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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