Date Particulars Jan 1, 2020 Cash balance – 15,600, Bank Balance – OMR 13,800 Cash sales – OMR 4,800 Deposited in to Bank - OMR 7,000 Purchased Goods from Mr.Waleed – OMR 4,200 2 5 7 Drew from Bank for office use OMR 1,200 Paid cheque to Mr.Waleed OMR 4,000 and received discount OMR 200 Sold goods to Mr. Sharooq –OMR 12000 Paid sundry expenses – OMR 120 Received cheque from Mr.Sharooq OMR 11,800 and discount allowed -OMR 200 10 14 16 18 Purchased stationary – OMR 3,500 Cash sales paid in to Bank OMR 4,500 Withdraw from Bank for Personal use – OMR 1,600 Bought goods for Cash – OMR 1,800 Mr.Sharooq cheque paid in to Bank Purchased fumiture by cheque – OMR 1,500 Mr.Sharooq cheque was dishonoured by the bank Loan received from bank OMR 2,500 19 20 23 24 25 26 29 30 Required: From the above information prepare triple column cash book with Discount, Cash and Bank Column.

Date Particulars Jan 1, 2020 Cash balance – 15,600, Bank Balance – OMR 13,800 Cash sales – OMR 4,800 Deposited in to Bank - OMR 7,000 Purchased Goods from Mr.Waleed – OMR 4,200 2 5 7 Drew from Bank for office use OMR 1,200 Paid cheque to Mr.Waleed OMR 4,000 and received discount OMR 200 Sold goods to Mr. Sharooq –OMR 12000 Paid sundry expenses – OMR 120 Received cheque from Mr.Sharooq OMR 11,800 and discount allowed -OMR 200 10 14 16 18 Purchased stationary – OMR 3,500 Cash sales paid in to Bank OMR 4,500 Withdraw from Bank for Personal use – OMR 1,600 Bought goods for Cash – OMR 1,800 Mr.Sharooq cheque paid in to Bank Purchased fumiture by cheque – OMR 1,500 Mr.Sharooq cheque was dishonoured by the bank Loan received from bank OMR 2,500 19 20 23 24 25 26 29 30 Required: From the above information prepare triple column cash book with Discount, Cash and Bank Column.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.2E

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On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
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