Transactions Exercise (Malaysia)
What accounts are affected by the following transactions (RM = Malaysian Ringgit = Malaysian currency):
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. LeeRequired:
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.