Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000 cash and Furniture valued at RO. 3000 as capital 15. 2. 20 Opened Bank Account and deposited 5000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 4500, paid 10 % cash and remaining on credit Sold goods for 14000 OMR. 50% received in cash remaining on account to M/s. Muscat Enterprises 21.6.20 4.9.2017 Purchased building from Ansari Traders 2500 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders . 29.12.20 Paid Salary expense 500 OMR for the month of December 20 31.12.20 Received rent revenue of 1200 OMR in cash. Required : 1. Record Journal Entries 2. Post them into the ledger accounts 3. Prepare the Trial Balance as on 31.12.2020

Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000 cash and Furniture valued at RO. 3000 as capital 15. 2. 20 Opened Bank Account and deposited 5000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 4500, paid 10 % cash and remaining on credit Sold goods for 14000 OMR. 50% received in cash remaining on account to M/s. Muscat Enterprises 21.6.20 4.9.2017 Purchased building from Ansari Traders 2500 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders . 29.12.20 Paid Salary expense 500 OMR for the month of December 20 31.12.20 Received rent revenue of 1200 OMR in cash. Required : 1. Record Journal Entries 2. Post them into the ledger accounts 3. Prepare the Trial Balance as on 31.12.2020

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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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.
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Below transaction summaries relate to Jetters Co. as at 30th June 2019.Cash balance as at 1of July 2019 12500Cash receipts from the customers 720000Purchase of land 250000Obtained a bank loan 35000Business cash deposits in the bank account 10000Purchase of 2 vehicles for 20000 eachRepayment of the loan 5000Payments to vendors 562000Bad debt 5000Borrowings from a financial institution 45000Sale of investment 25000Depreciation 24000Payment of operating expenses 115000Payment of income taxes 52000Share capital issued 150000Payments for interest expense 21000Sale of machinery 61000Sale of motor vehicle 15000Prepare the cashflow statement for Jetters Co. for the year ended 30th June 2020.
One company had the following items in its “cash” account ad of december 31, 2022: Cash on handP150,000 Cash in abnk - unrestricted800,000 Cash restricted for additions to plant (to be disbursed in 2025)600,000 Bank certificates of deposit (acquired 12/25/2022; due in 4/1/2023)250,000 Cash in bank - to be used for payment of 2023 dividends300,000 How much should be reported as cash and cash equivalents as of December 31, 2022?
On Ist January, 1990, the balances of M/s Khan Bros. are as follows; Assets Liabilities & Owner's equity Rs. 25000 Creditors 40000 Cash 17000 Capital 94000 Debtors of goods 22000 Stock of goods 70.000 134000 Building 134000 Transactions during the month of January; Jan: 1. Purchased goods for cash Rs. 4,000 subject to a trade discount of 10% 5. Sold goods for cash Rs. 12,000 Costing Rs. 10,500 7. Cash paid to creditors Rs. 25,000 9. Sold goods for cash Rs.5,000 and as credit basis Rs.3,000 costing Rs.6,000. 11. Goods returned by a customer Rs. 2,000 costing Rs. 1,900 15. Cash received from debtors Rs. 14,000 18. Cash paid for furniture purchased for owner's domestic use Rs. 1,000 22. Depreciation on building Rs. 1,400. 29. Paid telephone bill Rs. 600 30. Paid salaries Rs. 3,000. Req. Show the effects of above transactions on the accounfing equation. Ans: [Rs. 106400].
On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a.7.500 debit to 100-Cash($) and credit to 646-Forex Gain b.7.500 debit to 100-Cash($) and credit to 656-Forex Loss c.37.500 debit to 100-Cash($) and credit to 646-Forex Gain d.7.500 debit to 656-Forex Loss and credit to 100-Cash($)
Lucky House Ltd Trial Balance As at 30 September 2020 Account    Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account    Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
xtract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables                                                                              3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Owners Equity Select one: a. None Of These b. 8900 OMR c. 58250 OMR d. 17650 OMR
Use the following accounts;CashBankShort-term investmentsLoss on sale of short-term investmentForeign exchange gainForeign exchange lossCapitalGain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company’s first month: Date12/1 The owner invested $ 200,000 cash for capital.12/5 r@ktas Co., opened deposit account on Don’t Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10 The Company purchased short-term investment with cash for $2,500.12/18 The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.
Extract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Owners Equity Select one: a. None Of These b. 17650 OMR c. 8900 OMR d. 58250 OMR
The following balances were extracted from the ledger of DUMISANI STORES (with partners S. Dumi and Z. Sani) on 28 February 2020, the end of the accounting period. Capital: Dumi R75 000 Capital: Sani 25 000 Current account: Dumi (1 March 2019) 4 500 Cr Current account: Sani (1 March 2019) 3 700 Dr Drawings: Dumi 25 000 Drawings: Sani 23 000 Note: Dumi decreased his capital by R25 000 and Sani increased her capital by R25 000 on 28 February 2020. The profit for the year is R92 000.The partnership agreement stipulates the following;(a) Salary allowance to Dumi, R30 000 p.a.(b) Salary allowance to Sani, R15 000 p.a.(c) Interest on capital @ 12% p.a.(d) Remaining profit and losses to be shared between Dumi and Sani in the of 3 : 2.Required.Prepare the Appropriation Account in the General Ledger.