Received in cash as capital 5.000 euro from George Smith.Paid 600€ as rent for shop premises. (from cash)Received 2.000€ as a loan from Georges frien Sally Smith. (to cash)Purchased goods for sale on credit for 4.850€.Cash sales 1.700.Paid 4000€ to acquire shop furnitures and fittings. (from cash)Paid 250€ for advertising (from cash).Returned goods purchased for 850€.Sold goods on credit for 10.500.Received 1.500 from the customers (to bank a/c).a. The cost of unsold goods has been identified as 1.200 euro.b. Shop furniture and fitting are depreciated at 25% per annum.Post all accounts to the Statement of income and the Statement of financial positiont-accounts

Name: Received in cash as capital 5.000 euro from George Smith.Paid 600€ as
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Description: Received in cash as capital 5.000 euro from George Smith.Paid 600€ as rent for shop premises. (from cash)Received 2.000€ as a loan from Georges frien Sally Smith. (to cash)Purchased goods for sale on credit for 4.850€.Cash sales 1.700.Paid 4000€ to

T -Accounts / Ledger Accounts: These are the accounts where all the individuals accounts are opened…

Answered: Paid 600€ as rent for shop premises.…

Business

Accounting

Paid 600€ as rent for shop premises. (from cash) Received 2.000€ as a loan from Georges frien Sally Smith Purchased goods for sale on credit for 4.850€. Cash sales 1.700.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 8DQ

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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…
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A business was started on March 1, 2020 with the investment of cash Rs. 50,000 and office equipment worth Rs. 50,000 and the following transactions were completed during the month: March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000. March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000March 12: Purchased furniture on account Rs. 5,000. March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000 March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000 March 30: Paid rent for the month Rs. 1,500. REQUIRED: Post the transactions to "T" accounts.
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