Question: Question 2 Lucas Trading Is A Stationery Store And Owned By Lucas. Below Are The Transactions Of Lucas Trading For The Month Of January 2019. Jan 1 2 3 14 15 Started The Business With RM50,000 Cash. Purchased Computer RM1,000 By Cheque For Office Use. Sold Goods On Credit To Rachel RM500. Banked In Cash RM3,000. Paid Rental Of Premises Amounting To …
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Question 2 Lucas Trading is a stationery store and owned by Lucas. Below are the transactions of Lucas Trading for the month of January 2019. Jan 1 2 3 14 15 Started the business with RM50,000 cash. Purchased computer RM1,000 by cheque for office use. Sold goods on credit to Rachel RM500. Banked in cash RM3,000. Paid rental of premises amounting to RM400 by cash. Lucas took RM800 from the bank and RM200 goods for personal use. Sales returned by Rachel amounted to RM200. The business bought a motor vehicle for RM4,500 cash. Paid utility bills and wages of RM100 and RM500 cash respectively. 16 20 26 28 Required: a) Identify the effects (increase or decrease) on assets, liabilities, owner’s equity. revenues or expenses for the transactions dated from 1 January 2019 to 28 January 2019 and show the accounts to be debited and credited for each of the transactions given below. (15 marks) (Use the format given below to answer the above questions) Example: December 30 Paid RM2,000 for driver’s salary by cash. Effects Journal entry Date Increase Decrease Debit Credit Dec 30 Expenses Cash Driver’ salary Cash
