3.SL. Journalise the following transactions in the books of a trader:1984Rs: 1984Rs.Dec. 1 Started business withDec.22 Cash received fromcash50,000M. Rauf in full settlement7.600Dec. 3 Goods purchased for cash 30.000Dec. 3 Furniture purchasedfor cashof his accountDec.25 Cash paid to Zulfiqarand he allowed discount1,9005.000100Dec. 7 Sold goods for cash10.000 Dec.28 Cash paid for purchaseof stationery250Dec. 9 Sold goods to M. RaufDec. 12 Goods purchased from8.000Dec.31 Paid office rent800Zulfiqar5.000 Dec.31 Goods returned toDec. 16 Goods sold to Ali andZulfiqar500allowed him 10 ". tradeDec.31 Paid salaries to staff900discount6.000

Journal entries: journal entry is recorded for every business transaction. It is the first step in…

Answered: 3.SL. Journalise the following…

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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Journalize the following transactions and prepare cash account 1 Started business with 50,000, paid into Bank * 20,000.2 Bought furniture for 5,000 and machinery for * 10,000.3 Purchased goods for * 14,000.6 Sold goods for * 8,000.8 Purchased goods from Malhotra & Co. * 11,000.10 Paid telephone rent for the year by cheque * 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for personal use * 1,500.20 Withdrew from bank for business use 3,500.
Q2. Prepare single columa cash book of Karim for the month Aprl 2000. April 1"cash in hand Rs 40000 April 4 cash sales Rs 5000. April 12 Purchases goods for cash Rs 8000. April 14 Received from Abbas & sons Rs S000. April 24 purchase stationary Rs 2000 April 26 Paid salaries 5000 April 29 paid rent Rs 6000. April 30 paid electric bill 2000.
6. Indicatewhichjoumal would beusedto record the following transactions. Select from the followirng Cash Receipts Joumal Cash Disbursements Joumal, Sales Joumal Purchases Jourmal, and General Journal. a. Sold inventory for cash b.Sold inventory on account c Received cash a week after selling items on credit d Paid cash to purchase inventory e.Paid a cash dividend to shareholders £Sold sharesofstock for cash a. b. C. d. e. f. 2. Bought equipment forcash h Recorded anadjusting entry for supplies iPaid for a purchase of inventory on accontwithin the discount period i j Paid for a purchase ofinventory on account after the discount period haspassed, k. Bought inventory and agreed to paywithin the next 30 days 1 Receivedbut didnot pay the phone bill. Will pay in 20 days. m Retumed defective goods purchasedon credit to the supplier. The companyhadnotyet paid for them n. Jook out a loan fromthe bank o. Paid employeewages h. k. 1. 1. theconetinumalt
25-Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30 c. Received cash from Sohar Supplies LLC for RO 12,500 d. Cash paid to Muscat Mobiles LLC RO 12,500
QUESTION 2 (a) Record the following transactions into journal entries. June 5 Bought goods by cash from Juliana RM10,000. Received 5% discount. 10 Sold goods by credit to Patricia RM7,700. Gave a RM200 discount. 15 Bought goods by credit from Rosli RM15,500. Received 10% discount. 25 Paid Rosli in full by cheque. Received 8% discount.
Question 2- Control A/c 7. The balances on the personal ledger control account of Galaxy Ltd at 31st December 1992 were as follows: Dr. Cr. Purchases ledger Sales ledger $960 $ 97 550 $ 56 900 $480 The following transactions take place during 1993: Total purchases 194000 Total sales 251000 Cash purchases 6000 Cash sales 5000 Returns inward 500 Returns outward 900 Bills received 7000 Bills dishonoured 1000 Bills payable to creditors Interest charges on dishonoured bills Payments to creditors Receipts from cash and credit sales Receipts from bad debts recovered 6500 50 110000 180000 2000 Bad debts written off 5500 Increase in provision for bad debts Refunds of credit customers' overpayments Refunds given to cash customers Allowances to trade debtors on goods damaged Interest charged to customers Cash received in respect of debit balances in purchases ledger Balance in the sales ledger set off against balance in the 1500 700 330 900 200 600 2500 purchases ledger Balances at 31st December…
Question : 2021 Jan. 1 Rs.200,000 Amir started business with capital of 6. Goods purchased from Rehman on credit for Rs.70,000 9 Cash sales to Farooq Rs.10,000 13 Machinery purchased Rs.67,000 25 Rent to Waris Rs.1000 for building in which business 66 situated. а) Make analysis of above transaction with debit and credit? b) Record the above transaction in Journal chronologically? c) Prepare the T-accounts of Journal (Question 2) and draw the Trial Balances?
Activity 4: journalize the following transactions
Question 2 Simone Gabby owns and operates Simone's Shoes, a small business that prepares reports on a monthly basis. The Cash Journals for August 2019 appear as follows. Cash Receipts Journal (summary) Disc. Accounts Date Details Rec. Bank Sales Sundries GST Еxp. Receivable 31/08 Totals 13 783 154 7 700 5 670 567 Cash Payments Journal (summary) Disc. Асcounts Date Details Chq. Bank Inventory Wages Sundries GST Rev. Payable 31/08 Totals 18 030 44 2 200 3 000 2 730 9 547 597 The items in the Sundries column include: Advertising $540 Drawings $5 000 Freight Inwards $440 Freight Outwards $190 GST Settlement $927 Interest Expense $150 Loan – ANZ Bank $500 Rent $1 800 a. Prepare the Net Cash Flow from Operations extract from the Cash Flow Statement for the month ending 31 August 2019. b. Explain how Simone’s Shoes’ Income Statement for the month ended 31 August 2019 reported a Net Profit yet the Cash Flow Statement reported a Net Decrease in Cash for the same period.

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