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 account. Sold goods to Nurul RM600. 6 Bought stationery by cheque RM50. Cash sales RM100. 7 5 8 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 Account to be debited Account to be credited July 1 Increase assets Increase owner equity Bank Capital N34

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 account. Sold goods to Nurul RM600. 6 Bought stationery by cheque RM50. Cash sales RM100. 7 5 8 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 Account to be debited Account to be credited July 1 Increase assets Increase owner equity Bank Capital N34

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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Question 1 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. 1 2 3 Transferred RM12,000 of the business cash into the bank 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. 4 7 8 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 July 1 Effects Account to be debited Account to be credited Increase assets Bank Increase owner equity Capital
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