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Description: Q 1. Journalise the following transactions, post the same in a relevant ledger account and prepare a trial balance.June 1 Ali commenced business with Rs.20,000.June 2 Paid into bank Rs.5,000.June 3 Purchased Plant worth Rs.10,000 from Khan &

Business

Accounting

Q 1. Journalise the following transactions, post the same in a relevant ledger account and prepare a trial balance.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 9PB: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...

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Q. 2 On January 1: Javaid started business with cash Rs. 96,000 January 2: Deposited with bank Rs. 26,000 January 4: Purchased goods from Hamid for Rs. 1,600 issued cheque for payment. January 5: Purchased Iron safe for Rs. 1,200, paying cash Rs. 600, issued cheque for the balance. January 6: Purchased goods on credit from Ali for Rs. 2,200 January 7: Sold Goods on account to Salim for Rs. 2,200 January 10: Defective goods returned by Salim Rs. 100 January 11: Received a cheque from Salim for Rs. 2,100 January 12: Paid Salim's cheque into bank January 28: Goods sold to Kashif for Rs. 3,300 January 29: Cheque issued to Ali for Rs. 2,150 and discount received Rs. 50 January 30: Salaries paid Rs. 3,300 by cheque Req: Prepare Three column cash book.
Req: Journalise the above transactions and post them into the ledger. 2.5L. Journalise the following transactions, post in the ledger and prepare a trial balance: 1989 Jan. 1 Mr. Nadeem commenced business with Rs. 40,000 cash, furniture worth Rs. 5.000, motor-car valued at Rs. 12,000 and stock worth Rs. 20,000. "3 Deposited into Bank Rs. 38,000. "5 Purchased goods on account from Imran worth Rs. 9,000. "6 Sold goods to Babar on credit for Rs. 6,000. " 8 Bought office supplies from Rafiq & Co. for cash Rs. 200. " 10 Goods sold for cash Rs. 2,000. " Pl Paid Rs. 600 as travelling expenses to salesman. " 12 Withdrew from the bank for personal use Rs. 1,000. " 16 Withdrew from bank for office use Rs. 3,000. " 19 Issued a cheque to Imran of Rs. 8,800 in full settlement of his account. " 22 Paid carriage in cash Rs. 400. " 25 Received a cheque from Babar for Rs. 6,000. " 31 Paid rent of the building by cheque Rs. 300. " 31 Commission reccived Rs. 200. " 31 Bank charges made by bank Rs. 25.…
Q.1: Journalize the following Transaction into journal post theminto ledger and Prepare Trail balance. In this question value (x) is your UNIVERSITY ROLL NUMBER. August 01: Introduced cash as capital Rs. 2,50,000 04: Purchased Goods from Noor limited Rs.5000 11: Paid to Noor Limited 4500 and discount receivedin full settlement of his account. 12: Sold Goods to Mobeen for Rs.1500 on credit. 15: withdraw cash for personal use by the ownerof the business is value Rs.(X) multiply by 2. (whereas value (X) is your university rolI number) 16: Paid salaries is Value Rs. (x) multiply by 5. (Whereas value (X) is your university roll number)
What type of balance is D. Martin's a/c carrying? Dr. Feb 10 Feb. 28. Return Outwards Bank a. Debit balance of $1,020 O b. Credit Balance of $1,020 Oc. Credit balance of $200 Od. Debit balance of $200 195 $ 215 D. Martin Feb. 2 A/c Purchases $ Cr. 610
Q.1: Journalize the following Transaction into journal post them into ledger and Prepare Trail balance. In this question value (x) is your UNIVERSITY ROLL NUMBER. August 01: Introduced cash as capital Rs. 2,50,000 ‘’ 04: Purchased Goods from Noor limited Rs.5000 ‘’ 11: Paid to Noor Limited 4500 and discount received in full settlement of his account. ‘’ 12: Sold Goods to Mobeen for Rs.1500 on credit. ‘’ 15: withdraw cash for personal use by the owner of the business is value Rs.(157) multiply by 2. ‘’ 16: Paid salaries is Value Rs. 157 multiply by 5
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
10 Assume that Mr Ahmed purchased OMR 3000 goods from ABC LLC on credit. He paid the entire cash to the company on 28th day from the date of purchase. Write the journal entry in the books of company for the above cash receipt. a. Dr Accounts receivables A/C and Cr Sales A/C. b. Dr Cash A/C and Cr Accounts receivables A/C. c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Purchase A/C and Cr Accounts receivables A/C
2.5L. Journalise the following transactions, post in the ledger and prepare a trial balance: 1989 Jan. 1 Mr. Nadeem commenced business with Rs. 40,000 cash, furniture worth Rs. 5.000, motor-car valued at Rs. 12,000 and stock worth Rs. 20,000. "3 Deposited into Bank Rs. 38,000. "5 Purchased goods on account from Imran worth Rs. 9,000. "6 Sold goods to Babar on credit for Rs. 6,000. " 8 Bought office supplies from Rafiq & Co. for cash Rs. 200. 10 Goods sold for cash Rs. 2,000., "N Paid Rs. 600 as travelling expenses to salesman. %3D " 12 Withdrew from the bank for personal use Rs. 1,000. " 16 Withdrew from bank for office use Rs. 3,000. " 19° Issued a cheque to Imran of Rs. 8,800 in full settlement of his account. " 22 Paid carriage in cash Rs. 400. " 25 Received a cheque from Babar for Rs. 6,000. " 31 Paid rent of the building by cheque Rs. 300. " 31 Commission received Rs. 200. " 31 Bank charges made by bank Rs. 25.
Journalise the following transactions and post them into Ledger: 2006 September 1 -Started business with Rs. 50,000, out of which pad into Bank Rs. 20,000. September 2 - Bought furniture for Rs. 5,000 and machinery for Rs. 10,000. September 3 - Purchased goods for Rs. 14,000. September 6 - Sold goods for Rs. 8,000. September 8 -Purchased goods from Malhotra and Co. Rs. 11,000. September 10- Paid telephone rent for the year by cheque Rs. 500. September 11- Bought one typewriter for Rs. 2,100 from Universal Typewriter Co. on credit. September 15- Sold goods to Keshav Ram for Rs. 12,000. September 17- Sold goods to Rajesh Kumar for Rs. 2,000 for cash. September 19- Amount withdrawn from bank for personal use Rs. 1,500. September 21- Received cash from Keshav Ram Rs. 11,900, discount allowed Rs. 100. September 22- Paid into bank Rs. 5,800. September 23- Bought 50 shares in X Y and Co. Ltd at Rs. 60 per share, brokerage paid Rs. 20. September 25- Goods worth Rs. 1,000 found…
Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund.
Q.No 5: The following transaction is obtained from the records of New Metrics Company. Date Particulars Jan 1, 2020 Cash balance – 15,600, Bank Balance - OMR 13,800 Cash sales – OMR 4,800 Deposited in to Bank - OMR 7,000 Purchased Goods from Mr.Waleed - OMR 4,200 Drew from Bank for office use -OMR 1,200 Paid cheque to Mr.Waleed OMR 4,000 and received discount OMR 200 Sold goods to Mr. Sharooq -OMR 12000 Paid sundry expenses – OMR 120 Received cheque from Mr.Sharooq OMR 11,800 and discount allowed -OMR 200 2 7 8 10 14 16 18 Purchased stationary – OMR 3,500 Cash sales paid in to Bank OMR 4,500 19 20 23 Withdraw from Bank for Personal use – OMR 1,600 Bought goods for Cash – OMR 1,800 Mr.Sharooq cheque paid in to Bank Purchased furniture by cheque - OMR 1,500 Mr.Sharooq cheque was dishonoured by the bank Loan received from bank OMR 2,500 24 25 26 29 30 Required: From the above information prepare triple column cash book with Discount, Cash and Bank Column.