Ahmed Al Baloushi, owner of Al Baloushi Stationary Stores & Materials, located in Nizwa Fort Road, Nizwa, Oman. He started maintaining from 1st Jan, 2021. He also maintains an online helpdesk at ehelp@IbriConstructions.com ooredoo@ * 46lمكالمات الطوارئ فقطDateTransaction- OMR 25,000- OMR 6,500OMR 2,000- OMR 1,500 (Cr)OMR 2,000 (Dr)Opening Balances: Property, Plant & EquipmentLoan from Bank SoharCash & Cash Equivalent A/C1st Jan 2021Muscat Stationaries LLCBahala Stationary Materials LLCCapitalOMR ?Purchased Stationary Stock worth OMR 15,000 on credit from Nizwa Stationary2nd Jan 2021Materials LLC at a trade discount of 10%31st Jan 2021Distributed OMR 1,500 worth of Stock as free samples for improving SalesSold Stationary Stock worth OMR 20,000 on credit to Ibra Stationary MaterialsLLC at a trade discount of 10%.1st Feb 2021Received a Cash worth OMR 1,850 from Bahala Stationary Materials LLC in fullsettlement of their account.2nd Feb 2021Paid a Cash worth OMR 1,400 to Muscat Stationaries LLC in full settlement totheir account.1st Mar 20212nd Mar 2021Mr. Ahmed took Cash worth OMR 1,200 from business for his personal use.Paid Office Expenses worth OMR 500 and Administrative Charges worth OMR1,000 by cash.31st Mar 2021

Journal entry is the entry which is the first entry in the books of accounts which is recorded at…

Date Transaction - OMR 25,000 - OMR 6,500 - OMR 2,000 - OMR 1,500 (Cr) - OMR 2,000 (Dr) - OMR ? Opening Balances: Property, Plant & Equipment Loan from Bank Sohar Cash & Cash Equivalent A/C 1* Jan 2021 Muscat Stationaries LLC Bahala Stationary Materials LLC Capital Purchased Stationary Stock worth OMR 15,000 on credit from Nizwa Stationary Materials LLC at a trade discount of 10% 2nd Jan 2021 31* Jan 2021 Distributed OMR 1,500 worth of Stock as free samples for improving Sales Sold Stationary Stock worth OMR 20,000 on credit to Ibra Stationary Materials LLC at a trade discount of 10%. Received a Cash worth OMR 1,850 from Bahala Stationary Materials LLC in full settlement of their account. Paid a Cash worth OMR 1,400 to Muscat Stationaries LLC in full settlement to their account. 1* Feb 2021 2nd Feb 2021 1* Mar 2021 2nd Mar 2021 Mr. Ahmed took Cash worth OMR 1,200 from business for his personal use. Paid Office Expenses worth OMR 500 and Administrative Charges worth OMR 1,000 by cash. 31" Mar 2021

Date Transaction - OMR 25,000 - OMR 6,500 - OMR 2,000 - OMR 1,500 (Cr) - OMR 2,000 (Dr) - OMR ? Opening Balances: Property, Plant & Equipment Loan from Bank Sohar Cash & Cash Equivalent A/C 1* Jan 2021 Muscat Stationaries LLC Bahala Stationary Materials LLC Capital Purchased Stationary Stock worth OMR 15,000 on credit from Nizwa Stationary Materials LLC at a trade discount of 10% 2nd Jan 2021 31* Jan 2021 Distributed OMR 1,500 worth of Stock as free samples for improving Sales Sold Stationary Stock worth OMR 20,000 on credit to Ibra Stationary Materials LLC at a trade discount of 10%. Received a Cash worth OMR 1,850 from Bahala Stationary Materials LLC in full settlement of their account. Paid a Cash worth OMR 1,400 to Muscat Stationaries LLC in full settlement to their account. 1* Feb 2021 2nd Feb 2021 1* Mar 2021 2nd Mar 2021 Mr. Ahmed took Cash worth OMR 1,200 from business for his personal use. Paid Office Expenses worth OMR 500 and Administrative Charges worth OMR 1,000 by cash. 31" Mar 2021

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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