Johan started a new business, and completed the following transactions during its first month of operations....

 

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Johan started a new business, and completed the following transactions during its first month of operations. i. Johan invests RM80,000 cash in the business by depositing the money in the bank account. ii. The company purchased a piece of land for RM52,000 by cheque. iii. The company also purchased a building for RM36,000 to use as an office, paying RM6,000 by cheque and a loan from Maybank for the remaining RM30,000. iv. Purchased tools and equipment on account, RM13,800 Sold some of the tools at a price equal to their cost, RM1,800, collectible within45 days. vi. Received RM600 in partial collection of the account receivable from the sale of V. tools vii. Paid RM6,800 in partial payment for the tools and equipment purchased on account earlier. Required: To record the transactions using the Accounting Equation. (15 marks) Johan started a new business, and completed the following transactions during its first month of operations. i. Johan invests RM80,000 cash in the business by depositing the money in the bank account. ii. The company purchased a piece of land for RM52,000 by cheque. iii. The company also purchased a building for RM36,000 to use as an office, paying RM6,000 by cheque and a loan from Maybank for the remaining RM30,000. iv. Purchased tools and equipment on account, RM13,800 Sold some of the tools at a price equal to their cost, RM1,800, collectible within45 days. vi. Received RM600 in partial collection of the account receivable from the sale of V. tools vii. Paid RM6,800 in partial payment for the tools and equipment purchased on account earlier. Required: To record the transactions using the Accounting Equation. (15 marks)

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