FINANCIAL ACCOUNTING AND REPORTING 1
UDE1003
Tutorial 3
PREPARED BY:
Name Matrix No. Contact No.
AINUL MARDHIAH BINTI MOHD AZMI UDE210009 013-773 0848
PREPARED FOR:
SIR MUHAMMAD YAQZAN MOHAMAD YUSOFF
DATE OF SUBMISSION:
29/7/2021
Answer 1
The accounting equation is considered to be the foundation of the double-entry accounting system. On a company's balance sheet, it shows
that a company's total assets are equal to the sum of the company's liabilities and shareholders' equity.
Assets = Liabilities + Owner’s Equity.
Answer 2
Accounting
No. Item
Class
1 Computer Asset
2 Motor vehicle Asset
3 Building Asset
4 Account payable Liability
5 Drawing Equity
6 Land Asset
Debenture
7 Liability
8 Equipment Asset
9 Table Asset
10 Chair Asset
11 Sales revenue Equity
Mortgage
12 Liability
13 Watch Asset
14 Inventory Asset
15 Dividend received Equity
16 Marketing expense Liability
17 Cash Asset
18 Short term debt Liability
19 Bank overdraft Liability
20 Capital Equity
21 Bank Liability
22 Insurance expense Liability
23 Handphone Asset
24 Ipad Asset
25 Utility expense Liability
Long term loan
26 Liability
27 Rent received Equity
28 Fan Asset
29 Short term investment Asset
30 Notes payable Liability
31 Service revenue Equity
32 Stationary Asset
33 House Asset
34 Discount received Equity
35 Long term investment Asset
36 Refrigerator Asset
37 Account receivable Asset
38 Bond Liability
Answer 3 (a)
Account (s) to Account (s) to
June Transactions
be increase be decrease
Luqman invested RM10,000 cash in the Equity (capital)
1
business.
Borrowed RM20,000 from a bank and Equity (capital)
2 received the loan in form of cheque and this
was deposited in the bank account.
Purchased office equipment worth RM10,000 Asset (cash)
3
on credit.
Purchase goods RM6,000 from Downy Sdn Asset (cash)
9
Bhd on credit.
Sold goods RM1,000 to Karim Sdn Bhd on Equity (capital)
12
credit.
15 Paid RM450 for rent and RM350 for utilities. Liability
20 Sold RM600 of goods to Hamid Bhd by cash. Equity (capital)
23 Paid full amount for 9th June by cash. Liability
Owner withdrew RM300 of goods from the Equity (capital)
26
business for his own use.
30 Paid RM1,000 for employee salaries. Liability
Answer 3 (b)
Date Asset Liability Owner’s Equity
= +
(RM) (RM) (RM)
Office Account Account
Bank Cash Inventory Loan Capital Drawing Profit/Loss
Furniture receivable payable
June +10,000 +10,000
1
June +20,000 20,000
2
June +10,000 +10,000
3
June +6,000 +6,000
9
June -1,000 +1,000
12
June -800 -800
15
June +600 -600
20
June -6,000 -6,000
23
June -300 -300
26
June -1,000 -1,000
30
+19,000 +3,800 +4,100 +10,000 +1,000 +20,00 +10,000 +10,000 -300 -1,800
0
37,900 37,900
Answer 4 (a)
Account (s) to Account (s) to
June Transactions
be increase be decrease
Kris invested RM10,000 cash in the Equity (capital)
1
business.
Purchased a used van for deliveries for Asset (cash)
2
RM12,000 on credit.
3 Paid RM500 for office rent for the month. Liability
5 Performed RM4,400 of services on account. Liability
9 Paid RM200 cash for repairing a van. Liability
Purchased stationeries for one-year use for Liability
12
RM150 on credit.
Received a cash payment of RM1,250 for Equity (capital)
15
services provided on 5th June.
Received a cash payment of RM1,500 for Equity (capital)
20
services provided.
Made a cash payment of RM500 on the Liability
23
loan obtained on 2nd June.
26 Paid RM250 for utilities. Liability
30 Paid RM1,000 for employee salaries. Liability
Answer 4 (b)
Owner’s Equity
Asset Liability
Date = + (RM)
(RM) (RM)
Stationaries Account Account Profit/Loss
Cash Vehicle Loan Capital
receivable payable
June 1 +10,000 +10,000
June 2 +12,000 +12,000
June 3 -500 -500
June 5 +4,400 +4,400
June 9 -200 -200
June 12 +150 +150
June 15 +1,250 -1,250
June 20 +1,500 +1,500
June 23 -500 -500
June 26 -250 -250
June 30 -1,000 -1,000
+10,300 +12,000 +150 +3,150 +11,500 +150 +10,000 +3,950
25,600 25,600