Tutorial 1 Introduction to Accounting
1
LTJ 2020
Tutorial 1
Section A
1. Define accounting. Explain the stages involved in your answer.
2. What is the difference between accounting and bookkeeping?
3. Complete the gaps in the following table:
Assets (RM)
Liabilities (RM)
Equity (RM)
82,000
32000
50,000
15,000
70,000
105,000
38,000
67000
156,900
0
156900
73,000
38000
35,000
4. Classify the following items into assets, liabilities and equity, then, find
out the amount of capital:
• Bank RM20,000
Liabilities
Loan
Payables
Equity
Capital
Drawings
Loss
5. State what are the correct classifications for the following items? Are
they debit or credit items?
Correct classification
Dr / Cr
Discount received
Income – Other Incomes
Cr
Commission received
Income – Other Incomes
Cr
Receivables
Asset
Dr
Cash from owner
Equity
Cr
Sales
Income
Cr
Inventory sold
Income
Cr
Types
Assets
Bank
20000
Cash
19000
Motor Vehicles
80000
Receivables
18000
139000
received
goods sold
Advertising
Expenses
Office stationery
Expenses
Dr
Payables
Liabilities
Cr
Cash to owner
Equity – Drawings
Dr
Electricity
Expenses
Dr
Rental
Expenses
Discount given
Expenses
Dr
Insurance paid
Expenses
Bank interest paid
Expenses
Dr
Carriage outwards
Expenses
Cr
Commission paid
Expenses
Dr