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  • FAR110 QUESTION 1&2 TUTORIAL 1 DOUBLE ENTRY From RP

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    FAR110 QUESTION 1&2 TUTORIAL 1 DOUBLE ENTRY from RP

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    FAR110 QUESTION 1&2 TUTORIAL 1 DOUBLE ENTRY From RP

    Uploaded by

    nafisah rahman

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    TUTORIAL 1 – DOUBLE ENTRY

    QUESTION 1

    Sakina is the owner of Shuuzz Awesome, a shoe outlet in Bandar Baru, Segamat. The
    following transactions relate to Shuuzz Awesome activities in the first month of its business:

    Date Transactions
    2021
    Jan 1 Sakina contributed her personal computer worth RM3,000 and deposited
    RM60,000 into the business bank account to commence the business.

    2 Purchased shoe display racks worth RM6,000 from Display King Trading
    on credit.

    3 Sakina issued a cheque for shoes purchased from Heels Enterprise


    worth RM5,000 and were given RM250 trade discount. 5000-250
    =4750
    10 Sakina returned 10 pairs of shoes that were damaged costing RM500 to
    Heels Enterprise.

    15 The business made cash sales of RM4,500.

    20 Sakina took RM50 cash and a pair of shoes worth RM120 for her own
    use.

    27 Sold shoes RM1,050 on credit to Ana, a shoe retailer at the night market
    after deducting a trade discount of RM150.

    28 Sakina issued a cheque to pay 50% of the amount outstanding to Display


    King Trading. 50/100 x 6000 6000-3000
    =3000 =3000
    30 Electricity bill for the month of RM200 was paid by cash.

    The company uses the periodic inventory system to record its inventories.

    Required:
    a. Analyse the effects for the above transactions on asset, liability, capital, revenue and
    expense. Use the format given below to answer the questions.

    Example: January 31 - Paid shop rent for the month RM1,500 by cheque.
    Date Effects
    Jan Increase Decrease
    31 Expense : Rent Expense Asset : Bank

    b. Give the journal entries for each of the transactions above by using the following format.

    Date Accounts DR (RM) CR (RM)


    Jan 31 Rent Expense 1,500
    (example) Bank 1,500

    Q_RP
    TUTORIAL 1 – DOUBLE ENTRY

    QUESTION 2

    Classyme Interior, owned by Ms Fazliana started business on the 1 October 2021. The
    business is specialized in home decorations from artificial flowers and vases to curtain
    and beddings. The followings are the transactions for the month of October 2021:

    Date Transactions
    1 Oct Ms Fazliana invested RM500, 000 in the business and deposited the
    money into the business’s bank account.

    6 Bought furniture for office use amounting to RM20,000 paid by


    cheque.

    7 Purchase curtains and beddings from Sakura Trading amounting to 70000-20000


    RM70,000 of which RM20,000 was paid by cheque and the balance =50000
    will be paid in November.

    12 Made a cash sales worth RM120,000.

    13 Pn Sri Murni bought several items that cost her RM15,000 on credit.

    14 Pn Sri Murni returned two pieces of defect items costing RM2,000 15000-2000
    =13000
    15 Issue a cheque for RM30,000 to Xiang Xing Trading

    25 Puan Sri Murni paid amount owed by cheque after deducting 5%


    discount

    28 Paid utility bills RM3,000 by cheque.

    The company uses the periodic inventory system to record its inventories.

    Required:
    a. Analyse the effects for the above transactions on asset, liability, capital, revenue and
    expense. Use the format given below to answer the questions.

    Example: January 31 - Paid shop rent for the month RM1,500 by cheque.
    Date Effects
    Jan Increase Decrease
    31 Expense : Rent Expense Asset : Bank

    b. Give the journal entries for each of the transactions above by using the following
    format.

    Date Accounts DR (RM) CR (RM)


    Jan 31 Rent Expense 1,500
    (example) Bank 1,500

    Q_RP

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