I need perfect answer otherwise I will give downvotes 3. Gopal commenced business on 1st January, 2020 with a capital of Rs.12,000.He bought furniture for Rs.1,200 and machinery Rs.2,000. During the year hewithdrew @Rs.200 per month for private use. He introduced additional capital ofRs.1,600.On 31st December 2020 his financial position was as follows : Cash in handRs.300; Cash at Bank Rs.3,200; Sundry Debtors Rs.5,300; Stock in Trade Rs.5,6003;Bills Receivable Rs.2,400; Sundry Creditors Rs.800; Outstanding Rent Rs.10%3BDepreciate furniture and machinery by 10%. Ascertain profit or loss made by Gopalduring 2020.enbos

Answered: Gopal commenced business on 1st…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mr. Igiria started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…
Mr. Igiria started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…
On 1-1-2020, Mr. A started his business of dealing in televisions by investing Rs. 200000 in cash from his personal sources. The other transactions relating to his first months business were as under:3-1-2020, borrowed an interest free loan of Rs. 50000 from Mr. B (a friend of A).5-1-2020, purchased office equipment for Rs. 30000 and paid cash Rs. 20000 and the balance will be paid after 10 days from now.7-1-2020, paid Rs. 50000 to Mr. B for settlement of his loan.16-1-2020, paid accounts payable of 5-1-200118-1-2020, purchased furniture for Rs. 10000 against a note which is payable in 6 months.20-1-2020, purchased 5 calculators for Rs. 5000 on cash.24-1-2020, sold 5 calculators for Rs. 5000 on cash.25-1-2020, purchased 5 Tvs @ Rs. 10000 for cash.26-1-2020, sold 5 Tvs @ Rs. 12000 for cash.31-1-2020, paid rent of office Rs. 6000 for January, February and March equally..Required: Make Accounting equation
Mr. Ravi Kumar keeps his books on single entry. His position on 31st December, 2019 was as follows:Cash at bank Rs. 3,000; Stock Rs. 20,000; Debtors Rs. 30,000; Machinery Rs. 50,000 and Creditors Rs. 25,000.His position on 31st December. 2020 was as follows:Cash at Bank Rs. 4,000; Stock Rs. 25,000; Debtors Rs. 45,000;Machinery Rs. 50,000 and Creditors Rs. 25,000During the year he introduced Rs. 10,000 as further capital and withdrew from business Rs. 3,000 per monthFrom the above information ascertai
on 1st January 2002 Ali started business with a capital of Rs. 20,000 and his transaction of the month were as follows:- Jan 03 Received cash from kamal Rs 200 Jan 05 Paid salaries Rs 300 Jan 08 Purchase furniture from Kashif Rs 1000 Jan 11 Purchases building for cash Rs.9000 Jan 13 Purchase goods from Hasan Rs.1500 Jan 17 sold goods for cash Rs.900 Jan 19 Draw cash for private expenses Rs100 Jan 25 Received from rahim and sons RS 590 against the payment of Rs600. Required: - Journalizing the above transaction and prepare the ledger & trial balance
Mr. Doh Ghong started his business named “Ghong Services on January 01, 2020. The following transactions took place during the month: January Ghong invested P100,000 from his personal savings for his newly opened business. 08 Bought Equipment, P30,000 cash. 15 Applied for a business loan from BPI, and received P50,000 cash. 20 Purchased Furnitures, P25,000 on account. 25 Mr. Ghong bought Supplies, P5,000 cash. 31 Withdrew P5,000 cash for personal use. PREPARE STATEMENT OF FINANCIAL POSITION AS OF JANUARY 31, 2020.
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Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.
Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018.Accounts from Incomplete Records Amount Kshs.Receipt from debtors. 57,500Cash sales 45,000Cash purchases 25,000Wages paid 5,000Salaries to staff…
Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Accounts from Incomplete Records Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…
Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018.Accounts from Incomplete Records Amount Kshs.Receipt from debtors. 57,500Cash sales 45,000Cash purchases 25,000Wages paid 5,000Salaries to staff…
Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Accounts from Incomplete Records Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff 17,500 Trade expanses 6,500 Electricity bill of factory 7,500 Drawings of Karue 3,000 Cash paid to creditors 42,000 Discount allowed 1,200 Discount received 3,000 Bad debts written-off 1,300 Cash balance at end of year 20,000 Mr.Karue used goods worth Kshs.2, 500 for private purposes, which is not recorded in the books. Charge depreciation on furniture 10% and…

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