Account

Individual Assignment
Introduction to Financial Accounting (ACC106)

Mega Lawa Trading is a sole proprietorship business owned by Milah Mela. Transactions below are the business activities for the month of December 2013.

Date
Transaction
Effects of Transaction
Principles of Double Entry
1
Started a business with a cash at bank for RM 15,000 and cash in hand for RM 10,000

3
Purchased machinery on credit from Happy Machine Supplies amounted to RM 90,000

4
Bought inventories amounted to RM 2,000 on cash from Bedah Sdn Bhd

5
The owner contributed another additional RM 10,500 cash at bank

6
Owner took goods worth RM 1,000 for personal use

7
Bought goods by cash at bank from Hamidah for RM 1,500

9
The business purchased goods from Senang Enterprise on credit amounting RM 14,700

11
Withdrew cash RM 100 and goods for RM 600

12
Purchased goods on credit from Mr. Badrul RM 5,000 and Mr. Jalil RM 3,000

14
Sold goods to Namikah amounting RM 7,000 by cheque

15
Sold goods to Mizah of RM 10,000 on credit and Mizah only paid RM 5,000 by cash in hand

15
Business paid RM 600 of advertising expenses using cash

15
Insurance expenses amounted to RM 1,600 paid by the business using cheque and paid staff salaries amounted to RM 3,000 by cash

16
Purchase of stock is made by cheque RM 5,000 before receiving trade discount of 3%

17
The owner’s daughter took goods from the business amounted to RM 100

19
The business obtained rent income for RM 3,000 by cash

20
Banked in all the cash in hand into the bank of RM 700

22
Received dividend amounted to RM 1,000 by cheque

23
Make a loan from Bank Rakyat for RM 45,000 and received it by cash at bank

23
Paid creditor Mr. Badrul for the amount owed by the business RM 4,000 by cheque

24
Received payments from Mizah amounted to RM 3,000 by cheque

26
Returned back RM 250 of goods wrongly sent by Mr. Jalil

28