Transactions Exercise (Malaysia)

by Mogna
(Klang)

Malaysian flag

Malaysian flag

Question:


What accounts are affected by the following transactions (RM = Malaysian Ringgit = Malaysian currency):

July
1 Purchased goods from CBA Bhd. (Bhd. stands for Sendirian Berhad and is the Malay equivalent to incorporated) RM 800 on credit
2 Withdrew RM 1,500 cash for personal use. Paid cash RM 1,000 for July rent.
10 Sold goods to Mr. Lee on account, RM 850
17 Sold goods on credit to Mr. Ahmad RM 3,500
22 Bought computer for cash RM 2,100
25 Bought stationary for cash RM 100
27 Purchased goods from Alam Bhd RM 2,500. Paid CBA Bhd. RM 450 cash
30 Received RM 3,500 from Mr. Lee

Required:
1) For each transaction above, complete the table as in the example below:



Solution:

1 Debit Purchases, Credit Creditors/Payables
2 Debit Drawings, Credit Bank.
Also Debit Rent, Credit Bank
10 Debit Debtors/Receivables, Credit Sales
17 Debit Debtors/Receivables, Credit Sales
22 Debit Computer/Equipment, Credit Bank
25 Debit Stationary, Credit Bank
27 Debit Purchases, Credit Creditors/Payables.
Also Debit Creditors/Payables, Credit Bank
30 Debit Bank, Credit Debtors/Receivables

Sorry there was no table provided so I just did journal entries (debits and credits) for the solution.

Best,
Michael Celender

Comments for Transactions Exercise (Malaysia)

Click here to add your own comments

Good to read
by: Anonymous

What is entry for prepaid expenses

Click here to add your own comments

Return to Ask a Question About This Lesson!.






Enjoying this Website?
Help Support it with a Donation

OR...





Advertise on Accounting-Basics-for-Students.com

Search this website:




All the lessons on this site and much, much more...

Accounting Basics: Complete Guide

Available Now On


Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by


Subscribe to
The Student Accountant newsletter

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you The Student Accountant.