Assuming that Mr. Salim Abdullah Al Rawahi is running a Retail Mobile Shop in Nizwa. Which of the following transactions will be recorded in his Sales Journal? a. Sold mobiles worth RO 30,000 to Muscat Supplies LLC 2/10, n/30 b. Sold office furnitures worth RO 2500 to Used Furniture Shop LLC c. Sold mobiles worth RO 12,000 to Sohar supplies LLC for cash d. Bought mobiles worth RO 22,000 from Rafa Mobiles LLC Term : 5/10, n/60

Assuming that Mr. Salim Abdullah Al Rawahi is running a Retail Mobile Shop in Nizwa. Which of the following transactions will be recorded in his Sales Journal? a. Sold mobiles worth RO 30,000 to Muscat Supplies LLC 2/10, n/30 b. Sold office furnitures worth RO 2500 to Used Furniture Shop LLC c. Sold mobiles worth RO 12,000 to Sohar supplies LLC for cash d. Bought mobiles worth RO 22,000 from Rafa Mobiles LLC Term : 5/10, n/60

Name: Assuming that Mr. Salim Abdullah Al Rawahi is running a Retail Mobile
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Assuming that Mr. Salim Abdullah Al Rawahi is running a Retail Mobile Shop in Nizwa. Which of the following transactions will be recorded in his Sales Journal?a.Sold mobiles worth RO 30,000 to Muscat Supplies LLC 2/10, n/30b.Sold office furnitures wo

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 45P: What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift...

See similar textbooks

Similar questions

What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift shop with average annual gross receipts of 900,000. b. An accounting partnership with average annual gross receipts of 12 million. c. A drywall subcontractor who works on residences and has annual gross receipts of 3 million. d. An incorporated insurance agency with average annual gross receipts of 28 million. e. A sole proprietor operating a retail clothing store with average annual gross receipts of 12 million. f. A sole proprietor operating a widget manufacturing plant with average annual gross receipts of 27 million.
Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business. 3rd January. The business purchased furniture worth OR. 4,000 and paid cash. 10th January. The business purchased office supplies worth RO.4, 000 from Musana Traders LLC and paid cash OR.1000, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 1,800 cash. 25th January. The business paid salaries to employees totalled OR.1, 200 30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the end
Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Received cash from Sohar Supplies LLC for RO 12,500 c. Cash paid to Muscat Mobiles LLC RO 12,500 d. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
Ali, the owner of the business purchased Furniture for RO 10, 000 to be used in the business. The manager estimates the value of the Furniture to be RO 11,000 in the market. If the Business follows Historical Cost concept, the amount to be recorded for Furniture is a. RO 11,000 b. RO 1000 c. RO 21,000 d. RO 10,000 Which of the following transactions would increase the cash by RO 5000 and increase the revenue by RO 5000? a. Paid RO 5000 for the creditors b. Performed service to the customer RO 5000 and the customer paid cash RO 5000 c. Purchased Furniture RO 5000 d. Took Loan of RO 5000 from Bank Nizwa Ms. Nihal started her business by investing RO 30,000 in cash. This transaction would? a. increase one asset and decrease another asset b. decrease assets and decrease liabilities c. increase assets and increase equity d. increase assets and increase liabilities Which of the following transactions would decrease asset by RO 2000 and increase expense by RO 2000 a. The…
Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Cash paid to Muscat Mobiles LLC RO 12,500 b. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 c. sold mobiles worth RO 18,000 from Sohar supplies LLC for cash d. Received cash from Sohar Supplies LLC for RO 12,500
Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 2020
Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.
Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation? 1. Commence business with cash P400,000 and Land P70,000. 2. Bought merchandising for cash P 900,000. 3. Cash sales of worth P35,000. 4. Bought goods on credit from Salman of worth P60,000. 5. Sales on account to Ali Raza P 13,000. 6. Purchase furniture of the value of P 6,000 by cash. 7. Received cash form Ali Raza of P 11,000. 8. Return defective furniture of worth P1,000. 9. Paid wages P1,000, Rent 2,000 and Electricity Bill Payable P1,500.
Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the month: Mar 1, Zee invested P 100,000 cash, Office Furnitures @ P 50,000 Office Equipment amounting to P 30,000. Mar 3, Zee borrowed P 300,000 cash from Banco de Oro to expand his business Mar 9, Zee bought Groceries for sale amounting to P150,000 Mar 16, Zee bought additional Office Furnitures on account from Woody Supply @ P 50,000, with 30 day term, but if paid within 15 days, a 2% discount will be applied. Mar 30, Zee withdraw cash to buy his own personal hygiene kit amounting to P 5,000 Mar 31, Zee paid Woody supply in full. TO DO: Prepare a balance sheet and journal. NOTE: Strictly follow the attached format of Journal and Balance Sheet. Thank you
a)The following transactions relates to Jane a sole trader in Kiambu County: 2020 May: 1 Started in business with Kshs.2,500,000 in bank “ 3 Bought machinery worth Kshs.750,000 on credit from XYZ ltd. “ 5 Bought a motor van paying by cheque Kshs.600, 000 “ 8 Paid the amount owing to XYZ Ltd by cheque “ 15 Purchased stock from Unga Ltd. on credit Kshs.200,000 “ 17 Sold goods on credit to Stima Club Kshs.100,000 “ 18 Returned goods to Unga Ltd worth Kshs.10,000 “ 23 Stima Club returned goods to us worth Kshs.15,000 “ 25 Paid the amount owing to Unga Ltd. by cheque “ 30 Bought more machinery by cheque Kshs.280,000 Required: (i) Prepare the relevant ledger accounts and balance them off b) The following details relates to a second hand bookshop at Mariakani. 2019 Nov: 1st: Balance brought forward from the previous month: cash sh 105; Bank sh2164. 2nd: Cash sales sh 605. 3rd: Took sh 500 from the…
The following transactions took place in the month of January 2023 in the books of Ruth Charles Wholesale. Jan 1 Ms. Ruth Charles started her wholesale business with $44,000 cash Jan 2 she purchased Equipment costing $17,000 paying a deposit of $5,000 and signing a Note Payable for the remainder Jan 4 Brought Inventory costing $6,500 on credit Jan 6 Received 8% loan from Credit Union of 10,000 to purchase a motor vehicle for business use Jan 7 sold inventory for $ 10,500 cash Jan 8 Sold Inventory on credit for $ 12,000 Jan10 Purchased inventory costing $7,800 Jan 12 Paid rent for warehouse space $2,500 Jan 14 Paid salaries and wages of $9,000 Jan 16 Ruth took $3,500 cash for her own use Jan 18 paid $2,500 to note payable Jan 21 Inventory was return to accounts payable costing $500 Jan 23 Receive part payment from Accounts Receivables of $3,000 Jan 25 Paid Accounts Payable $2,000 Jan 26 purchased inventory for $3,700 cash Jan 28 Cash sale of inventory…