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

  1. Started business with RM25,000 cash.
  2. Bank in RM10,000 cash into a bank account.
  3. Bought goods for cash RM650.
  4. Bought goods on credit from: T. Dry RM800; F. Hood RM950; M. Smith              RM200; G. Low RM500.
  5. Bought stationery on credit from Buttons Ltd RM90.
  6. Sold goods on credit to: R. Tong RM180; L. Fish RM240; M. Singh RM350;        A. Tom RM300.
  7. Paid for rent by cheque RM250.
  8. Bought fixtures on credit from Chiefs Ltd RM600.
  9. Paid salaries in cash RM1,500.
  10. Returned goods to: F. Hood RM30; M. Smith RM40.
  11. Bought a van by cheque RM6,500.
  12. Received loan from B. Barclay by cheque RM2,500.
  13. Goods returned to us by: R. Tong RM5; M. Singh RM20.
  14. Cash sales RM180.
  15. Sold goods on credit to: L. Fish RM240; A. Tom RM450; R. Pleat RM160.
  16. We paid the following by cheque: F. Hood RM920; M. Smith RM160.
  17. Received cheques from: R. Pleat RM160; L. Fish RM240.
  18. Received a further loan from B. Barclay by cash RM1,500.
  19. 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

  1. Balance brought forward; petty cash $50.
  2. The number of petty expenditures for the previous month reimbursed by the chief cashier was $200.
  3. Bought some liquid material for cleaning purposes for $25.
  4. Paid $20 for the van wash.
  5. Bought pens and pencils for $15.
  6. Paid for fuel $35.
  7. Paid $55 for casual labor.
  8. Donated $10 to WBA – a charitable institution.
  9. 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

Are You Searching Answer of this Question? Request Malaysian Writers to Write a plagiarism Free Copy for You.

Get Help By Expert

Assignmenthelper.my is an innovative essay writing service provider for students in Malaysia. Trained professionals from Malaysia provide comprehensive report writing support with quick turnaround times. All assignment writing services are completely confidential and secure, so you can rest assured that your report will remain safe and private.

Answer

Recent Solved Questions

Online Exam & Assignment Writing Services

70841+ Orders Delivered

4.9/5
5 Star Rating

Confidential & Secure Assignment Help For

Group Assignment Help

Online Exam -Test & Quiz

Cheapest Price Quote

Diploma & Certificate Levels

Semester & FYP Papers

Summative & Individual

GBA & Reflective

Last Minute Assistance

Sample Assignment Download

OBM301 Information And Research Skills For Office Professionals Assignment Answers Malaysia
OBM301 Information And Research Skills For Office Professionals course expose participants to the important skills of information and research which are critical for all office professionals. The course is designed…
Management
MQA/FA1334 Bachelor of Science in Project and Facility Management with Honours OUM Assignment Sample Malaysia
The MQA/FA1334 Bachelor of Science in Project and Facility Management with Honours is an academic program designed to equip students with the knowledge, skills and competencies needed to manage complex…
Assignment Sample

UP TO 15 % DISCOUNT

Instant Paper Writing Services by Native Malaysia Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now