FIN2244 – FINANCIAL ACCOUNTING 1 Tutorial-Journal & Ledger(1a) What is the double entry to record a credit purchase of RM150? A Dr. Purchases RM150, Cr. Cash RM150 B Dr. Purchases RM150, Cr. Trade payables RM150 C Dr. Other creditors RM150, Cr. Purchases RM150 D Dr. Purchase returns RM150, Cr. Payables RM150 (1b) DR($) CR($) Furniture 10,000 Stock 5,000 X Y 15,000 15,000 “X” is probably….. A Capital B Capital expenditure C Capital appreciation D Current assets (1c) Double entry bookkeeping is a method used to transfer weekly / monthly totals from books of …(i)… into …(ii)….(Woods, F., 2007, p.120) i) A. Prime entry B. Single entry C. Double entry D. Secondary entry
ii) A. Journal book B. Sales day book C. nominal / general ledger D. Sales returns day book 2) Journalise the following transactions in the books of Shankar & Co. 2017 RM 1-Jun Started business with cash 60,000 2-Jun Cash paid into bank 30,000 4-Jun Purchased goods from Kamal on credit 10,000 6-Jun Paid to Shiram by cheque 4,920 8-Jun Sale of goods worth RM1,000 to Balram and RM700 to Dhanram on credit.