FA113: The following is the list of transactions for the month of January 2020 for Comfort Furniture a small furniture retailer: Financial Accounting 1 Assignment, RCC, Malaysia

School

Regal City College (RCC)

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Assignment Type

Individual Assignment

Subject

FA113: Financial Accounting 1

Uploaded by Malaysia Assignment Help

Date

06/12/2022

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

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