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ASSIGNMENT 1 : (CLO1) a) The main purpose of accounting is to provide information to...

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Accounting

ASSIGNMENT 1 : (CLO1)

a) The main purpose of accounting is to provide information to the users of an organisation to make better decisions. Identify ONE external user and ONE internal user of accounting information and for each user, indicate ONE accounting information that might be useful to assist the decision-making.

(4 marks)

b) Puan Amanda Sofea commenced her legal practice known as Amanda & Co. on 1 November 2022.

Date Transactions
November 1 Amanda invested RM15,000 cash and a bookshelf for the law library valued at RM6,000.
5 Purchased RM7,500 of office equipment from Lexus Trading on credit.
8 Completed legal work for a client and received RM1,500 cash in full payment.
10 Paid Lexus Trading RM3,500 cash in partial settlement of the amount owed.
13 Completed RM4,000 of legal work for a client on credit.
18 Amanda withdrew RM2,000 cash for personal use.
22 Received RM2,500 cash as partial payment for the legal work completed for the client on 13 November.
30 Paid RM1,200 cash for the secretary's salary.

Required:

Prepare the journal entries for all the above transactions.

[Total: 10 marks]

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