Question 1 Complete the column to show the effects of the transactions. The first  transaction has been done for you.   Paid creditor RM500 by cheque. Brought in personal car worth RM40,000 for use in business. Bought equipment costing RM6,000 from Shah Enterprise on credit. Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago. Further injection of RM20,000 as additional capital of the business Effects of transaction on       Transaction Assets(RM)    Equity(RM) Liabilities(RM) a -500   -500 b       c       d       e

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...
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Question 1

Complete the column to show the effects of the transactions. The first 

transaction has been done for you.

 

  • Paid creditor RM500 by cheque.
  • Brought in personal car worth RM40,000 for use in business.
  • Bought equipment costing RM6,000 from Shah Enterprise on credit.
  • Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago.
  • Further injection of RM20,000 as additional capital of the business
Effects of transaction on      
Transaction Assets(RM)    Equity(RM) Liabilities(RM)
a -500   -500
b      
c      
d      
e      
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