FA113: Financial Accounting 1 Assignment, RCC, Malaysia The following is the list of transactions for the month of January 2020 for Comfort Furniture a small furniture retailer
University | Regal City College (RCC) |
Subject | FA113: Financial Accounting 1 |
QUESTION 1
The following is the list of transactions for the month of January 2020 for Comfort Furniture a small furniture retailer.
2020 Jan
- Started business with RM25,000 cash.
- Bank in RM10,000 cash into a bank account.
- Bought goods for cash RM650.
- Bought goods on credit from: T. Dry RM800; F. Hood RM950; M. Smith RM200; G. Low RM500.
- Bought stationery on credit from Buttons Ltd RM90.
- Sold goods on credit to: R. Tong RM180; L. Fish RM240; M. Singh RM350; A. Tom RM300.
- Paid for rent by cheque RM250.
- Bought fixtures on credit from Chiefs Ltd RM600.
- Paid salaries in cash RM1,500.
- Returned goods to: F. Hood RM30; M. Smith RM40.
- Bought a van by cheque RM6,500.
- Received loan from B. Barclay by cheque RM2,500.
- Goods returned to us by: R. Tong RM5; M. Singh RM20.
- Cash sales RM180.
- Sold goods on credit to: L. Fish RM240; A. Tom RM450; R. Pleat RM160.
- We paid the following by cheque: F. Hood RM920; M. Smith RM160.
- Received cheques from: R. Pleat RM160; L. Fish RM240.
- Received a further loan from B. Barclay by cash RM1,500.
- Received RM300 cash from A. Tom.
Required:
- Record the following transactions for the month of January 2020 in the correct Journal of Day Book.
- Post the accounts to the respective ledger accounts and balance off all the accounts.
- Prepare a trial balance as of 31 January 2020
QUESTION 2
The petty cashier of Remy and Merry Company paid cash for the following expenditures during the month of January 2019.
2019 Jan
- Balance brought forward; petty cash $50.
- The number of petty expenditures for the previous month reimbursed by the chief cashier was $200.
- Bought some liquid material for cleaning purposes for $25.
- Paid $20 for the van wash.
- Bought pens and pencils for $15.
- Paid for fuel $35.
- Paid $55 for casual labor.
- Donated $10 to WBA – a charitable institution.
- Bought a broom for the office for $5.
Required:
Record the above transactions in a petty cash book assuming a petty cash imprest system is used by Remy and Merry Company.
QUESTION 3
Explain the following terms in the financial statement with suitable examples.
- Assets
- Liabilities
- Capital
QUESTION 4
Explain the following basic accounting concepts with relevant examples.
- Dual aspect concept
- Prudence
- Accrual concept
- Separate determination
- Substance over form
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