. Cash paid into the business by Loki.
7. A motor car for use in the business paid for by cheque.
8. Cheques received from customers from sale of goods on cash terms.
9. Office expenses paid in cash.
10. Purchase of goods paid in cash.
11. Cash received from sale of goods.
12. Transfer of cash to a bank account.
13. Goods purchased from Smith
14. Loki introduces further capital in cash into the business.
15. Goods sold for cash.

Required:

State which account in Lokis books of account should be debited and which account should be credited for each transaction.

(15 Mark)

Question 2:

The following is a list of transactions which relate to Captain Marvel for the first month that she is in business:

1/12/2020 Started the business with RM10,000 in cash.

2/12/2020 Captain Marvel settles Roys account by cheque.

3/12/2020 Goods sold on credit terms to Norman for RM4,000.

10/12/2020 Cash sales of RM3,000.

12/12/2020 Bought goods costing RM6,000 on credit from Roy.

15/12/2020 Purchased RM1,000 of goods in cash.

20/12/2020 Paid RM8,000 into a business bank account.

30/12/2020 Cheque for RM2,000 received from Norman

Required:

Enter the above transactions in Captain Marvel ledger accounts.

(15 Mark)

Question 3:

Mia Toretto has been in business since 1^st January 2020. The following is a list of her transaction for January 2020:

1/1/2020 Capital of RM30,000 paid into a business bank account.

2/1/2020 Van purchased on credit from Lang for RM5,000.

6/1/2020 Goods purchased on credit from Green for RM15,000.

10/1/2020 Cheque drawn on the bank for RM1,000 in order to open a petty cash account.

14/1/2020 Goods sold on credit for RM6,000 o Haddock.

18/1/2020 Cash sales of RM5,000.

20/1/2020 Cash purchases of Rm3,000.

22/1/2020 Miscellaneous expenses of RM500 paid out of petty cash.

25/1/2020 Langs account settled by cheque.

28/1/2020 Green allows Mia Toretto a cash discount of RM500.

29/1/2020 Green sent a cheque for RM10,000.

30/1/2020 Haddock is allowed a cash discount of RM600.

31/1/2020 Haddock settles his account in cash.

Required:

Enter the above transaction in Mia Torettos ledger accounts.

(26 Mark)