Encik Hashim and Encik Muhammad Afiq started a business Cerah Lighting House Sdn Bhd with the...

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Encik Hashim and Encik Muhammad Afiq started a business Cerah Lighting House Sdn Bhd with the total paid up capital of RM100,000. The business is located at centre of Bandar Kuantan. As a start, the company decided to purchase a stock of various types of lamps from the local suppliers elsewhere in Kuala Lumpur. The following are the transactions for the month of July 2013- Bought 1,000 units of table lamps at a price of RM60 each from FH Sdn Bhd on credit Bought 500 units of ceiling lights at a price of RM30 each from SJ Sdn Bhd on cash basis Required- 1) 11) iii) Question Hashim and Maria started a business of Hania Sdn Bhd with the paid up capital of RM200,000. The main business operation is concentrated on selling hardware and providing plumbing services. On 1st January 2013, the company entered into a contract with Nona Sdn Bhd to supply stock of hardware for two years. Below are the transactions for July 2013- 2/7/2013 25/7/2013 Required- 1) Is there an element of liability exist from the above scenario? What is the classification of the element? How do you know the element of liability exist from the above scenario? 11) Purchased merchandise on account from Nona Sdn Bhd RM30,000 and signing a 9%- 2 month RM30,000 note payable as a method of payment. Purchased merchandise from Rima Irama Sdn Bhd RM1,000. It is policy of the company to pay 50% of the amount for the purchase below RM5,000. Is there an element of liability exist in the above scenario? Provide justification to support your answer in (1) ii) What is the classification of the element exist in this scenario? Question ( On 6 April 2013, Magneto Bhd placed an order of goods amounted to RM30,000 from Firestar Sdn Bhd. The amount was to be paid three months from the invoice date. Magneto Bhd received the goods on 10 April 2013. However, after a physical inspection, a part of the goods amounted to RM10,000 did not met the criteria specified by Magneto Bhd. The goods were then returned to Firestar Sdn Bhd on 15 April 2013. Requirement: a. When should Magneto Bhd recognize Firestar Sdn Bhd as an account payable in its books of accounts? b. Based on your answer above, how much is the amount payable that should be recorded by Magneto Bhd? Encik Hashim and Encik Muhammad Afiq started a business Cerah Lighting House Sdn Bhd with the total paid up capital of RM100,000. The business is located at centre of Bandar Kuantan. As a start, the company decided to purchase a stock of various types of lamps from the local suppliers elsewhere in Kuala Lumpur. The following are the transactions for the month of July 2013- Bought 1,000 units of table lamps at a price of RM60 each from FH Sdn Bhd on credit Bought 500 units of ceiling lights at a price of RM30 each from SJ Sdn Bhd on cash basis Required- 1) 11) iii) Question Hashim and Maria started a business of Hania Sdn Bhd with the paid up capital of RM200,000. The main business operation is concentrated on selling hardware and providing plumbing services. On 1st January 2013, the company entered into a contract with Nona Sdn Bhd to supply stock of hardware for two years. Below are the transactions for July 2013- 2/7/2013 25/7/2013 Required- 1) Is there an element of liability exist from the above scenario? What is the classification of the element? How do you know the element of liability exist from the above scenario? 11) Purchased merchandise on account from Nona Sdn Bhd RM30,000 and signing a 9%- 2 month RM30,000 note payable as a method of payment. Purchased merchandise from Rima Irama Sdn Bhd RM1,000. It is policy of the company to pay 50% of the amount for the purchase below RM5,000. Is there an element of liability exist in the above scenario? Provide justification to support your answer in (1) ii) What is the classification of the element exist in this scenario? Question ( On 6 April 2013, Magneto Bhd placed an order of goods amounted to RM30,000 from Firestar Sdn Bhd. The amount was to be paid three months from the invoice date. Magneto Bhd received the goods on 10 April 2013. However, after a physical inspection, a part of the goods amounted to RM10,000 did not met the criteria specified by Magneto Bhd. The goods were then returned to Firestar Sdn Bhd on 15 April 2013. Requirement: a. When should Magneto Bhd recognize Firestar Sdn Bhd as an account payable in its books of accounts? b. Based on your answer above, how much is the amount payable that should be recorded by Magneto Bhd?

Answer rating: 100% (QA)

i Transaction Analysis a Bought 1000 units of table lamps at a price of RM60 each from FH Sdn Bhd on credit In this transaction the company purchased goods table lamps on credit The credit purchase im... View the full answer