FUN WITH ACCOUNT

RULES OF DOUBLE ENTRY CONCEPT

Based on the duality, the rules of double entry bookkeeping can now be stated as follows:

Asset accounts are increased by debiting and decreased by crediting the T-account.  Therefore asset accounts in general will have debit balances, if a value exists.

Liabilities and owner’s equity accounts are increased by crediting and decreased by debiting the T-accounts.  Thus, liability and owner’s equity accounts generally will have credit balances.

Expense accounts are increased by debiting and decreased by crediting the accounts.  On the other hand, revenue accounts are increased by crediting and decreased by debiting the account concerned.  In general, expense accounts have debit balances while revenue accounts have credit balances.

LET'S THINK!!

Why else do you think we have more than one ledger?

The important reason is to aid analysis by keeping similar items together

Why bother with books of first entry ? Why don’t we just enter transactions straight into the ledger?

Books of original entry contain all the important information relating to a transaction.  Ledgers just contain a summary.  In fact, some of the entries in the ledgers are often just one line entries covering an entire month of transaction.

ANNOUNCEMENT!!!

Pelajar PA101 DIB1C/2,
Kuliah pd hari isnin 16jan 10pagi ditangguhkn kerana sy ada urusan luar..sila siapkn latihan book of first entry-karam ibtisam dan ride perfect.sila bawa ke kelas pd hari khamis nanti ye.
harap maklum.terima kasih.

Pelajar PA101 DIB1A/2,
Sila siapkn latihan book of first entry-karam ibtisam dan ride perfect.sila bawa ke kelas hari selasa.harap maklum dn terima kasih.

siapa yang gagal bawa akan didenda!;-)

ANNOUNCEMENT!!!

QUIZ 1 PA101
Quiz 1 (Topic Introduction To Accounting) akan diadakan pada :
Kelas DIB1C/2 : Khamis
Kelas DIB1A/2 : Jumaat

Mode soalan: objektif jer!!!

ANNOUNCEMENT!!!

KELAS GANTI PA101 BAGI PELAJAR DIB1C/2

Kelas akan diadakan pada hari Selasa jam 8.00 malam bertempat di BK 1.8.
Kehadiran adalah wajib.
Sekian terima kasih

LET'S DRILL-ACCOUNTING BOOKS

PA101 FUNDAMENTALS OF ACCOUNTING

BOOK OF FIRST ENTRY AND LEDGER

EXERCISE

QUESTION 1

The following information was occurred in August 2011 for Karam Ibtisam Enterprise:

August 1          Started business with:

Cash in bank                                                   RM8000

Cash in hand                                                   RM1500

Furniture                                                         RM7800

Office equipment                                            RM8000

4                    Purchased office table RM450 from Farhan Furniture paid by cheque

7                    Purchased a van cost RM7500 through bank loan

10                Purchased goods from Maliq worth RM500, YangYuq RM730 and BolaYan RM1200

13        Returned goods to Yang Yuq worth RM100 because of damage

17        Sold goods RM700 on credit to Maria, RM600 to Sabarina and 300 to Ali

18        Sent credit note to Maria worth RM38

                        20        Drawing goods worth RM210 for personal use

                        24        Brought in personnel computer for office use

                        25        Paid BolaYan RM350 by cheque

                        26        Received cheque fom Sabarina RM450

                        27        Paid Maliq RM300 and YangYuq RM300 by cheque

                        30        Paid salaries RM 500 by cash

Instruction:

• ·         Record all transaction into the book of first entry and post to the ledgers
• ·         Prepare a trial balance as at 31 August 2011

 QUESTION 2

These were transactions for Ride Perfect for Mac 2011:

Mac     1          Baki akaun di awal bulan:

                        Tunai /Cash in Hand                           1175

                        Bank/Cash in Bank                             1300

                        Perabot/Furniture                                2750

                        Stok/Stock                                          2200

                        Alatan Pejabat/Office Equipment       4500

                        Penghutang/Debtor                             1825

                        Pemiutang/Creditor                             1840

                        Modal/Capital                                     ?

            2          Membeli barang niaga RM690 secara kredit

                        Purchase goods RM690 on credit

            4          Jualan sebanyak RM725 secara kredit

                        Sold goods RM725 on credit

7          Pinjaman sebanyak RM1500 yang diterima digunakan untuk membeli computer baru

                        Received loan RM1500 to buy new office computer

            10        Pemilik mengeluarkan sebuah meja pejabat bernilai RM225 untuk kegunaan

peribadi

Owner brought out office table worth RM225 for own purpose      

            13        Menerima cek RM325 daripada penghutang

                        Received cheque RM325 from debtor

16        Menerima nota kredit daripada pembekal untuk barang yang dipulangkan bernilai RM125

Received credit note from supplier RM125

            25        Membayar gaji secara tunai RM165

                        Paid salary RM165 on cash

            30        Membayar sewa kedai RM160 secara tunai

                        Paid shop rental RM160 on cash

Record all transaction into the book of first entry and post to the ledgers

ANNOUNCEMENT!!!

9 Januari 2012:
Kepada para pelajar PA101 Fundamentals oF Accounting,
Saya telah upload Nota bagi Topic Double Entry Concept dan jawapan tutorial Topic Accounting Books.
Sila cetak dan bawa ke kelas untuk perbincangan..
Terima kasih