What is name of account of this items ParticularsOMROpening Balance:Cash35,000Sohar bank account62,000Khalid (supplier)15,000Loan against MachineryCapital75,000???Purchased goods by cheque with 8% trade discount15,000Withdrew from bank for personal use1,200Sold goods for cash with cash discount of 2%Purchased goods from Al Rayan IndustriesSold goods to Sammuel &CoPaid productive wages by cheque8,70014,0009,2002,800Returned damaged goods to Al Rayan Industries1,300Purchased Computers for storing business data frommultimedia Electronics4,200Sammuel & Co returned goods worth1,100

Types of Accounts: Assets Account Liabilities Account Capital Account Income or Revenue Account…

Particulars OMR Opening Balance: Cash 35,000 Sohar bank account 62,000 Khalid (supplier) Loan against Machinery Capital Purchased goods by cheque with 8 % trade discount 15,000 75,000 ??? 15,000 Withdrew from bank for personal use 1,200 Sold goods for cash with cash discount of 2% 8,700 Purchased goods from Al Rayan Industries 14,000 Sold goods to Sammuel &Co 9,200 Paid prouctive wages by chegue 2800

Particulars OMR Opening Balance: Cash 35,000 Sohar bank account 62,000 Khalid (supplier) Loan against Machinery Capital Purchased goods by cheque with 8 % trade discount 15,000 75,000 ??? 15,000 Withdrew from bank for personal use 1,200 Sold goods for cash with cash discount of 2% 8,700 Purchased goods from Al Rayan Industries 14,000 Sold goods to Sammuel &Co 9,200 Paid prouctive wages by chegue 2800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 14MC: A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays...

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Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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