QUIZ – AA015 TOPIC 2 (Accounting Equation)

QUIZ – AA015 TOPIC 2 (Accounting Equation)

 

Answer all question. You are given 30 minutes to answer those questions.

Total marks = 51 marks.

 

This business runs a service type business. According to the transaction below, show the effects of the increase (+) and the reduction (-) in the accounting equation table and also state the accounts involved. Then transfer the accounting equation into general journal.

 

Transaction	Asset     =	Liabilities	Owner’s Equity
1.  The owner invested RM1,000 cash into the       business.
2.  Opened a bank account at RHB for RM400 cash.
3.  Bought furniture worth RM200 and paid by cheque.
4.  Served customers worth RM950 which promise to pay in the future.
5.  En. Ahmad paid his debts worth RM150 with      cheque.
6.  Owners withdrew cash for personal use amounting to RM120.
7.  A van valued at RM120,000 brought in by the owner for business use.
8.  Borrowed RM5,000 from the bank. Half of bank loans were used to purchase computers.
9.  Purchased a vehicle for RM20,550 on credit from XYZ Sdn Bhd.
10. Paid phone bill amount to RM330 in cash.

 

Transaction	Account Debited	Account credited	Amount
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

 

 

ANSWER

QUIZ – AA015 TOPIC 2 (Accounting Equation)

 (21 marks)

(30 Marks)

 

As Salam and Hi everyone... My name is Puan Asmazatul Yusfiziati Binti Mohd Yusof CA(M) or you can call me Madam Fizi. I'm an Accounting lecturer at Negeri Sembilan Matriculation College (KMNS), Kementerian Pendidikan Malaysia. This blog (www.madamfizi.com) was created to share learning materials on the subject of Accounting for Matriculation, Form 6, Foundation, Diploma, Secondary School and related students.