FA1 Topic 3 v1

Credit purchase of motor vehicle.

• Dt Motor Vehicle

  Cr Creditor

• Dr Purchase

  Cr Creditor

• Dr Motor Vehicle

  Cr Debtor

• Dr Purchase

  Cr Debtor

Cash sales of goods.

• Dr Cash

  Cr Sales

• Dr Sales

  Cr Cash

• Dr Cash

  Cr Inventory

• Dr Inventory

  Cr Cash

Returns goods to creditor.

• Dr Creditor

  Cr Returns Outwards

• Dr Returns Outward

  Cr Creditor

• Dr Creditor

  Cr Sales Returns

• Dr Creditor

  Cr Returns Inwards

Cash withdrew for personal use

• Dr Drawings

  Cr Bank

• Dr Drawings

  Cr Sales

• Dr Bank

  Cr Drawings

• Dr Sales

  Cr Drawings

The owner brought in air-conditioner into the business.

• Dr Fixtures

  Cr Capital

• Dr Asset

  Cr Capital

• Dr Fixtures

  Cr Cash

• Dr Capital

  Cr Fixtures

Received invoice from creditor.

• Dr Purchase

  Cr Creditor

• Dr Sales

  Cr Creditor

• Dr Debtor

  Cr Creditor

• Dr Creditor

  Cr Debtor

Send credit note to buyer for goods returns.

• Dr Return inwards

  Cr Debtor

• Dr Return inwards

  Cr Buyer

• Dr Creditors

  Cr Return Outwards

• Dr Purchase Returns

  Cr Debtor

Maybank approved loan and transfer the money into company's bank account.

• Dr Bank

  Cr Loan

• Dr Cash

  Cr Loan

• Dr Loan

  Cr Bank

• Dr Loan

  Cr Cash

Purchase goods on credit RM50,000 and received trade discount 10%.

• Dr Purchase RM50,000

  Cr Creditor RM50,000

• Dr Purchase RM45,000

  Cr Creditor RM45,000

• Dr Purchase RM50,000

  Cr Debtor RM50,000

• Dr Purchase RM45,000

  Cr Debtor RM45,000

Paid parking fee by cash.

• Dr Travelling Expenses

  Cr Cash

• Dr Parking fee

  Cr Cash

• Dr Repair expenses

  Cr Cash

• Dr Travelling Expenses

  Cr Bank