Question
The following are the business transactions of Flora Trading the month of December 2020 : Dec 1 Started a business with capital of RM10,000.00. The
The following are the business transactions of Flora Trading the month of December 2020:
| Dec 1 | Started a business with capital of RM10,000.00. The money is deposited into the business bank account. |
| 4 | Bought a furniture and fittings for RM1,800.00, paid by cheque. |
| 6 | Bought an office equipment for RM2,500.00 on account. |
| 8 | Sold 5 bouquets of flowers amounting RM750.00 and received cash. |
| 11 | Obtained a loan of RM3,500.00 from a friend, Tina Richards. Deposited the money into the business bank account. |
| 15 | Sold 95 bouquets of flowers amounting RM3,325.00 to Sekolah Kebangsaan Proton City for a Year 6 Graduation. The school promised to pay at a later date. |
| 18 | Drawings RM250.00 by cheque. |
| 23 | Sold 15 bouquets of flowers amounting RM825.00 and received cash. |
| 28 | Paid wages RM500.00 and rent RM400.00 by cheques respectively.
REQUIRED: Determine the effect of each transaction on the accounting equation.
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