Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content
Transcribed Image Text: Journal entries in the books of Mr. O company for November 2020:-
Ledgers are as follows in the books of Mr. O:-
Date
Accounts title and explanation
Ref. Debit
Credit
01-Nov Cash
25,000
Cash
Capital
(Being Capital investment recorded)
Accounts Title
25,000 02-Nov Office Equipment
1,400 08-Nov Insurance Expenses
750 10-Nov Accounts Payable
25,000
Date
Accounts Title
Debit
Date
Credit
01-Nov Capital
05-Nov Service Revenue
7,000
1,200
07-Nov Service Revenue
500
02-Nov Office Equipment
Cash
|(Being office equipment purchased recorded)
7,000
20-Nov Accounts Receivables
23-Nov Accounts Receivables
400 25-Nov Accounts Payable
900 28-Nov Withdrawal
30-Nov Salaries & Wages Expenses
30-Nov Rent Expenses
300
7,000
1,600
1,200
500
02-Nov Depreciation Expenses (OMR 7,000/10 years)
Accumulated Depreciation-Office Equipment
700
30-Nov Closing Balance
16,150
700
(Being Depreciation recorded in books)
28,450
28,450
03-Nov Supplies-Papers
Accounts Payable
1100
Саpital
Date
25,000 01-Nov Cash
1100
Date
Accounts Title
30-Nov Closing Balance
Debit
Accounts Title
Credit
(Being Supplies purchased on credit)
25,000
05-Nov Cash
1,400
25,000
25,000
Service Revenue
1,400
(Being cash received from service rendered)
Office Equipment
Debit Date
7,000 30-Nov Closing Balance
Accounts Title
Accounts Title
Date
02-Nov Cash
Credit
07-Nov Cash
750
7,000
Accounts Receivables
Service Revenue
1,250
2,000
7,000
7,000
(Being some received cash and some on account for
Depreciation Expenses
Debit Date
700 30-Nov Closing Balance
service rendered)
Date
Accounts Title
Accounts Title
Credit
02-Nov Accumulated Depreciation
700
08-Nov Insurance Expenses
Cash
(Being insurance policy purchased)
1,200
Accumulated Depreciation-Office Equipment
Debit Date Accounts Title
700 02-Nov Depreciation Expenses
1.200
Accounts Title
30-Nov Closing Balance
Date
Credit
700
10-Nov Accounts Payable
500
Cash
(Being Partial payment made for supplies purchased)
500
15-Nov Advertising Expenses
300
Accounts Payable
(Being Advertising expenses recorded on credit)
300
Supplies paper
Debit Date
1,100 30-NovClosing Balance
Accounts Title
Date
|03-Nov Accounts Payable
17-Nov Salaries
350
Accounts Title
Credit
Salary Payable
(Being Salary payable recorded)
350
1,100
20-Nov Cash
400
Accounts Receivables
(Being amount received from debtors)
400
Accounts Payables
Accounts Title
Accounts Title
Date
10-Nov Cash
25-Nov Cash
30-Nov Closing Balance
Debit Date
500 03-Nov Supplies-Papers
300 15-Nov Advertisement Expenses
750 29-Nov Electricity Expenses
Credit
1,100
23-Nov Cash
900
300
Accounts Receivables
900
150
|(Being amount received from debtors)
1,550
1,550
25-Nov Accounts Payable
300
Service Revenue
Accounts Title
Cash
(Being advertisement bill has paid recorded)
Debit Date Accounts Title
Date
30-Nov Closing Balance
300
Credit
3.400 05-Nov Cash
07-Nov Cash
07-Nov Accounts Receivables
1,400
750
28-Nov Withdrawal
1,600
1.250
3,400
3,400
Cash
Being withdrawal for personal use)
1,600
Accounts Receivables
Date Accounts Title
07-Nov Serivce Revenue
Debit Date
1.250 20-Nov Cash
50 23-Nov Cash
Accounts Title
Credit
29-Nov Electricity Expenses
150
400
Accounts Payable
(Being electricity bill has received)
150
30-Nov Closing Balance
900
1,300
1.300
30-Nov Salaries and wages Expenses
Cash
(Being salaries paid in cash)
1,200
Insurance Expenses
Date
08-Nov Cash
Debit Date
1,200 30-Nov Closing Balance
1,200
Accounts Title
Accounts Title
Credit
1,200
30-Nov Rent Expenses
500
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Advertisement Expenses
Debit Date
Date Accounts Title
15-Nov Accounts payable
Accounts Title
300 30-Nov Closing Balance
Cash
Credit
300
(Being Rent paid in cash)
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Date Accounts Title
17-Nov Salary Payable
30-Nov Cash
Salaries & Wages Expenses
Debit Date
350 30-Nov Closing Balance
1,200
Accounts Title
Credit
1,550
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1,550
1,550
Withdrawal
Date
Accounts Title
Debit Date
Accounts Title
Credit
28-Nov Cash
1,600 30-NovClosing Balance
1,600
Date
29-Nov Accouunts Payable
Electricity Expenses
Debit Date
150 30-Nov Closing Balance
Accounts Title
Accounts Title
Credit
150
Rent Expenses
Date
500 30-Nov Closing Balance
Accounts Title
Accounts Title
Credit
Date
30-Nov Cash
Debit
500