Amanda trading was set up in January 2023. The following are the transactions for the month of March 2023. a) Date 1 b) 3 4 7 9 11 12 14 18 18 20 22 24 27 Transaction Amanda started business with a motor vehicle valued at RM65,000 and cash RM35,000 The business purchased goods worth RM2.500 on credit from Tiaw Enterprise The business made a cash payment of RM100 for transport of goods purchased from Tiaw Enterprise. The business purchased office furniture on credit from Perabot Nyaman amounted RM12,500 The business banked-in cash RM5,000 The business sold goods to Alur Enterprise on credit amounted RM3,500 Tiaw Enterprise has issued a credit note amounted of RM350 for goods returned due to wrong specification Amanda, the owner withdrew RM200 goods for his personal use. The business sold goods worth RM950 in cash from QPR Trading The business paid off its debt to Tiaw Enterprise for full settlement by electronic funds transfer and received a 5% discount. The business has issued a credit note of RM450 to Alur enterprise was for the return of spoilt goods. Required: Using the format below, answer the following questions: Date 8. Effects Increase Amanda invested RM10.500 in a fixed deposit by cheque. The business paid utilities expenses RM350 by cash The business received full payment from Alur Enterprise for the amount due The sum was deposited into the business's bank account. Decrease b. Double Entry Debit Credit Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or capital for the above transactions. Show the accounts to be debited and credited for the above transactions.
Amanda trading was set up in January 2023. The following are the transactions for the month of March 2023. a) Date 1 b) 3 4 7 9 11 12 14 18 18 20 22 24 27 Transaction Amanda started business with a motor vehicle valued at RM65,000 and cash RM35,000 The business purchased goods worth RM2.500 on credit from Tiaw Enterprise The business made a cash payment of RM100 for transport of goods purchased from Tiaw Enterprise. The business purchased office furniture on credit from Perabot Nyaman amounted RM12,500 The business banked-in cash RM5,000 The business sold goods to Alur Enterprise on credit amounted RM3,500 Tiaw Enterprise has issued a credit note amounted of RM350 for goods returned due to wrong specification Amanda, the owner withdrew RM200 goods for his personal use. The business sold goods worth RM950 in cash from QPR Trading The business paid off its debt to Tiaw Enterprise for full settlement by electronic funds transfer and received a 5% discount. The business has issued a credit note of RM450 to Alur enterprise was for the return of spoilt goods. Required: Using the format below, answer the following questions: Date 8. Effects Increase Amanda invested RM10.500 in a fixed deposit by cheque. The business paid utilities expenses RM350 by cash The business received full payment from Alur Enterprise for the amount due The sum was deposited into the business's bank account. Decrease b. Double Entry Debit Credit Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or capital for the above transactions. Show the accounts to be debited and credited for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Amanda trading was set up in January 2023. The following are the transactions for the month
of March 2023.
a)
Date
1
b)
3
4
7
9
11
12
14
16
18
20
22
24
27
Transaction
Amanda started business with a motor vehicle valued at RM65,000 and cash
RM35,000
The business purchased goods worth RM2,500 on credit from Tiaw Enterprise
The business made a cash payment of RM100 for transport of goods purchased
from Tiaw Enterprise.
The business purchased office furniture on credit from Perabot Nyaman
amounted RM12,500
The business banked-in cash RM5,000
The business sold goods to Alur Enterprise on credit amounted RM3,500
Tiaw Enterprise has issued a credit note amounted of RM350 for goods returned
due to wrong specification
Amanda, the owner withdrew RM200 goods for his personal use.
The business sold goods worth RM950 in cash from QPR Trading
The business paid off its debt to Tiaw Enterprise for full settlement by electronic
funds transfer and received a 5% discount.
Required:
Using the format below, answer the following questions:
Date
Effects
The business has issued a credit note of RM450 to Alur enterprise was for the
return of spoilt goods.
Amanda invested RM10,500 in a fixed deposit by cheque.
The business paid utilities expenses RM350 by cash
The business received full payment from Alur Enterprise for the amount due.
The sum was deposited into the business's bank account.
Increase
Decrease
b. Double Entry
Debit
Credit
Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or
capital for the above transactions.
Show the accounts to be debited and credited for the above transactions.
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