5.The following transactions relating to Ousman Ltd. were occurred during January, 2022:Ousman started his businexss with $3,00,000 in cash as capital.Deposited cash into Bank $1,50,000.Purchased office furniture for $40,000 & paid cheque.5 Purchased goods with $60,000 cash & $40,000 on credit.81220January 125Sold goods for cash and on credit $45,000 and $25,000 respectively.Paid $40,000 for goods purchased on credit.Received $15,000 for goods sold on 8 January.Paid office rent $20,000.Required:(a) Journalize the January transactions (Omit explanations).(b) Post to the ledge accounts.R(c) Prepare a trial balance on January 31, 2022.

Name: 5.The following transactions relating to Ousman Ltd. were occurred du
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Description: 5.The following transactions relating to Ousman Ltd. were occurred during January, 2022:Ousman started his businexss with $3,00,000 in cash as capital.Deposited cash into Bank $1,50,000.Purchased office furniture for $40,000 & paid cheque.5 Purchase

The journal entries are prepared to record the transactions on regular basis. The Trial balance is…

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The following transactions relating to Ousman Ltd. were occurred during January, 2022 January 1 Ousman started his businexss with $3,00,000 in cash as capital. 2 Deposited cash into Bank $1,50,000. Purchased office furniture for $40,000 & paid cheque. 5 Purchased goods with $60,000 cash & $40,000 on credit. 8 Sold goods for cash and on credit $45,000 and $25,000 respectively. Paid $40,000 for goods purchased on credit. 12 15 Received $15,000 for goods sold on 8 January. 20 Paid office rent $20,000. Required: (a) Journalize the January transactions (Omit explanations). (b) Post to the ledgen accounts. (c) Prepare a trial balance on January 31, 2022,

The following transactions relating to Ousman Ltd. were occurred during January, 2022 January 1 Ousman started his businexss with $3,00,000 in cash as capital. 2 Deposited cash into Bank $1,50,000. Purchased office furniture for $40,000 & paid cheque. 5 Purchased goods with $60,000 cash & $40,000 on credit. 8 Sold goods for cash and on credit $45,000 and $25,000 respectively. Paid $40,000 for goods purchased on credit. 12 15 Received $15,000 for goods sold on 8 January. 20 Paid office rent $20,000. Required: (a) Journalize the January transactions (Omit explanations). (b) Post to the ledgen accounts. (c) Prepare a trial balance on January 31, 2022,

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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