On 1st augest 1992 mr furqan established a new business. The transaction for the month Were as follow JOURNAL: THE ORIGINAL BOOK OF ENTRY2, SZOn 1st August, 1992 Mr. Furqan established a new business. The transactions forthe month were as follows:Introduced cash as capital Rs. 148000.Bought Furniture for Rs. 30000.Cash purchases for Rs. 36000.Purchased goods on account from Noor Mills Ltd., terms 2/10- n/ 30 for Rs. 7,500.August: 010103%3D0409Goods returned to Noor Mills Ltd., for Rs. 500.12Cash sales for Rs. 9,900.Paid cash, less discount, to Noor Mills Ltd.., in full settlementof account.17Sold goods to Mobeen & Co., terms 2/10 - n/30 for Rs. 2.500.Loss by accident while goods were in transit Rs. 175.Goods returned by Mobeen & Co., for Rs. 125.Paid Tuition 'fees of Owner children for Rs. 200 and goodsgiven as charity on his behalf for Rs. 100.Received cash, less discount, from Mobeen & Co., in fullsettlement of account.Sold furniture for Rs. 1,800.Paid the following expenses:20222324252730Salaries Rs. 2.000;Wages Rs. 1,000;Electricity Rs. 110;Bank charges Rs. 140 andInsurance premium Rs. 330Required: Journalise the above transactions.

Name: On 1st augest 1992 mr furqan established a new business. The transacti
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On 1st augest 1992 mr furqan established a new business. The transaction for the month Were as follow JOURNAL: THE ORIGINAL BOOK OF ENTRY2, SZOn 1st August, 1992 Mr. Furqan established a new business. The transactions forthe month were as follows:Int

Journal entries are those which are reported by the entity in order to report the daily business…

Business

Accounting

2. On 1st August, 1992 Mr. Furqan established a new business. The transactions for the month were as follows: August: 01 " 01 03 " "1 " " " "1 "1 " 04 " 09 12 17 20 22 23 24 25 Introduced cash as capital Rs. 148000. Bought Furniture for Rs. 30000. 27 30 Cash purchases for Rs. 36000. Purchased goods on account from Noor Mills Ltd., terms 2/10 -n/ 30 for Rs. 7.500. Goods returned to Noor Mills Ltd.. for Rs. 500. Cash sales for Rs. 9.900. Paid cash, less discount, to Noor Mills Ltd.. in full settlement of account. Sold goods to Mobeen & Co.. terms 2/10 - n/30 for Rs. 2.500. Loss by accident while goods were in transit Rs. 175. Goods returned by Mobeen & Co.. for Rs. 125. Sold furniture for Rs. 1,800. Paid the following expenses: Salaries Rs. 2.000; Wages Rs. 1,000; Electricity Rs. 110; Bank charges Rs. 140 and Insurance premium Rs. 330 Required: Journalise the above transactions. Paid Tuition fees of Owner children for Rs. 200 and goods given as charity on his behalf for Rs. 100. Received cash, less discount, from Mobeen & Co.. in full settlement of account.

2. On 1st August, 1992 Mr. Furqan established a new business. The transactions for the month were as follows: August: 01 " 01 03 " "1 " " " "1 "1 " 04 " 09 12 17 20 22 23 24 25 Introduced cash as capital Rs. 148000. Bought Furniture for Rs. 30000. 27 30 Cash purchases for Rs. 36000. Purchased goods on account from Noor Mills Ltd., terms 2/10 -n/ 30 for Rs. 7.500. Goods returned to Noor Mills Ltd.. for Rs. 500. Cash sales for Rs. 9.900. Paid cash, less discount, to Noor Mills Ltd.. in full settlement of account. Sold goods to Mobeen & Co.. terms 2/10 - n/30 for Rs. 2.500. Loss by accident while goods were in transit Rs. 175. Goods returned by Mobeen & Co.. for Rs. 125. Sold furniture for Rs. 1,800. Paid the following expenses: Salaries Rs. 2.000; Wages Rs. 1,000; Electricity Rs. 110; Bank charges Rs. 140 and Insurance premium Rs. 330 Required: Journalise the above transactions. Paid Tuition fees of Owner children for Rs. 200 and goods given as charity on his behalf for Rs. 100. Received cash, less discount, from Mobeen & Co.. in full settlement of account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume TriTeal made the appropriate adjusting entries at the end of June. The events listed below occurred during the month of July. Please provide the journal entry(ies) TriTeal used (if any) to record each transaction. On July 15, TriTeal paid its sales staff $10,000 in commissions related to sales which were recognized in June.
Indicate if assessable income has been derived and when it was derived in the following situations. (a) An employee received the sum of $1,500 on 29 June CY being in respect of long service leave commencing 30 June CY and terminating five weeks hence. The employee intended to return to work at the end of the period of leave. Would your answer be different if the leave commenced on 1 July the following year? (e) A taxpayer lent a friend $10,000. Interest was payable at 10% p.a. The friend paid the taxpayer $1,000 by cheque on 30 June CY which was not deposited in the taxpayer's bank account until 15 July of the following financial year. (f) Jeannie's employer had a cash flow problem in the previous financial year and could not pay her all her salary. $10,000 of last year's salary was paid in the current year in addition to this year's salary of $55,000
Subject- accounting
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Accounts payable due in 11 months.
When must a company file a registration statement with the SEC? Group of answer choices A.Every Year B. Every Quarter C. When creating a new security D. Only during an IPO
Williams business pays rent quarterly in advance. The business year-end is 31 December 2020 and the trial balance at that date shows a figure for rent of £2,150 before any adjustments. On 1 December 2020, Williams had paid in advance rent of £570 for the period December 2020 - February 2021. The accounts for the year ended 31 December 2020 should show the following:
Garcia Company rents out a portion of its building to Jerry Company for $500 per month. On August 1, Jerry paid Garcia $6,000 for 1 year of rent in advance.Prepare journal entries for Garcia to record collection of rent and the related year-end adjusting entry on December 31.
At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to its employees for work that the employees performed during the last pay period of the fiscal year. The wages will be paid after year end. Provide the journal entry that would be necessary to record the transaction.
Interim financial reports should be published a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basis
Which of the following taxpayers are not required to make estimated payments? a. An employee who works at a local department store with appropriate withholding and no other income. Ob. A wealthy individual whose earnings are from corporate dividends. Oc. c. A car mechanic who is self-employed and earns $50,000 a year. Od. All of these choices must make estimated payments.
Riley Inc.'s charter authorizes 1,000 shares of stock at a stated value of $10 per share. Riley issues 50 shares of stock at its initial offering for $20 per share. The journal entry to record this transaction will include a (debit/credit) to Common Stock, $ .
company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?