On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:Purchase Furniture for Cash Rs. 7,000.Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.Owner withdrew of worth Rs. 2,000 for personal use.Paid Khalid Retail Store Rs. 500.Received Rs. 10,000 from Khan Brothers.Paid Salaries Expense Rs. 2,000Prepare basic transactions using National Accounts Chart (NAC). SectionAccount NeAccount TitleNon-current assets (long-lived)10Intangible assets101Intangible assets - Cost102Intangible assets - AmortizationCapitalization costs for Intangible assets103Property, plant and equipmentProperty, plant, equipment - CostProperty, plant, cquipment - DepreciationCapitalization costs for Property, plant, equipment11II11211312Real Estate Investment121Real Estate Investment-Cost122Real Estate Investment -DepreciationBiological assetsBiological assets-CostBiological assets -Depreciation1313113214Natural resources141Natural resources -Cost142Natural resources -DepletionInvestments accounted for using the equity method.15151Investment in associates152Investment in joint associates16Deferred tax assets161Deferred profit tax assets162Other tax assets17Long-term receivablesLong-term receivables of buyers and customers171Long-term receivables of subsidiaries (dependent) enterprises172173Long-term receivables principal management staff174Long-term lease receivablesLong-term construction contracts receivables175176Long-term interest receivables177Other long-term receivables18Other long-term financial assets181Long-term investments stored until payment (maturity)182Long-term loans issued183Other long-term investmentsAdjustments due to a decrease in the value of other long-term financialassets18419lother long-term assets 19Other long-term assets191Prepaid expenses192Issued long-term advances193Other long-term assets2Short-term assets20Inventory.201Materials, raw materials202Production expenses203Work in process on construction contracts204Finished goods205Goods, products206Other assets held for sale207Other inventory208Adjustments due to the decrease in value of inventories21Short-term receivablesShort-term receivables of buyers and customers211212Short -term receivables of subsidiaries (dependent) enterprises213Short -term receivables principal management staff214Short -term lease receivablesShort -term construction contracts receivables215216Short -term interest receivables217Other Short-term receivables218Adjustments on bad debts22Cash and equivalents221Cash & Petty cash222Cash in transit223Bank account224Other bank accounts225Cash equivalents23Other short-term financial assets231Short-term investments held for sale232Short-term investments stored until payment233Short term loans issued234Other short-term investmentsAdjustments due to a decrease in the value of other short-term financial235assets24Other short-term assetsVAT substitutablePrepaid expenses241242243Short-term advances issued244Accountable amounts245Other short-term assetsanital

Name: On April 01, 2016 Anees started business with Rs. 100,000 and other tr
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Description: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:Purchase Furniture for Cash Rs. 7,000.Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.Sold Goods to Khan Brothers R

Journal entry is a process of recording business transactions in the books of accounts for the first…

Business

Accounting

On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000 Prepare basic transactions using National Accounts Chart (NAC)

On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000 Prepare basic transactions using National Accounts Chart (NAC)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.4MBA

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