Question 4: Mrs. arsalan started business with 60,000 Bought furniture from Modern Furniture for 10,000 Purchased goods for cash 15,000 Purchased goods from B. Sen & Co for 30,000 Opened a bank account by depositing 16,000 Nov 10th 11th 12th 13th 14th 16th 17th 18th Sold goods for cash 15,000 Purchased stationery for 1000 from Stationery Mart Sold goods to Zahir Khan for 10,000 Bought machinery for 6,000 and payment made by cheque. Goods returned by Zahir Khan for 2,000 Payment to B.Sen & Co by cheque 5,000 Withdrew from bank for personal use 3,000 Interest paid through cheque 2,000 Withdrew from bank for office expenses 10,000 Cheque received from Zahir Khan 5,000 Paid electricity bill for 100 Cash sales for 6,000 Commission received by cheque 5,000 19th 20th 21st 22nd 23rd 24th 26th 27th 29th 30th Requirements: 1. Prepare journal entries 2. Post to ledger accounts 3. Make trial balance

Question 4: Mrs. arsalan started business with 60,000 Bought furniture from Modern Furniture for 10,000 Purchased goods for cash 15,000 Purchased goods from B. Sen & Co for 30,000 Opened a bank account by depositing 16,000 Nov 10th 11th 12th 13th 14th 16th 17th 18th Sold goods for cash 15,000 Purchased stationery for 1000 from Stationery Mart Sold goods to Zahir Khan for 10,000 Bought machinery for 6,000 and payment made by cheque. Goods returned by Zahir Khan for 2,000 Payment to B.Sen & Co by cheque 5,000 Withdrew from bank for personal use 3,000 Interest paid through cheque 2,000 Withdrew from bank for office expenses 10,000 Cheque received from Zahir Khan 5,000 Paid electricity bill for 100 Cash sales for 6,000 Commission received by cheque 5,000 19th 20th 21st 22nd 23rd 24th 26th 27th 29th 30th Requirements: 1. Prepare journal entries 2. Post to ledger accounts 3. Make trial balance

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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Q#1 On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He completed the following transactions during the month. February: 03: Purchased merchandise on credit from Esajee Rs. 25,000. 05: Purchased Sales Equipment on account from Babar and Co. Rs. 20,000. 15: Sold merchandise for cash Rs. 10,000 and on credit Rs. 15,000. 20: Paid to Easajee Rs. 15,000. 25: Collection from customers Rs. 10,000. 28: Paid office salaries Rs. 3,000. Required a) Record the above transactions in the General Journal. b) Post the entries from the General Journal into the ledger using T-accounts. c) Balance the accounts and prepare Preclosing Trial Balance in proper form on February 28, 1991 with complete title and column headings.
Q#1 On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He completed the following transactions during the month. February: 03: Purchased merchandise on credit from Esajee Rs. 25,000. 05: Purchased Sales Equipment on account from Babar and Co. Rs. 20,000. 15: Sold merchandise for cash Rs. 10,000 and on credit Rs. 15,000. 20: Paid to Easajee Rs. 15,000. 25: Collection from customers Rs. 10,000. 28: Paid office salaries Rs. 3,000. Required Post the entries from the General Journal into the ledger using T-accounts. Balance the accounts and prepare Preclosing Trial Balance in proper form on February 28, 1991 with complete title and column headings.
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
Question 01: Mr. Siddiqui started business on December 1, 2019 with the investment of cash Rs. 500,000 and office equipment worth Rs. 80,000. Following transactions were completed during the month: December 2: Purchased merchandise for cash Rs. 50,000, paid cash Rs. 30,000 and balance on credit. December 3: Purchased office supplies for cash Rs. 12,000. December 08: Purchased furniture on credit Rs. 75,000. December 15: Sold merchandise for Rs. 80,000, received cash Rs. 30,000 and balance on credit. December 18: Merchandise retuned to supplier Rs. 5,000. December 20: Merchandise retuned by customer Rs.8,000. December 22: Received cash from customer Rs. 35,000. December 24: Paid rent for the month Rs. 25000. December 26: Paid to suppliers Rs. 20,000. December 28: Mr. Siddiqui withdrew cash Rs, 30,000 for personal use. Required: a) Record the above transactions in the general journal. b)…
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record the transaction in the appropriate ledger accounts and balance all the account
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
Q No 3: M/s. Khalid Traders started business on March 1, 2006 with a cash investment of Rs.700,000. They completed the following transactions during the month:Mar.2:Paid shop rent in advance for one year Rs.120,000.Mar.4:Purchased furniture for shop on cash Rs.50,000.Mar.5:Opened a bank account with Rs.200,000.Mar.7:Purchased a computer for the business worth Rs.50,000.Mar.10:Purchased merchandise for cash Rs.150,000.Mar.15:Sold merchandise for cash Rs.150,000.Mar.18:Purchased merchandise on credit Rs.50,000.Mar.20:Sold merchandise on credit for Rs.80,000.Mar.23:Proprietor withdrew cash and merchandise for Rs.10,000 and Rs.5,000 respectively.Mar.27:Paid for advertising Rs.25,000.Mar.31:Paid salary to the salesman Rs.15,000 by cheque.REQUIREDi.Identify the each record as a cash, credit or mixed transactionii.Record the above transactions in the General Journal of M/s. Khalid Traders
2. Aminah opened a business on 1 January 2020. She brought in cash RM 120,000 and equipment valued at RM85,000 into a business. You are required to record the following transactions in tabular analysis format:January 2020Particulars3 Deposited RM55,000 of the cash into the bank account5 Bought motorcycle worth RM9,000 on credit from Bobby Motor Sdn Bhd6 Purchased goods on credit from Freshy Mart worth RM14,0008 Sold goods by cash to Fafau Catering Enterprise worth RM16,50010 Bought cttlery equipment worth RM3,200 by cash12 Bought goods on credit from Freshy Mart worth RM7,70016 Paid electricity bill by cheque amounting RM90018 Customer pay and received cash worth RM3,60021 Sold goods on credit to HanaHani Enterprise worth RM9,40025 Settled all amount due to Freshy mart by cheque payment28 Sold goods on credit to Hafifah Mart worth RM12,30030 Received cheque from Hanahani Enterprise in settlement of all amount due31 Paid by cheque worth RM9,000to Bobby Motors and paid salaries by cash…
PA3. LO 8.5Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1.The owners invested $10,000 from their personal account to the business account.Paid rent $500 with check #101.Initiated a petty cash fund $500 with check #102.Received $1,000 cash for services rendered.Purchased office supplies for $158 with check #103.Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days.Received $800 cash for services rendered.Paid wages $600, check #105.Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106.Increased petty cash by $30, check #107.
Q4) A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B) Post the transactions given in Section – D to the proper ledger accounts. 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.
Prepare Journal Entry: April 1. Mr. Allan Lledo, the owner started the asg wholesale and retail inc by investing P150,000 April 2. Purchase merchandise on account from MJ wholesale supply P65,000 terms 2/10, n/30 FOB Destination. April 4. Purchase office equipment for cash P25,000 April 4. Purchase supplies for cash P5,500 April 5. Sold merchandise for cash P31,500 April 6. Sold P24,000 worth of goods to Don Sales Inc. 2/10, n/30 FOB Destination. April 7. Received P1,500 credit from MJ wholesale supply for the return of unsatisfactory goods. April 8. Paid P600 for the delivery of goods to Don Sales inc. April 9. Purchase merchandise on cash P50,000 April 10. Made a full payment to MJ wholesale supply. April 11. Made a sale to NA travels for P38,800 with credit term 2/10, n/30 FOB Destination April 12. Purchase merchandise on account from Care Enterprises P55,000 terms 2/10, n/30 FOB Shipping point April 13. Paid freight for the purchase of merchandise P1,200 April 14. Purchase…