3.SL. Journalise the following transactions in the books of a trader: 1984 Rs: 1984 Rs. Dec. 1 Started business with Dec.22 Cash received from cash 50,000 M. Rauf in full settlement 7.600 Dec. 3 Goods purchased for cash 30.000 Dec. 3 Furniture purchased for cash of his account Dec.25 Cash paid to Zulfiqar and he allowed discount 1,900 5.000 100 Dec. 7 Sold goods for cash 10.000 Dec.28 Cash paid for purchase of stationery 250 Dec. 9 Sold goods to M. Rauf Dec. 12 Goods purchased from 8.000 Dec.31 Paid office rent 800 Zulfiqar 5.000 Dec.31 Goods returned to Dec. 16 Goods sold to Ali and Zulfiqar 500 allowed him 10 ". trade Dec.31 Paid salaries to staff 900 discount 6.000
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- Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.3C. Compile three column cashbook of Mr. Uzair from the following transactions: 2020 Oct 1 Mr. Uzair started business with cash OMR 4000 4 Deposited into Bank OMR 2000 8 Purchased goods on credit from Haya for OMR 1000 10 Sold goods to Kawthar on credit for OMR 600 12 Goods purchased by paying cheque OMR 400 15 Paid wages OMR 40 20 Withdrew from bank for personal use OMR 200 25 Received cash from Kawthar OMR 540, in full settlement of his account 26 Paid electricity OMR 20 28 Withdrew from Bank for business use OMR 2000 30 Paid to Haya by cheque OMR 900, in full settlement of her accountEnter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with £7,400 cash. == 2 Paid £7,000 of the opening cash into the bank. == 4 Bought goods on credit £410 from J Watson. == 5 Bought a van by cheque £4,920. == 7 Bought goods for cash £362. == 10 Sold goods on credit £218 to L Less. == 12 Returned goods to J Watson £42. == 19 Sold goods for cash £54. == 22 Bought fixtures on credit from Firelighters Ltd £820. == 24 F Holmes lent us £1,500 paying us the money by cheque. == 29 We paid J Watson his account by cheque £368. == 31 We paid Firelighters Ltd by cheque £820. Apply concept of financial accounting to prepare : Double entries, T Ac, Trial balance of above transactions.
- 2 On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor…Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account RM16029 Sold goods to Sakun Enterprise on credit fro RM412
- 1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM4121. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM4123. Record the following transaction in the appropriate journal, ledger accounts, balance off the accounts and prepare trial balance as at 31 January 2020.Jan 1 Started business with RM2,000 cash5 Purchased goods on credit RM1,00010 Sold goods on credit RM80015 Bought furniture by cash RM40020 Received cheque from debtor RM80025 Cash sales RM20031 Paid salary by cash RM300
- 5/The business has the following transactions for the month of May 2019. 9- Sold goods and received cash of RO 2,750 11- Received commission of RO 750 17- Received cash from KR traders of RO 3,300 for the goods sold on May 4 2019, on credit. 19- Sold goods to Rainbow traders and received cash of RO 3,250 Calculate and show the amount which will be transferred to the total column of Cash receipts book for the month of May 2019? a. RO 3,300 b. RO 750 c. RO 10,050 d. RO 3,5001) Analyze and journalize these transactions. James Mead invested in a new company. The investments were: Cash - $25000.00 Inventory – $1,000.00 Accounts Payable - $1,000.00 Bought inventory for $353.00 paid with cheque Paid rent for store $800.00 paid with cheque Sold to A. Hanna on account $228.50 Bought inventory on account $1,700.00 Date Account Title & Explanation PR Debit Credit Date Account Title & Explanation PR Debit Credit4. 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 2020