a. b. owner, Ms. Jess in happy to see the business is growing due to overwhelming...
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a. b. owner, Ms. Jess in happy to see the business is growing due to overwhelming demand from Mell Boutique is a business selling premium women's accessories in Ayer Keroh, Melaka. The locals and tourists since its incorporation in April 2016. The following transaction took place in April 2021: Required: Date April Transactions Bought stock worth RM 25,800 from Shinshine Sdn Bhd on credit with a trade discount of 5%. Sold accessories amounted to RM 1,250 to Madam Poh on credit. The owner brought in her used Toyota Hilux into the business worth RM 45,000 and contributed cash RM 20,000 for business use. 13 Received invoice from Raynold Studio for display racks bought valued at RM 3,700. A 24 Ms. Jess took a bracelet for her niece's birthday and paid cash RM 150. 20 Received cheque from Reece for accessories sold amounting to RM 550. 21 The business returns faulty accessories to Shinshine Sdn Bhd worth RM 1,450. 22 The loan from JJ Bank, RM 10,000 was approved and banked in directly into the business bank account. 25 Cashed out money, RM 5,000 from the business bank account 25 Reece returned flawed accessories worth RM 120 and she received cash as a refund. 26 Received monthly rental from a tenant, RM 1,200 in cash. 27 Ms. Jess paid her private bungalow rental by using the business's cheque, RM 1,500. 29 Paid monthly salaries by cash to two salesgirls, Sarah and Amina, RM 1,800 each. 30 Madam Poh settled the outstanding amount in full by cheque and received a 10% cash discount. Illustrate the effects (increase or decrease) of the above transactions on the asset, liability, owner's equity, revenue, or expense. (15 marks) Show the journal entry (account to be debited or credited) of the above transactions (15 marks) a. b. owner, Ms. Jess in happy to see the business is growing due to overwhelming demand from Mell Boutique is a business selling premium women's accessories in Ayer Keroh, Melaka. The locals and tourists since its incorporation in April 2016. The following transaction took place in April 2021: Required: Date April Transactions Bought stock worth RM 25,800 from Shinshine Sdn Bhd on credit with a trade discount of 5%. Sold accessories amounted to RM 1,250 to Madam Poh on credit. The owner brought in her used Toyota Hilux into the business worth RM 45,000 and contributed cash RM 20,000 for business use. 13 Received invoice from Raynold Studio for display racks bought valued at RM 3,700. A 24 Ms. Jess took a bracelet for her niece's birthday and paid cash RM 150. 20 Received cheque from Reece for accessories sold amounting to RM 550. 21 The business returns faulty accessories to Shinshine Sdn Bhd worth RM 1,450. 22 The loan from JJ Bank, RM 10,000 was approved and banked in directly into the business bank account. 25 Cashed out money, RM 5,000 from the business bank account 25 Reece returned flawed accessories worth RM 120 and she received cash as a refund. 26 Received monthly rental from a tenant, RM 1,200 in cash. 27 Ms. Jess paid her private bungalow rental by using the business's cheque, RM 1,500. 29 Paid monthly salaries by cash to two salesgirls, Sarah and Amina, RM 1,800 each. 30 Madam Poh settled the outstanding amount in full by cheque and received a 10% cash discount. Illustrate the effects (increase or decrease) of the above transactions on the asset, liability, owner's equity, revenue, or expense. (15 marks) Show the journal entry (account to be debited or credited) of the above transactions (15 marks)
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a Effects of transactions on the accounts Date Transactions Assets Liabilities Owners Equity Revenue Expenses April Bought stock worth RM 25800 from S... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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