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Sofia is a wholesale trader who is involved in buying and selling cosmetics. On 1 January 2020, she bought different shades of foundation and
Sofia is a wholesale trader who is involved in buying and selling cosmetics. On 1 January 2020, she bought different shades of foundation and mascaras from Moleq Trading costing RM3,200 which she paid by cheque. The next day, she also bought som brushes, cosmetic bags and eyelash curlers from Menawan Trading. The transaction cost her RM2,400 and she paid by cash. On 10 January 2020, Sofia sold several items of cosmetics for cash RM700 and a credit sale to Pesona Salon worth RM2,000. S Pesona Salon a 10% trade discount and a credit term of 3/15, n30. On the same day, she took out RM300 cash for her persona 22 January 2020, she purchased on credit a secondhand van from SuperCar Transport Company, costing RM45,000. She paid a deposit of RM10,000 for that purchase. To take advantage of the cash discount, Pesona Salon settled the amount due to the business on 25 January 2020. On 26 Janu Sofia paid RM450 for utility bills. She paid telephone bills of RM250 using her own money. On 30 January 2020, she brought in business her personal laptop, valued at RM3,200. (Note: The owner uses the periodic system to record the inventory) Required: Analyse each of the transactions above by showing the effect upon assets, liabilities, capitals, drawings, revenues and expense Note: Use the following format: E.g. January 1 Started business with RM5,000 cash. Date Asset Liability + Owner's Equity Capital Drawing+ Revenue Expense Jan 1 +5,000 +5,000
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