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

QUESTION 1

The following is the list of transactions for the month of January 2020 for Comfort Furniture a small furniture retailer.

2020 Jan

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

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