90.2K

Verified Solution

Link Copied!

Please help me i will give good rating

Date July Business Transactions 2020 1 Balance brought down for various accounts: Motor vehicle RM30,000; Office Equipment RM20,000; Inventory RM15,000; Cash in hand RM3,000; Bank RM75,000; Trade Receivables RM22,000; Trade Payables RM40,000. 2 Received bills from Haji Bakhil Sdn Bhd (HBSB) for July 2019 rental of RM7,000. 3 Received bills from Tenaga Nasional Berhad (TNB) for RM1,500. 4 Sold goods on credit to Tuku RM16,000 and Tiki RM8,500. 5 Purchased goods on credit from Azam RM13,000 and Akim RM8,500. 6 Good returned by Tuku RM1,000 and Tiki RM500 due to damage in transit. 7 Paid TNB in full using company's cheque. 8 Bought office equipment for RM27,000 on credit from Harvey Corman Bhd. 10 Damaged goods were returned to Azam RM1,000. NO CON Required: As per example provided below, you are required: 1 July 2020 - Fuzi brought in RM100,000 cash and deposit the money into the business bank account 2020 Effects Account to be debited Account to be credited July 1 Increase assets Bank Increase owner equity Capital a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (10 marks) b) Identify the double entry to record the transactions above. (10 marks)

Answer & Explanation Solved by verified expert

See Answer