Sunday, 22 January 2012

LET'S DRILL-ACCOUNTING BOOKS

22/1/2012
COMMERCE DEPARTMENT
PA101 FUNDAMENTALS OF ACCOUNTING
DOUBLE ENTRY AND TRIAL BALANCE

EXERCISE
QUESTION 1


State the double entry for each of the following transactions:

NO
TRANSACTION
DEBIT
CREDIT
1
The owner brought in cash and motor vehicles into the business


2
Paid cash for purchase of office equipment



3
Owner deposit cash into bank account



4
Purchase goods on credit from Giant



5
Cash sales



6
Sold goods on credit to Nobita



7
Paid motor expenses by cash



8
Nobita returned defective goods to the business



9
Nobita settled his account by cheque



10
Paid shop assistant’s salary by cheque



11
The owner withdrew cash for his personal use






QUESTION 2

Show the effect of each of the transactions on the accounting equation

Jan           1             Started business with RM500 cash
                3             Bought goods RM75 for cash
                3             Bought goods RM120 on credit from Aman
                8             Sold goods RM40 for cash
                10           Returned goods RM25 to Aman
                14           Bought stationery RM50 cash
                15           Paid RM70 cash to Aman
                20           Bought office furniture RM200 on credit from AS Enterprise
                25           Sold goods RM100 on credit to Lim
                31           Paid salary RM150 by cash



QUESTION 3

The transactions below were carried by Aishah Batik Enterprise in the month of November 2011

Nov         1             Started business with RM10,000 cash and a motor vehicle valued at RM5,000
                2             Opened a bank account at CIMB and deposited RM6,000 cash
                3             Bought machinery worth RM2000 and paid cash
                4             Purchases batik for RM 1,500 in cash
                7             Credit purchases of batik worth RM3,000 from Salmah
                8             Cash sales RM500 to Vincent
                10           Sold RM 3,500 worth of batik Lee Trading on credit
                14           Credit sales RM4,000 to Shahid
                20           Sent cheque for RM2,950 to Salmah being full settlement of the amount owed 
                               to her
                23           Received a cheque from Lee Trading for all the amount due by him less 10% of 
                               cash discount
                24           Shahid returned defective goods amounting to RM200
                25           Bought stationery RM50 by cash
                26           Paid rent amounting RM350 by cheque
                28           Paid salary RM250 by cash

From the transactions:
i)                    Record in the appropriate accounts
ii)                   Prepare the trial balance
               
                

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