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MIDA Enterprise is a sole-proprietorship business owned by Ramidah Sani. The business runs a retail outlet selling traditional health care products in Masjid Tanah, Melaka. The account balances extracted from the ledger of the business as at 31st December 2020 are as follows: Accounts Title RM Accounts payable Accounts receivable Сapital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 1st January 2020 Loan from SITI Bank Long-term investment 29,000 25,000 220,000 47,000 100,000 18,000 6,200 7,000 25,000 4,800 17,000 50,000 131,000 95,500 60,000 2,400 5,500 123,000 318,000 9,000 Purchases Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity The inventory as at the financial year-end was valued at RM24,000.

MIDA Enterprise is a sole-proprietorship business owned by Ramidah Sani. The business runs a retail outlet selling traditional health care products in Masjid Tanah, Melaka. The account balances extracted from the ledger of the business as at 31st December 2020 are as follows: Accounts Title RM Accounts payable Accounts receivable Сapital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 1st January 2020 Loan from SITI Bank Long-term investment 29,000 25,000 220,000 47,000 100,000 18,000 6,200 7,000 25,000 4,800 17,000 50,000 131,000 95,500 60,000 2,400 5,500 123,000 318,000 9,000 Purchases Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity The inventory as at the financial year-end was valued at RM24,000.

FINANCIAL ACCOUNTING
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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1. Determine the balances of each of the items below as either DEBIT balance or CREDIT balance: Debit Credit Accounts payable Accounts receivable Capital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 18st January 2020 Loan from SITI Bank |Long-term investment Purchases Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity
Transcribed Image Text:1. Determine the balances of each of the items below as either DEBIT balance or CREDIT balance: Debit Credit Accounts payable Accounts receivable Capital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 18st January 2020 Loan from SITI Bank |Long-term investment Purchases Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity
MIDA Enterprise is a sole-proprietorship business owned by Ramidah Sani. The business runs a retail outlet selling traditional health care products in Masjid Tanah, Melaka. The account balances extracted from the ledger of the business as at 31st December 2020 are as follows: Accounts Title Accounts payable Accounts receivable Сapital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 1st January 2020 Loan from SITI Bank Long-term investment Purchases RM 29,000 25,000 220,000 47,000 100,000 18,000 6,200 7,000 25,000 4,800 17,000 50,000 131,000 95,500 60,000 2,400 5,500 123,000 318,000 9,000 Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity The inventory as at the financial year-end was valued at RM24,000.
Transcribed Image Text:MIDA Enterprise is a sole-proprietorship business owned by Ramidah Sani. The business runs a retail outlet selling traditional health care products in Masjid Tanah, Melaka. The account balances extracted from the ledger of the business as at 31st December 2020 are as follows: Accounts Title Accounts payable Accounts receivable Сapital Cash in hand Cash at bank Commission received Dividends on investment Drawings Furnitures Interest expenses Inventory, 1st January 2020 Loan from SITI Bank Long-term investment Purchases RM 29,000 25,000 220,000 47,000 100,000 18,000 6,200 7,000 25,000 4,800 17,000 50,000 131,000 95,500 60,000 2,400 5,500 123,000 318,000 9,000 Rental expenses Return inwards Return outwards Salaries & wages Sales Water and electricity The inventory as at the financial year-end was valued at RM24,000.
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