Question 01Lisa started a business on 1 January 2019.In the year to 31 December 2019 the following transactions took place:A new warehouse was acquired on 31 March 2019, Lisa received internet connection usage bill ofRO 500 for the 12 months ending on 31 March 2020. Payment was made in full, on 30 April 2019.In the accounting year to 31 December 2020 the following transactions took place:She expanded her business and rented another office premises in the next building. The internetconnection usage bill for the 12 months to 31 March 2021 was RO 800. Lisa paid the full amounton 1 June 2020.You are required:A. Write up the Internet Connection Usage Account for each of the two accounting years.

Name: Question 01Lisa started a business on 1 January 2019.In the year to 3
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Description: Question 01Lisa started a business on 1 January 2019.In the year to 31 December 2019 the following transactions took place:A new warehouse was acquired on 31 March 2019, Lisa received internet connection usage bill ofRO 500 for the 12 months ending

Solution (A). Accouting Transactions for the Period 01-Jan-2019 to 31-Dec-2019:- Date Account…

Business

Accounting

Lisa started a business on 1 January 2019. In the year to 31 December 2019 the following transactions took place: A new warehouse was acquired on 31 March 2019, Lisa received internet connectio RO 500 for the 12 months ending on 31 March 2020. Payment was made in full, on

Lisa started a business on 1 January 2019. In the year to 31 December 2019 the following transactions took place: A new warehouse was acquired on 31 March 2019, Lisa received internet connectio RO 500 for the 12 months ending on 31 March 2020. Payment was made in full, on

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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