Encik RAYQAL, the owner of BOMBASTIC SERVICES has started his taw firm on 4 Aprih 2016 and appointed you as an account clerk to help him with his accounts. During the first month of operations, the following transactions occurred: APRIL TRANSACTIONS Started business and invested cash RM100,000. 1 Paid RM3,000 cash for office rent for the month of April. Purchased office equipment RM20,000 from Abrar perabut and paid half the amount by cash and the other half is owing. 10 Opened a business current account at CIMB Bank and banked in RM50,000 cash. 14 Rendered legal service to clients and received RM10,000 cash. 15 Rayqal withdrew RM2,000 cash for personal use. 18 Completed legal service for a client, Amani RM8,000 on credit. 20 Paid insurance premium RM2,500 by cheque to Etiqa Takaful. 21 Completed legal consultation for a client, Aqila RM 5,000 on credit. 23 Received RM4,000 cash from Amani as partial payment for the legal service. 25 Rendered legal service to client, Arman RM4,000 on credit. 28 Paid RM500 for electricity expenses and RM800 for advertising expenses. 28 Received full payment from Aqila. 29 Paid salary RM2,500 by cheque. 30 Received a cheque from Amani for the outstanding balance.

Encik RAYQAL, the owner of BOMBASTIC SERVICES has started his taw firm on 4 Aprih 2016 and appointed you as an account clerk to help him with his accounts. During the first month of operations, the following transactions occurred: APRIL TRANSACTIONS Started business and invested cash RM100,000. 1 Paid RM3,000 cash for office rent for the month of April. Purchased office equipment RM20,000 from Abrar perabut and paid half the amount by cash and the other half is owing. 10 Opened a business current account at CIMB Bank and banked in RM50,000 cash. 14 Rendered legal service to clients and received RM10,000 cash. 15 Rayqal withdrew RM2,000 cash for personal use. 18 Completed legal service for a client, Amani RM8,000 on credit. 20 Paid insurance premium RM2,500 by cheque to Etiqa Takaful. 21 Completed legal consultation for a client, Aqila RM 5,000 on credit. 23 Received RM4,000 cash from Amani as partial payment for the legal service. 25 Rendered legal service to client, Arman RM4,000 on credit. 28 Paid RM500 for electricity expenses and RM800 for advertising expenses. 28 Received full payment from Aqila. 29 Paid salary RM2,500 by cheque. 30 Received a cheque from Amani for the outstanding balance.

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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