Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. 18 – 4- 2021 (Credit Invoice No. B1) 22 – 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. 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 days Grand Phones returned RO 800 worth of phones 29 – 4- 2021 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. 18 – 4- 2021 (Credit Invoice No. B1) 22 – 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. 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 days Grand Phones returned RO 800 worth of phones 29 – 4- 2021 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 44P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT