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Quiz 2 jul dec08
- 1. Question 1 From thelist of transaction given below, you are required to show the effect (increase/decrease) on the accounting equation: NO TRANSACTIONS ASSETS LIABILITY EQUITY i.e.: The owner commence the business by investing RM 10,000 into business account Increase RM 10,000 Increase RM 10,000 1 The business loan money RM 20,000 from the bank 2 The business purchased a Lorry by cheque RM50,000 3 The business bought goods for sale RM5,000 on credit 4 Received cash RM 3,000 from debtor Ahmad 5 Owner withdrew money RM1,500 from the business for his own use 6 Paid the creditor Ah Seng RM2,000 by cheque 7 The owner brought in personal computer RM1,500 into the business Question 2 State the accounts that should be debited and credited for each transaction below: Transaction Account to be debited Account to be credited i.e.: Owner invested RM 15,000 of personal cash and deposited into business account Bank RM 15,000 Capital RM 15,000 1 Bought goods RM 10,000 on credit from Jati 2 Bought goods RM 5,000 by cash 3 Sold goods RM 6,000 on credit to Halban 4 Returned defective goods RM 2,000 to Jati 5 Owner took goods RM 300 from the business
- 2. for his children’suse. 6 Paid Jati RM 7,500 by cheque. Discount received RM 500 7. Purchased furniture RM 3,500 on credit from Ali Perabot 8. Received goods RM 330 return by Halban 9. Pay rent RM 1,000 by cheque. Question 3 The following balances were extracted from the books of Mohamed on 31 August 2008: Accounts RM Bank 5,930 Building 20,000 Purchases 13,500 Stock (1 August 2008) 2,500 Sales 26,000 Debtors 10,800 Creditors 5,500 Return Inwards 870 Return Outwards 600 Vehicles 16,000 Bank Loan 10,000 Wages 3,200 Insurance 1,800 Discount Allowed 770 Discount Received 580 Capital 32,310 Required: Draw up a Trial Balance as at 31 August 2008. Mohamed Trading Trial Balance at 31 August 2008 ACCOUNTS DEBIT CREDIT