Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 1 2 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. Cash sales RM100. Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 Required: Using the example provided below: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer Question 1a) only

Question 1
Below were transactions for the month of March 2021 for Aisyah, a sole trader:
Date
Business Transactions
1
Started a business with RM20,000.
Bought goods worth RM1,000 on credit from Nasir.
Paid rent RM200 cash.
Transferred RM12,000 of the business cash into the bank
2
4
account.
Sold goods to Nurul RM600.
6.
Bought stationery by cheque RM50.
7
Cash sales RM100.
Returned goods worth RM150 to Nasir.
Received commission RM100 by cash.
12
Required: Using the example provided below:
a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's
equity, revenues and expenses.
b) Identify the double entry to record the transactions above.
Example:
1 July 2021 - Fuzi brought in RM100,000 cash and deposit the money into the business bank
account.
2021
Effects
Increase assets
Increase owner equity
Account to be debited
Account to be credited
July 1
Bank
Capital
Transcribed Image Text:Question 1 Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business Transactions 1 Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 2 4 account. Sold goods to Nurul RM600. 6. Bought stationery by cheque RM50. 7 Cash sales RM100. Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 Required: Using the example provided below: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. b) Identify the double entry to record the transactions above. Example: 1 July 2021 - Fuzi brought in RM100,000 cash and deposit the money into the business bank account. 2021 Effects Increase assets Increase owner equity Account to be debited Account to be credited July 1 Bank Capital
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