Question The following transactions related to Muthu Barber Shop. No. Date Transaction 1 1 Dec 2020 Mr. Muthu started his business, Muthu Barber Shop with cash RM3,000 and equipment worth RM4,000. 2 Dec 2020 He bought additional equipment with cash of RM1,000 from Ah Beng. Mr. Muthu returned some equipment worth RM200. These equipment were bought on 2 Dec. 2020. He received cash refund for returning the 2 3 5 Dec 2020 equipment on the same day. Mr. Muthu bought RM300 worth of goods from Pak Tam on credit. The goods consist of scissors and hair trimmers for his barber shop. 4 8 Dec 2020 5 8 Dec 2020 Mr. Muthu paid RM50 cash to Lala Move for the transportation of the goods purchased from Pak Tam. 6 10 Dec 2020 Mr. Muthu returned goods worth RM100 to Pak Tam because the items were damaged during transportation 7 12 Dec 2020 Mr. Muthu checked his record and noted he made RM500 cash sales from his 1st day of business until 12 Dec. 2020. He has yet to record all these transactions which amounting to RM500. 13 Dec 2020 Mr. Muthu paid the balance of the amount owing to Pak Tam. 14 Dec 2020 Mr. Muthu purchased a used motorcycle worth RM2,500 cash. He 8 9 plans to ride this motorcycle to his barbershop. 10 18 Dec 2020 A full year depreciation is to be provided for the motorcycle at 25% depreciation per year. 11 20 Dec 2020 Tom, his regular customer, requested Mr. Muthu to come to his house for a haircut. Mr. Muthu charged extra RM5 as transportation cost on top of the price for the haircut, RM20. 12 23 Dec 2020 Mr. Muthu takes out RM100 cash for his personal use. 13 25 Dec 2020 Mr Muthu decided to take RM150 worth of equipment for his personal use. 28 Dec 2020 Steven, another regular customer, did not pay cash for his haircut. Total amount due as at 15 Dec. was RM100 for his 2 previous visits 14 together with his kids. He was declared bankrupt and unable to pay the debt he owed to Mr. Muthu. 15 31 Dec 2020| Mr. Muthu transferred his cash in hand RM300 to his Maybank's business bank account. 16 31 Dec 2020 Mr. Muthu paid the electricity bill RM120 using Jompay via Maybank2u. Required: Enter all the transactions in the relevant T-accounts. Any balance at the end of the month to be brought forward to the next accounting month or transferred to the Income Statement. Assume the first year end of the business is 31 December 2020.
Question The following transactions related to Muthu Barber Shop. No. Date Transaction 1 1 Dec 2020 Mr. Muthu started his business, Muthu Barber Shop with cash RM3,000 and equipment worth RM4,000. 2 Dec 2020 He bought additional equipment with cash of RM1,000 from Ah Beng. Mr. Muthu returned some equipment worth RM200. These equipment were bought on 2 Dec. 2020. He received cash refund for returning the 2 3 5 Dec 2020 equipment on the same day. Mr. Muthu bought RM300 worth of goods from Pak Tam on credit. The goods consist of scissors and hair trimmers for his barber shop. 4 8 Dec 2020 5 8 Dec 2020 Mr. Muthu paid RM50 cash to Lala Move for the transportation of the goods purchased from Pak Tam. 6 10 Dec 2020 Mr. Muthu returned goods worth RM100 to Pak Tam because the items were damaged during transportation 7 12 Dec 2020 Mr. Muthu checked his record and noted he made RM500 cash sales from his 1st day of business until 12 Dec. 2020. He has yet to record all these transactions which amounting to RM500. 13 Dec 2020 Mr. Muthu paid the balance of the amount owing to Pak Tam. 14 Dec 2020 Mr. Muthu purchased a used motorcycle worth RM2,500 cash. He 8 9 plans to ride this motorcycle to his barbershop. 10 18 Dec 2020 A full year depreciation is to be provided for the motorcycle at 25% depreciation per year. 11 20 Dec 2020 Tom, his regular customer, requested Mr. Muthu to come to his house for a haircut. Mr. Muthu charged extra RM5 as transportation cost on top of the price for the haircut, RM20. 12 23 Dec 2020 Mr. Muthu takes out RM100 cash for his personal use. 13 25 Dec 2020 Mr Muthu decided to take RM150 worth of equipment for his personal use. 28 Dec 2020 Steven, another regular customer, did not pay cash for his haircut. Total amount due as at 15 Dec. was RM100 for his 2 previous visits 14 together with his kids. He was declared bankrupt and unable to pay the debt he owed to Mr. Muthu. 15 31 Dec 2020| Mr. Muthu transferred his cash in hand RM300 to his Maybank's business bank account. 16 31 Dec 2020 Mr. Muthu paid the electricity bill RM120 using Jompay via Maybank2u. Required: Enter all the transactions in the relevant T-accounts. Any balance at the end of the month to be brought forward to the next accounting month or transferred to the Income Statement. Assume the first year end of the business is 31 December 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions related to Muthu Barber Shop.
No.
Date
Transaction
1 Dec 2020
Mr. Muthu started his business, Muthu Barber Shop with cash
RM3,000 and equipment worth RM4,000.
2 Dec 2020
He bought additional equipment with cash of RM1,000 from Ah Beng.
3
5 Dec 2020
Mr. Muthu returned some equipment worth RM200. These equipment
were bought on 2 Dec. 2020. He received cash refund for returning the
equipment on the same day.
4
8 Dec 2020
Mr. Muthu bought RM300 worth of goods from Pak Tam on credit. The
goods consist of scissors and hair trimmers for his barber shop.
8 Dec 2020
Mr. Muthu paid RM50 cash to Lala Move for the transportation of the
goods purchased from Pak Tam.
6
10 Dec 2020
Mr. Muthu returned goods worth RM100 to Pak Tam because the items
were damaged during transportation
7
12 Dec 2020
Mr. Muthu checked his record and noted he made RM500 cash sales
from his 1st day of business until 12 Dec. 2020. He has yet to record all
these transactions which amounting to RM500.
8
13 Dec 2020
Mr. Muthu paid the balance of the amount owing to Pak Tam.
9.
14 Dec 2020
Mr. Muthu purchased a used motorcycle worth RM2,500 cash. He
plans to ride this motorcycle to his barbershop.
10
18 Dec 2020
A full year depreciation is to be provided for the motorcycle at 25%
depreciation per year.
11
20 Dec 2020
Tom, his regular customer, requested Mr. Muthu to come to his house
for a haircut. Mr. Muthu charged extra RM5 as transportation cost on
top of the price for the haircut, RM20.
12
23 Dec 2020
Mr. Muthu takes out RM100 cash for his personal use.
13
25 Dec 2020
Mr Muthu decided to take RM150 worth of equipment for his personal
use.
14
28 Dec 2020
Steven, another regular customer, did not pay cash for his haircut.
Total amount due as at 15 Dec. was RM100 for his 2 previous visits
together with his kids. He was declared bankrupt and unable to pay the
debt he owed to Mr. Muthu.
15
31 Dec 2020
Mr. Muthu transferred his cash in hand RM300 to his Maybank's
business bank account.
16
31 Dec 2020
Mr. Muthu paid the electricity bill RM120 using Jompay via Maybank2u.
Required:
Enter all the transactions in the relevant T-accounts. Any balance at the end of the month to be brought forward to the next
accounting month or transferred to the Income Statement. Assume the first year end of the business is 31 December 2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9953b4b-0ede-490d-b93a-79a5241e189e%2F4cb7d00c-a273-4a9b-af7a-82ef2996be76%2Ffbvku6e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question
The following transactions related to Muthu Barber Shop.
No.
Date
Transaction
1 Dec 2020
Mr. Muthu started his business, Muthu Barber Shop with cash
RM3,000 and equipment worth RM4,000.
2 Dec 2020
He bought additional equipment with cash of RM1,000 from Ah Beng.
3
5 Dec 2020
Mr. Muthu returned some equipment worth RM200. These equipment
were bought on 2 Dec. 2020. He received cash refund for returning the
equipment on the same day.
4
8 Dec 2020
Mr. Muthu bought RM300 worth of goods from Pak Tam on credit. The
goods consist of scissors and hair trimmers for his barber shop.
8 Dec 2020
Mr. Muthu paid RM50 cash to Lala Move for the transportation of the
goods purchased from Pak Tam.
6
10 Dec 2020
Mr. Muthu returned goods worth RM100 to Pak Tam because the items
were damaged during transportation
7
12 Dec 2020
Mr. Muthu checked his record and noted he made RM500 cash sales
from his 1st day of business until 12 Dec. 2020. He has yet to record all
these transactions which amounting to RM500.
8
13 Dec 2020
Mr. Muthu paid the balance of the amount owing to Pak Tam.
9.
14 Dec 2020
Mr. Muthu purchased a used motorcycle worth RM2,500 cash. He
plans to ride this motorcycle to his barbershop.
10
18 Dec 2020
A full year depreciation is to be provided for the motorcycle at 25%
depreciation per year.
11
20 Dec 2020
Tom, his regular customer, requested Mr. Muthu to come to his house
for a haircut. Mr. Muthu charged extra RM5 as transportation cost on
top of the price for the haircut, RM20.
12
23 Dec 2020
Mr. Muthu takes out RM100 cash for his personal use.
13
25 Dec 2020
Mr Muthu decided to take RM150 worth of equipment for his personal
use.
14
28 Dec 2020
Steven, another regular customer, did not pay cash for his haircut.
Total amount due as at 15 Dec. was RM100 for his 2 previous visits
together with his kids. He was declared bankrupt and unable to pay the
debt he owed to Mr. Muthu.
15
31 Dec 2020
Mr. Muthu transferred his cash in hand RM300 to his Maybank's
business bank account.
16
31 Dec 2020
Mr. Muthu paid the electricity bill RM120 using Jompay via Maybank2u.
Required:
Enter all the transactions in the relevant T-accounts. Any balance at the end of the month to be brought forward to the next
accounting month or transferred to the Income Statement. Assume the first year end of the business is 31 December 2020.
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