Muhammad bought goods for the amount of 800,000 dinars from Al-Fayhaa ?Trading Company on the account. Which account is credited Creditor Sales Capital Purchases
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- 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 2020Asad borrowed Rs 10,000/- from Saad with a credit period of three months. Saad demanded extra benefit in return (i-e) you have to repay me Rs 10,500/- after three months. Choose the correct statement of the followings about this transaction: a. This transaction can be classified as Riba-Al-Nasiyah b. This transaction can be classified as Riba-Al-Hadith c. This transaction cannot be classified under any category of Riba. d. This transaction can be classified as Riba-Al-FadhlComplete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.
- 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.The following transactions took place in April 2020: 1. Mwale started his business with Cash 50,000 2. Purchased goods for cash 5,000 3. Purchased more goods for cash 10,000 4. Purchased goods from Mr Kuku on credit 15,000 5. Sold goods for cash 6,000 6. Sold more goods for Cash 12,000 7. Sold goods to Mr Phiri for 18,000 on account 8. Purchased goods on credit from Mr Kapalu 10,000 9. Purchased goods from Ms Chewe on credit 20,000 10. Sold goods for cash to Ms Mushiba 12,500 11. Sold goods to Mr Bbuku on account for 25,000 12. Mr Phiri returned goods worth 2,500 13. Returned goods to Ms Chewe 2,000 14. Received cash from Mr Phiri 9,900; allowed him discount 100 15. Paid Mr Kuku 7,880; discount allowed by him 120 16. Withdrew cash for personal use 1,000 17. Withdrew goods for private use (Cost ` 500, Selling Price ` 600) 18. Paid Salary to Mr Banda, an employee 500 19. Paid Rent for cash to Mr Limbani, landlord 500 Required: Demonstrate how the above transactions will affect the…Rashid pays took goods worth £500 from the company. The entries in Rashid's accounts should be:
- 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.She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store. Questions 1. How much was her cost of sales? 2. How much gross profit did she make? 3. How much was her net profit?A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
- They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.The following transactions relate to Pat’s business for the month of December 2019.1.12.19 Started the business with Rs.10000 in cash.2.12.19 Bought goods on credit from the following suppliers:Grass Rs.6000Seed Rs.700010.12.19 Sold goods on credit to the following customers:Fog Rs.3000Mist Rs.400012.12.19 Returned goods to the following suppliers:Grass Rs.1000Seed Rs.200015.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seed for Rs.4000.20.12.19 Sold more goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000.24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist.31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.You are required to:Enter the above transactions in Pat’s journal and ledger accounts and compile a trial balance as at 31 December 2019.The following are the transactions of Taki traders for the month of June 2020: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for resale €7,000 paying by cheque. June 01: Bought a vehicle for €15,000 paying by cheque. June 02: Paid rent €3,000 paying by cheque. June 03: Paid insurance €2,200 paying by cheque. June 04: Bought goods for resale €6,000 paying by cheque. June 05: Sold goods for €4,500 and immediately banked the cheque. June 06: Paid wages €2,400 paying by cheque. June 07: Bought goods for resale €8,000 paying by cheque. June 08: Sold goods for €6,500 immediately banking the cheque. June 20: Paid business rates €3,900, paying by cheque. June 30: Sold goods for €2,000, immediately banking the cheque. Required (a) Write up the above transactions in the appropriate ledger accounts and balance them off. (b) Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With examples explain the nature…