Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is his accounting record as at 1 August

image text in transcribed

Question 1 Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is his accounting record as at 1 August 2022. Paid rent in cash RM75. Date Business Transactions 1 Started the business with RM16,000 cash and RM11,000 in the bank. 2 3 Bought goods on credit: J Biggs RM830, D Martin RM610, and P Lot RM590. Bought goods for cash RM370. 4 5 6 7 8 12 15 24 28 Required: Bought stationery paying by cheque RM62. Sold goods on credit: D Twigg RM370, B. Hogan RM290, K. Fletcher RM410. Paid wages and rent in cash of RM160 and RM175. Returned goods to D. Martin RM195. B. Hogan returns goods RM35. Bought a van on credit from B. Black for RM6,100. Received part of the amount owing from K. Fletcher by cheque RM250. Paid by cheque: J Biggs RM830; D. Martin RM415, B. Black RM6,100. State the double entry for the above transactions. (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_2

Step: 3

blur-text-image_3

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, James M. Reeve, Jonathan Duchac

13th edition

978-1285868806, 1285868803, 978-1305691254, 978-1305465640, 1305465644, 978-1285866307

More Books

Students also viewed these Accounting questions

Question

Distinguish among the terms risk, peril, and hazard?

Answered: 1 week ago

Question

Differentiate between fundamental and particular risk?

Answered: 1 week ago