Started business with capital $1,00,000 2. Bought furniture $25,000 3. Bought goods for cash$ 20,000 4. Bought goods from Ali on Credit $5,000 5. Sold goods for cash for $15,000 6. Sold goods to Abdullah on credit $8,000 7. Paid cash to Ali$ 4,000 8. Received cash from Abdullah $5,000 9. Paid Cash into Bank$ 25,000 10. Withdrawn from bank $10,000 Instructions: For each transaction, show the proper effect on the accounting equation

Started business with capital $1,00,000 2. Bought furniture $25,000 3. Bought goods for cash$ 20,000 4. Bought goods from Ali on Credit $5,000 5. Sold goods for cash for $15,000 6. Sold goods to Abdullah on credit $8,000 7. Paid cash to Ali$ 4,000 8. Received cash from Abdullah $5,000 9. Paid Cash into Bank$ 25,000 10. Withdrawn from bank $10,000 Instructions: For each transaction, show the proper effect on the accounting equation

Name: . Started business with capital $1,00,0002. Bought furniture $25,0003.
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Description: . Started business with capital $1,00,0002. Bought furniture $25,0003. Bought goods for cash$ 20,0004. Bought goods from Ali on Credit $5,0005. Sold goods for cash for $15,0006. Sold goods to Abdullah on credit $8,0007. Paid cash to Ali$ 4,0008. Rece

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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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 _______4000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR __11000 7. Sold goods for OMR ___6000 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 Withdrawn 10 % of capital from the business for personal use. 10.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. Q1) 1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step.
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 _______4000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR __11000 7. Sold goods for OMR ___6000 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 Withdrawn 10 % of capital from the business for personal use. 10.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 __8000 12. Withdrawn money from bank OMR 1,000 Q1) 1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step 4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number.
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 _______4000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR __11000 7. Sold goods for OMR ___6000 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 __8000 12. Withdrawn money from bank OMR 1,000 Q1) 1. Most of the companies uses Multi-step Income statement, you are required to convert Income Statement of your company from Multi-step to Single Step. 2. Give details of Revenue along with NOTE Number from the Notes disclosures portion. 3. Details of Operating expenses (Administrative and Selling and Marketing). 4. What is the current year depreciation and method used by your company, show the detail attached with Notes Disclosures and its relevant number. 5. Show a picture of Retained Earnings…
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 900,000. 3. Cash sales of worth P35,000. 4. Bought goods on credit from Salman of worth P60,000. 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.
Show that the accounting equation is satisfied after taking into consideration each of the following transactions in the books of Mr. N 1. Started business with capital 1,00,000 2. Bought furniture 25,000 3. Bought goods for cash 20,000 4. Bought goods from Ram on Credit 5,000 5. Sold goods for cash for 15,000 6. Sold goods to Shyam on credit 8,000 7. Paid cash to Ram 4,000 8. Received cash from Shyam 5,000 9. Paid Cash into Bank 25,000 10. Withdrawn from bank 10,000
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01 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:(i) general journal for the transactions;
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01 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:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;
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 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
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