Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help. thanks Mr. Yasin started a sole proprietorship business, Minima Enterprise, to sell home and office furniture on 1 January 2021. The following business
please help. thanks
Mr. Yasin started a sole proprietorship business, Minima Enterprise, to sell home and office furniture on 1 January 2021. The following business transactions occurred in the month of January 2021: Date Transactions January 1 Mr. Yasin brought into the business RM20,000 cash. 5 Purchased home and office furniture worth RM42,400 on credit from Woody Factory, 6 Purchased a lorry worth RM35,000 from Yap Truck Trading. Paid RM5,000 in cash as a deposit, and the remaining balance was to be paid in three month time. 8 Sold bedroom set worth RM10,500 on credit to Haikal. 10 Retumed damaged dinner table worth RM2,900 to Woody Factory. 15 Sold office furniture worth RM5,800 in cash to Tax Consult firm, 17 Paid utility bills of RM600 by cash. 29 Mr. Yasin took bookshelves worth RM1,370 for his 30 Haikal returned a defective bedside drawer worth RM300. 31 Tax Consult firm returned the office chair worth RM300 due to its wrong colour and was refunded accordingly. Required: Using the format given below, answer the following questions Date January For example 1 a. I. Effects Increase Decrease a. Il. Journal Entry Debit Credit b. Books of Prime Entry Asset Equity Cash RM20,000 Capital RM20,000 Cash receipt journal a. For the transactions from 5 January 2021 to 29 January 2021, identify 1. The effects (i.e. increase or decrease) of the transactions on the asset, Hability, equily, income, or expense. The accounts to be debited and credited. (15 marks) II. b Identify the appropriate books of prime entry to record all the transactions of Minima Enterprise that occurred in January 2021. (10 marks) (Total: 25 marks)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started