Q 1: Given: - The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal started business with a Cash investment of Rs.5000. 2. Purchased Office Supplies for Cash Rs.300. 3. Purchased Furniture for Cash Rs.4000. 4. Paid Office Rent Rs.350. 5. Commission earned for Cash Rs.4000. 6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay the balance of Rs.3500 after a week. 7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay the balance of Rs.700 after two weeks. You are required to make Journal Entries, Ledger and Trial Balance in proper format.

Q 1: Given: - The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal started business with a Cash investment of Rs.5000. 2. Purchased Office Supplies for Cash Rs.300. 3. Purchased Furniture for Cash Rs.4000. 4. Paid Office Rent Rs.350. 5. Commission earned for Cash Rs.4000. 6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay the balance of Rs.3500 after a week. 7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay the balance of Rs.700 after two weeks. You are required to make Journal Entries, Ledger and Trial Balance in proper format.

Name: Q 1: Given: -The following transactions related to the business of Iq
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Description: Q 1: Given: -The following transactions related to the business of Iqbal & Sons (Broker).1. Iqbal started business with a Cash investment of Rs.5000.2. Purchased Office Supplies for Cash Rs.300.3. Purchased Furniture for Cash Rs.4000.4. Paid Office

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.10E: Effects of transactions on Accounting equation On Time Delivery Service had the following selected...

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R. Nelson invests his personal computer, with a fair market value of 2,500, in the business. How would this transaction be recorded? a. A debit to R. Nelson, Capital, 2,500. b. A credit to Cash, 2,500. c. A credit to Professional Fees, 2,500 d. A debit to Computer, 2,500.
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
The following transactions related to the business of Iqbal & Sons (Broker).1. Iqbal started business with a Cash investment of Rs.5000.2. Purchased Office Supplies for Cash Rs.300.3. Purchased Furniture for Cash Rs.4000.4. Paid Office Rent Rs.350.5. Commission earned for Cash Rs.4000.6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay thebalance of Rs.3500 after a week.7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay thebalance of Rs.700 after two weeks.You are required to make Journal Entries, Ledger and Trial Balance in proper format.
1. Record the effect of the following transactions on the accounting equation using a table similar tothe example.a. Owen inherited $20,000 and invested the cash in the business.b. Performed services for a client and received cash of $700.c. Purchased supplies on account, $1,000d. Invested personal cash of $1,000 in the business.e. Performed services to clients and received cash of $2,400f. Paid office rent expenses, $ 900 and advertising expense $100.g. Withdrew cash of $1,800 for personal use. Prepare Income Statement and Balance Sheet.
1. Record the effect of the following transactions on the accounting equation using a table similar tothe example.a. Owen inherited $20,000 and invested the cash in the business.b. Performed services for a client and received cash of $700.c. Purchased supplies on account, $1,000d. Invested personal cash of $1,000 in the business.Prepare Income Statement and Balance Sheet. (Ans: Net profit= $2,100 Balance = $22,300)
Fatimah extracted the following transaction for the month of May: 1 Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term. 7 Purchased goods RM6,000 from Daya & Co on credit term. 9 Received cheque RM2,600 from sales on cash term. 12 Issued a cheque RM3,000 for purchases of goods on cash term. 16 Issued a cheque RM5,700 to Daya & Co., as settlement of purchases above, after deducting a discount received of RM300. 17 Sales of goods RM4,000 to Era Enterprise on credit term. 21 Fatimah withdrew cash RM200 for family use. 24 Issued a cheque RM2,000 to Syarikat Cerah Sdn. Bhd. as partial settlement of amount owing. 27 Received cheque RM3,800 from Era Enterprise, as settlement of sales above, after deducting discount allowed of RM200. 28 Miscellaneous expense RM280 paid by cash. Required: Prepare the journal entries…
Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of business enterprises? Started business with cash value of Rs. 400,000. Rent paid in advance for a year Rs. 4,000. Purchased merchandising inventory for cash Rs. 70,000 and on account Rs. 30,000 from Mr. Akram. Purchased Marketable securities for cash Rs. 200,000. Cash Sales Rs. 31,000 (cost 21,000). Withdrew inventory for personal purpose by owner of worth Rs. 5,000 Requirement: Use accounting equation to show their effect on his Assets, Liabilities and Capital?
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Group 7 Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation? 1. Commence business with cash P400,000 and Land P70,000. 2. Bought merchandising for cash P 9,000. 3. Cash sales of worth P35,000. 4. Bought goods on credit from Salman of worth P6,000. 5. Sales on account to Ali Raza P 13,000. 6. Purchase furniture of the value of P 6,000 by cash. 7. Received cash form Ali Raza of P 11,000. 8. Return defective furniture of worth P1,000. 9. Paid wages P1,000, Rent 2,000 and Electricity Bill Payable P1,500. NOTE: PLEASE ALSO INCLUDE SOME EXPLANATION BELOW, SINCE THIS WILL BE FOR MY REPORT. THANK YOU
Q1. Journalize the following transaction and prepare Cash Ledger only. 1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for OMR 7,000 4. Paid rent OMR 5000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR 11000 7. Sold goods for OMR 20000 8. Purchase goods for OMR 4000 and paid 50% cash. 9. Withdrawn 10 % of capital from the business for personal use. 10. Deposited OMR 2,000 in the bank. 11. Sold car for OMR 6000 12. Withdrawn money from bank OMR 1,000
Record the following transactions in Accounting Equation? Commence business with cash Rs. 200,000 and Land Rs. 50,000. Bought merchandising for cash Rs. 80,000. Cash sales of worth Rs. 25,000. Bought goods on credit from Salman of worth Rs. 50,000. Sales on account to Ali Raza Rs. 12,000. Purchase furniture of the value of Rs. 5,000 by cash. Received cash form Ali Raza of Rs. 10,000. Return defective furniture of worth Rs. 1,500. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500