Question 2

Elsa Enterprise is a business supplying frozen food to supermarkets. Given below are the business transactions of Elsa Enterprise for the month of November 2018.

Accounting Transactions		Debit		Credit
		Account	Amount (RM)	Account	Amount (RM)
	Started a business with RM150,000 bank as capital.	Bank	150,000	Capital	150,000
1.	Elsa brought in RM150,000 cash and deposited the money into the business bank accounts.
2.	Purchased goods from Ana Trading worth RM5,500 on credit.
3.	Purchased furniture worth RM2,890 on credit from Ice Furniture Sdn Bhd.
4.	Sold goods to Olaf RM3,500 on credit.
5.	Issued cheque to Ana Trading RM3,000.
6.	Olaf returned defective goods amounting to RM500 due to wrong specification.
7.	Received cheque RM2,000 from Olaf for the goods sold.
8.	Olaf paid the amount outstanding by cash.
9.	Cash sales RM5,800.
10.	Return some of damaged goods to Ana Trading worth RM350.

(20 Marks)