. Mr. Arman deposited into bank Rs.50,000 to start a business 2. Purchased office supplies worth Rs.20,000 on account
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- Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.. Mr. Arman deposited into bank Rs.50,000 to start a business 2. Purchased office supplies worth Rs.20,000 on account 3. Bought office equipment from B&Co. for Rs. 10000, paid to them Rs.3000 and promised to pay the balance after two months. 4. Collected $10,000 from customer 5. Purchase supplies for cash Rs. 4000 6. Purchased 2 units of computer with printer for Rs. 50,000, payable in 30 days. 7. Bought furniture for Rs. 3200,paid to K&Co. Rs.1200 and promised to pay balance after one month 8. Withdrew cash for personal use Rs. 3000 9. Sold some office supplies to client amount $5,000 who issued promissory note 10. Received from Nasir Rs.5000 Required: Prepare journal entries Post to ledger accounts Prepare a trial balance at July 31,2020 Show the effect of above transactions on accounting equation.Mr. Shankar has started a business by cash Rs.35,000 and bank balance Rs.1,50,000 on 1st Jan.The other information are as follows:Jan 02purchased goods for Rs.50,000 from Hari and paid partially Rs.20,000Jan 07 Paid for wages Rs.22,000 by chequeJan 10Mr.Shankar withdrew Rs.1,500 for personal use from the bank.Jan 15 Dividend of Rs.5,000 was collected by the bank.Jan 18 Withdrew from the bank for office use Rs.20 000.Jan 25 Sold goods for Rs.30,000 to .Ram and received Rs.15, 000 by cheque partially.Jan 26 paid to Han in full settlement by cheque.Jan 27 deposited the cheque of Mr.Ram.Required:Cash book with cash and bank column.
- Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under:2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B.5-1-2020, sold furniture for Rs. 22000 on cash.10-1-2020, purchased computer for cash Rs. 30000.16-1-2020, borrowed cash Rs. 50000, an interest free from HBL.20-1-2020, make partial payment to bank of Rs.30000.25-1-2020, purchased TV for cash Rs. 10000..31-1-2020, paid rent of the office Rs. 2000 for the month of January.Required: Make Accounting equation.On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under: 2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B. 5-1-2020, sold furniture for Rs. 22000 on cash. 10-1-2020, purchased computer for cash Rs. 30000. 10-1-2020, company purchased Rs. 450 worth of office supplies on credit. 16-1-2020, borrowed cash Rs. 50000, an interest free from HBL. 20-1-2020, make partial payment to bank of Rs.30000. 25-1-2020, An advertisement was run in the newspaper at a total cost of Rs. 250. Cash was paid when the order was placed. 31-1-2020, paid rent of the office Rs. 2000 for the month of January. Required: Make Accounting equation. Question: For each of the following items, indicate whether a debit or a credit applies. increase in retained earnings decrease in prepaid rent increase in dividends decrease…
- On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing Rs. 500000 in cash from his personal sources. The other transactions relating to first month of his business were as under:3-1-2020, borrowed an interest free loan of Rs. 50000 from MCB. 5-1-2020, purchased computer from Fine Computers for Rs. 30000 and paid cash Rs. 20000 while the balance will be paid after 10 days from now.7-1-2020, paid Rs. 50000 to MCB for settlement of their loan.31-1-2020, paid accounts payable of 5-1-2020.Required: Make Accounting equation.Which of the following journal entries would be recorded if Jasem Kahlil started a business, and then deposited cash of OR6,000 into the business's bank account? Select one: O a. Jasem Kahlil, capital 6,000 Accounts payable 6,000 O b. Jasem Kahlil, capital 6,000 Cash 6,000 O c. Accounts payable 6,000 Cash 6,000 O d. Cash 6,000 Jasem Kahlil , capital 6,000On 1-1-2020, Mr. A started his business of dealing in televisions by investing Rs. 200000 in cash from his personal sources. The other transactions relating to his first months business were as under:3-1-2020, borrowed an interest free loan of Rs. 50000 from Mr. B (a friend of A).5-1-2020, purchased office equipment for Rs. 30000 and paid cash Rs. 20000 and the balance will be paid after 10 days from now.7-1-2020, paid Rs. 50000 to Mr. B for settlement of his loan.16-1-2020, paid accounts payable of 5-1-200118-1-2020, purchased furniture for Rs. 10000 against a note which is payable in 6 months.20-1-2020, purchased 5 calculators for Rs. 5000 on cash.24-1-2020, sold 5 calculators for Rs. 5000 on cash.25-1-2020, purchased 5 Tvs @ Rs. 10000 for cash.26-1-2020, sold 5 Tvs @ Rs. 12000 for cash.31-1-2020, paid rent of office Rs. 6000 for January, February and March equally..Required: Make Accounting equation
- 4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020What is the creditor and debtor in these transactions? 10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.Give Accounting Equation for following transactions of Jitesh: a. Started business with cash – Rs. 5,00,000 & Bank – Rs. 3,00,000 b. Paid rent in Advance – Rs. 18,000 c. Purchased goods for cash – Rs. 1,00,000 & on credit – Rs. 40,000 d. Sold goods for cash – Rs. 80,000 e. Rent paid – Rs. 16,000 & Rent outstanding – Rs. 4,000 f. Bought second-hand Car for personal use – Rs. 2,00,000 g. Purchased equipment through cheque – Rs. 10,000 h. Paid to creditors – Rs. 12,000 i. Paid sundry expenses – Rs. 10,000 J. Depreciation on equipment – Rs. 500
