QI 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

QI 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

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.10P

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Q1 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.
Q4. ABC Company has opening stock of $50000 purchased goods worth $150,000 during the year and closingstock of $50000? What is the cost of goods sold for the year?Q5. Company XYZ sold furniture with $ 10,000 received $5000 in cash and rest will be paid in future bycustomer. How this affects the accounting equation for the company XYZ? Q 7. A’s initial capital investments is $500,000 dollars B’s initial investments is $500,000. A will receive$15000 as salary per year. B will receive commission $1500 dollars per year. Create a capital accountusing a) fixed capital method and b) fluctuating capital method
Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Post them into the ledger accounts Name of Account:______________ DATE PARTICULARS AMT. DATE PARTICULARS AMT. Name of…
Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Record Journal Entries 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 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Prepare the Trial Balance as on 31.12.2020
Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Post them into the ledger accounts 3.
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
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.
Determine the credit and debt for each transaction 10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.
Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.
Question: During March 2020, ABC engaged in the following transactions: a. ABC received cash of $50,000 from David R. and issued common stock to David. b. The business paid $20,000 cash to acquire a truck. c. The business purchased supplies costing $1,800 on account. d. The business painted a house for a client and received $3,000 cash. e. The business painted a house for a client for $4,000. The client agreed to pay next week. f. The business paid $900 cash toward the supplies purchased in transaction c. g. The business paid employee salaries of $1,000 in cash. h. The business paid cash dividends of $1,500. i. The business collected $2,600 from the client in transaction e. j. David paid $200 cash for personal groceries. Required Record transaction in journal form