1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from Ace Fumiture for P50,000. Questions: a. How much are the assets of the business? b. What is the amount of liabilities? c. How much is the owner's equity?
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- Solve both parts.1. Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi P 3,000 Total Assets: Total Liabilities: Total Owner's Equity:1. Given following information: Paula previous balance Purchase clothing and dining Leisure and entertainment Payment to credit card company i= 2.56% on first RM 1500 i= 1.56% for more than RM 1500 = RM 3 456.20 = RM 276.10 = RM 175.20 = RM 180.50 Calculate Paula previous balance before new charges and payments on the account are made. What is her new balance?
- 1. Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS RECEIVABLES & FIXTURES UTILIITES OWNER'S TRANSACTION CASH PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, 9900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chỉ P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi ! 3,000 Total Assets: Total Liabilities: Total Owner's Equity:1. Given following information: Siti previous balance = RM 2156.50 Purchase clothing = RM 430.15 Dining = RM 158.20 Payment to credit card company = RM 158.20 i= 2.56% on first RM 1500 i= 1.56% for more than RM 1500 In a piece of paper, calculate Siti previous balance before new charges and payments on the account are made. What is her new balance?1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.
- Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.22. MC.03.027 Summit Company paid Hacienda Products, a creditor, on account. The transaction would involve a a. credit to Cash. b. debit to Expenses. c. credit to Accounts Payable. d. debit to Cash. 23. MC.03.028 J. Forest deposited $60,000 in the bank in the name of the business. The transaction would involve a a. debit to J. Forest, Capital. b. credit to Cash. c. debit to Cash. d. credit to J. Forest, Drawing. 24. MC.03.029 G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a: a. debit to Equipment. b. debit to Accounts Receivable. c. debit to Cash. d. debit to G. Wilson, Capital. 25. MC.03.030 Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a a. debit to Supplies. b. credit to Accounts Payable. c. credit to Supplies Expense. d. debit to Cash.16. In a business's books, the ledger account of Gar Mack, a creditor, shows a debit balance of R450. What does this mean? a. Gar Mack has paid R450 to the business b. Gar Mack owes the business R450 c. The business has paid Gar Mack R450 d. The business owes Gar Mack R450 17. A truck cost R800 000. The price included R3 600 for petrol. The total payment of R800 000 was debited to the Truck Account. What is correct entry to record the purchase? a. Dr Vehicles R803 600 Cr Bank R803 600 b. Dr Vehicles R800 000 Cr Bank R800 000 c. Dr Bank R800 000 Cr Vehicles R800 000 d. Dr Bank R803 600 Cr Vehicles R803 600 18. A vehicle costing R200 000 is depreciated by 20% per annum on the diminishing balance method. What is the depreciation charge at the end of the second year? a. R32 000 b. R40 000 c. R64 000 d. R80 000 19. An invoice for an expense owing shown in the Statement of Financial Position is shown as a a. Current asset b. Non-current asset c. Current liability d. Non-current liability