Question
Question 1 Show the double entry for the following transactions and state the effect of each of the transactions on the accounting equation. An example
Question 1
Show the double entry for the following transactions and state the effect of each of the transactions on the accounting equation. An example has been given as below:
Transactions | Effect |
| Double entry |
Cash sales | Cash increase | Dr Cash A/C | |
| Sales increase | Cr Sales A/C |
Transactions | Effect | Double entry |
1. Bought fixtures and fittings for the shop in cash. | Fixtures and fitting increase |
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2. Paid rent for the shop by cash |
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3. Owner transferred a computer from business to home.
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4. A loan of RM 2,000 is received by cash from Salwa. |
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5. Sold goods on credit to Ali for RM 1,000. |
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6. Purchased goods on credit from Abu. |
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7. Paid Arif in cash. |
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8. Ali returned goods to the company. |
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9. Paid carriage outwards by cheque amounting RM 500. |
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10. Received sales commission from ABC company by cheque. |
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