Anwar Furniture Trading Company (Medium Scale Business) started their business on 1st January 2010 at Muscat and maintained their accounts by manual until 31st March 2021. The manager of Anwar Company approached your accounting consultancy firm located at 67, Muscat Souk, Muscat the suitable to maintain accounts for medium scale business, he accepted and requested to you create company and ledger accounts for the following transactions for the year ended 31st December 2020. i) Capital introduced in the business ii) Furniture purchased for cash iii) Furniture purchased on credit from Mr. Mohammed iv) Furniture sold for cash v) Furniture sold on credit to Mr. Ahmed vi) Machinery purchased by cash for business use. vii) Computer purchased on credit for business use from Mr. Azan viii) Office salary paid by cash ix) Office electricity expenses paid by bank muscat x) Cash deposited into bank muscat xi) Cash withdrawn from Bank Dofhar xii) Rent received by cash xiii) Interest received from bank muscat xiv) Commission received by cash xv) Cash paid to Mr. Mohammed xvi) Cash received from Mr. Ahmed

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Activity: 1 Anwar Furniture Trading Company (Medium Scale Business) started their business on 1st January 2010 at Muscat and maintained their accounts by manual until 31st March 2021. The manager of Anwar Company approached your accounting consultancy firm located at 67, Muscat Souk, Muscat the suitable to maintain accounts for medium scale business, he accepted and requested to you create company and ledger accounts for the following transactions for the year ended 31st December 2020. i) Capital introduced in the business ii) Furniture purchased for cash iii) Furniture purchased on credit from Mr. Mohammed iv) Furniture sold for cash v) Furniture sold on credit to Mr. Ahmed vi) Machinery purchased by cash for business use. vii) Computer purchased on credit for business use from Mr. Azan viii) Office salary paid by cash ix) Office electricity expenses paid by bank muscat x) Cash deposited into bank muscat xi) Cash withdrawn from Bank Dofhar xii) Rent received by cash xiii) Interest received from bank muscat xiv) Commission received by cash xv) Cash paid to Mr. Mohammed xvi) Cash received from Mr. Ahmed

Expert Solution

Step by step

Solved in 7 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions