Given below are the business transactions of Simba Enterprise, during the month of November 2016: 2016 Transactions November 5 Purchased goods worth RM4,500 from Abu on credit. 8 Credit sales to Sara worth RM2,100. 9 Purchased furniture worth RM8,400 from Saga Perabot and paid RM1,400 by cheque. 10 Received commission worth RM3,700 by cheque. 11 Simba took out RM550 goods for personal use. 12 Return inwards of RM620 from Sara because of damaged goods 15 Cash sales to Bismi worth RM6,900. 19 Received rent RM3,300 by cheque. 21 Returned damaged goods worth RM880 to Abu. 23 Paid insurance by cheque RM1,200. 25 Simba received a cheque from Aprilbank worth RM50,000 for a 3 years 10% term loan, 26 Simba brought in his own computer worth RM9,000 into the business. 29 Purchased stationery RM200 by cash for business use. 31 Paid interest on loan RM2,300 by cash. Required: State the effects (increase/decrease) on assets, liabilities, revenues, expenses or owner' equity for the transactions dated 11 November 2016 until 21 November 2016 only. b. Show the accounts to be debited and credited for the transactions dated 23 November 2016 until 31 November 2016 only. State the appropriate books of prime entry for the transactions dated 5 November 2016 until 10 November 2016 only. C.
Given below are the business transactions of Simba Enterprise, during the month of November 2016: 2016 Transactions November 5 Purchased goods worth RM4,500 from Abu on credit. 8 Credit sales to Sara worth RM2,100. 9 Purchased furniture worth RM8,400 from Saga Perabot and paid RM1,400 by cheque. 10 Received commission worth RM3,700 by cheque. 11 Simba took out RM550 goods for personal use. 12 Return inwards of RM620 from Sara because of damaged goods 15 Cash sales to Bismi worth RM6,900. 19 Received rent RM3,300 by cheque. 21 Returned damaged goods worth RM880 to Abu. 23 Paid insurance by cheque RM1,200. 25 Simba received a cheque from Aprilbank worth RM50,000 for a 3 years 10% term loan, 26 Simba brought in his own computer worth RM9,000 into the business. 29 Purchased stationery RM200 by cash for business use. 31 Paid interest on loan RM2,300 by cash. Required: State the effects (increase/decrease) on assets, liabilities, revenues, expenses or owner' equity for the transactions dated 11 November 2016 until 21 November 2016 only. b. Show the accounts to be debited and credited for the transactions dated 23 November 2016 until 31 November 2016 only. State the appropriate books of prime entry for the transactions dated 5 November 2016 until 10 November 2016 only. C.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Given below are the business transactions of Simba Enterprise, during the month of
November 2016:
2016
Transactions
November 5 Purchased goods worth RM4,500 from Abu on credit.
8 Credit sales to Sara worth RM2,100.
9 Purchased furniture worth RM8,400 from Saga Perabot and paid
RM1,400 by cheque.
10 Received commission worth RM3,700 by cheque.
11 Simba took out RM550 goods for personal use.
12 Return inwards of RM620 from Sara because of damaged goods
15 Cash sales to Bismi worth RM6,900.
19 Received rent RM3,300 by cheque.
21 Returned damaged goods worth RM880 to Abu.
23 Paid insurance by cheque RM1,200.
25 Simba received a cheque from Aprilbank worth RM50,000 for a 3 years
10% term loan,
26 Simba brought in his own computer worth RM9,000 into the business.
29 Purchased stationery RM200 by cash for business use.
31 Paid interest on loan RM2,300 by cash.
Required:
State the effects (increase/decrease) on assets, liabilities, revenues, expenses or
owner' equity for the transactions dated 11 November 2016 until 21 November
2016 only.
b.
Show the accounts to be debited and credited for the transactions dated 23
November 2016 until 31 November 2016 only.
State the appropriate books of prime entry for the transactions dated 5 November
2016 until 10 November 2016 only.
C.
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