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    Tutorial 2

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    maizatul aisyah
    This document provides a list of transactions for Haq Trading for the month of January 2022. It asks the reader to: 1) Journalize the transactions into a general journal. 2) Record the transactions in their respective ledger accounts (T-accounts). 3) Prepare a trial balance as of January 31, 2022 that lists the debit and credit balances of all accounts.

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    Tutorial 2

    Uploaded by

    maizatul aisyah
    45 views2 pages
    This document provides a list of transactions for Haq Trading for the month of January 2022. It asks the reader to: 1) Journalize the transactions into a general journal. 2) Record the transactions in their respective ledger accounts (T-accounts). 3) Prepare a trial balance as of January 31, 2022 that lists the debit and credit balances of all accounts.

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    for exercise

    Original Title

    TUTORIAL 2

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    This document provides a list of transactions for Haq Trading for the month of January 2022. It asks the reader to: 1) Journalize the transactions into a general journal. 2) Record the transactions in their respective ledger accounts (T-accounts). 3) Prepare a trial balance as of January 31, 2022 that lists the debit and credit balances of all accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views2 pages

    Tutorial 2

    Uploaded by

    maizatul aisyah
    This document provides a list of transactions for Haq Trading for the month of January 2022. It asks the reader to: 1) Journalize the transactions into a general journal. 2) Record the transactions in their respective ledger accounts (T-accounts). 3) Prepare a trial balance as of January 31, 2022 that lists the debit and credit balances of all accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    PAD1123 PRINCIPLES OF ACCOUNTING SEM NOVEMBER 22

    TUTORIAL 2: DOUBLE-ENTRY RECORDING

    QUESTION 1

    TRUE AND FALSE QUESTIONS. (PLEASE STATE ‘TRUE’ OR ‘FALSE’ IN


    YOUR ANSWER BOOKLET FOR EACH STATEMENT BELOW) .

    1. Accounts often need to be adjusted because some transactions affect more than one
    accounting period.

    2. Accounting information is only used by external users who have a direct financial
    interest in the business.

    3. Profit earned must always equal to the cash in the business.

    4. The trial balance is a list of debit and credit balances extracted from the ledger
    accounts at a particular date.

    5. The straight line method of depreciation results in an equal amount of depreciation


    each year.

    6. Bank overdraft is classified as a Current Asset.

    7. An account has debit balance in the Trial Balance when the balance carried down
    appeared on the debit side of the T account.

    8. Non-current Assets are those assets of material value which are of long life, to be
    used in the business and not bought with the main purpose of resale.

    9. Another word for purchase returns is returns inwards.

    10. The Balance Sheet is not part of the double entry system.

    CONFIDENTIAL
    QUESTION 2 2

    Below are the transactions for Haq Trading for the month of January 2022.

    January 1 Owner started the business with RM7,000 from his own personal savings.
    2 Withdrew RM500 from bank account to cash account.
    3 Bought RM2,000 worth of goods on credit from Fannie Enterprise.
    4 Bought Motor Vehicle on credit from Ali Baba Sdn. Bhd. RM20,000. Paid
    deposit (10% of the total price) by cheque.
    5 Sold goods on credit to Joyah Bhd. RM1,070.
    7 Sold goods for cash RM780.
    9 Joyah returned damaged goods worth RM450.
    11 Returned goods to Fannie Enterprise RM150.
    12 Received cheque RM10,000 from Bank Rakyat for the loan applied.
    12 Bought goods on credit from Che’ Kiah Enterprise RM6,610.
    12 Sold goods on credit to Pe’ah Bhd. RM2,360.
    13 Received cheque from Joyah Bhd. for the amount owed.
    15 Paid Fannie Enterprise RM1,000 by cheque.
    18 Owner took RM285 worth of goods for his personal use.
    25 Paid to landlord (i.e. office space owner) RM930 by cheque for which
    RM700 is payment for rent and the balance is payment for water and
    electricity.
    26 Paid wages by cheque RM1,500.

    You have been employed by Haq Trading as an Accounts Clerk and are required to
    record:

    a) Journalize the above transactions into the general journal.

    b) Record the above transactions in the respective Ledger Accounts (T-Accounts).

    c) Prepare a Trial Balance as at 31 January 2022.

    CONFIDENTIAL/

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