ACC4013 FINANCIAL ACCOUNTING 1

TUTORIAL QUESTIONS – REVISION 1

Question 1
Fill in the blanks with appropriate value in RM.

No Assets Capital Liabilities

1 RM20,000 RM4,650
2 RM50,000 RM5,000
3 RM62,370 RM47,200
4 RM33,800 RM8,000
5 RM98,440 RM10,300

Question 2
Show the effects of the following transactions by stating Increase or Decrease into the respective
elements.

No Transactions Asset Capital Liability

1 Purchased a machine by cash
2 Purchased a furniture on credit
3 Sell goods on credit to a customer
4 Sole trader withdraw money for own use
5 Buys goods on credit
6 Settle amount due to supplier
7 Customer settles amount due
8 Sole trader took goods for own use
9 Settle a bank loan
10 Return goods to supplier
11 Pays business expenses by cash
12 Receive investment income by cheque

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ACC4013 FINANCIAL ACCOUNTING 1

Question 3
Show the effects of the following transactions by stating Increase or Decrease into the respective
elements.

No Transactions Assets Capital Liabilities

1 Return goods to trade payables
2 Purchase an equipment with cash
3 Withdraw inventory for own use
4 Pay utility expenses using cheque
5 Settle amount due to trade payables
6 Borrow a loan to buy a motor vehicle
7 Buy stationery using cash
8 Introduce additional capital
9 Pay personal bills using business bank account
10 Sold goods on credit

Question 4
Jeff starts a trading business with a business year end 31 December every year.

During the year to 31 December 2020, he introduced $10,000 into the business, and purchased goods
for $3,000, half by cash and half on credit. He pays rental of $3,000 per annum. All the goods were
sold during the year for $7,000 by cash.

Calculate the net amount of assets, capital and liabilities respectively.