Homework

Question 1

Classify the following items into its categories;

No. Items Categories

1. Trade receivable/debtor current asset
2. Trade payable/creditor current liabilities
3. Fixtures and fittings non current asset
4. Photostat machine non current asset
5. Ink for photostat machine expenses
6. Office table and chairs non current asset
7. Stationeries expenses
8. Motor vehicle non current asset
9. Petrol for motor vehicle expenses
10. Depreciation of motor vehicle non current asset
11. Commission received revenues
12. Commission payment expenses
13. Dividend income owner equity
14. Paid dividend owner's equity
15. Bank loan non current liabilities
16. Interest on bank loan expenses
17. Purchase of goods expenses
18. Purchase of furniture expenses
19. Owner withdrew cash non current asset
20. Owner took goods owner's equity
21. Owner took office table owner's equity
22. Owner contributed money into non current asset
the business
23. Owner brought in his own non current asset
coffee machine for office use
Question 2

Identify the double effect and prepare the balance statement for the following transaction.

January Transactions
1 Started business with RM50,000 cash at bank
3 Purchased goods worth RM2000 by cheque
4 Purchased goods worth RM1000 on credit from Iman Sdn Bhd
8 Sold goods for cash RM1500
10 Purchased stationery by cash RM50
14 Paid Iman Sdn Bhd RM900 by cheque
15 Purchased a computer for RM2000 on credit from Digital Enterprise
20 Sold goods RM1000 on credit to Lima Trading
25 Paid staff salary of RM1200 by cash
31 The owner withdrew money from the business’s bank account RM200 to pay his
home’s utility bills

DATE ASSETS DRAWING EXPENSES LIABILITIES CAPITAL REVENUES

(RM) (RM) (RM) (RM) (RM) (RM)
1 cash capital
+50000 +50000
3 bank purchased
-2000 +2000
4 purchases acc.pay iman
+1000 +1000
8 cash sold goods
+1500 +1500
10 cash stationery
-50 +50
14 bank acc.pay iman
-900 -900
15 purchased acc pay digital
computer enterprise
+2000 +2000
20 acc sold goods
receivable +1000
lima trading
+1000
25 cash salary
-1200 +1200
31 cash drawing
-200 +200
TOTAL 54600 54600