Week 2:

Exercises

Journalise the following transactions for Aspire

Trading:

2011 February

1 The owner, Iskandar Ramli, brought cash of

RM20,000 into the business.

3 Cash of RM300 was paid as insurance

expense.

5 The business purchased furniture from

Perabot Industries for RM1,200 and paid

cash of RM400, the remainder to be paid

later.

6 The owner brought in additional capital in

the form of a computer valued at RM1,500.

Journalise the following transactions for Aspire

Trading (Contd.):

2011 February

7 A bank loan of RM8,000 was taken from

Bank Anda, receiving cash for it.

8 Cash of RM30 was paid for sundry

expenses.

12 The business bought a motor van from

Reliable Used Vehicles for RM30,000 by

paying RM10,000, with the remainder to be

paid in monthly instalments for the next 20

months.

14 The owner took cash of RM100 for personal

use.

Journalise the following transactions for

Aspire Trading (Contd.):

2011 February

17 The business paid RM800 as final

settlement for the furniture bought on 5

Feb.

18 Additional furniture of RM1,000 was

purchased on credit from Creations.

19 The business paid RM600 for repairs to

the office.

23 Cash of RM160 was paid out for office

supplies.

28 Salaries of RM2,000 were paid to

employees.