Draw an Accounting Equation from the following Commenced business with cash 50,000, cheque 1,00,000, goods ? 30,000 - furniture ? 20.000. (ii) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which t deposited in his Savings Account. (ii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account. A new car was purchased for ? 6.00,000 for office use. It was paid by taking loan from Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account. un Sold goods to Ajay on credit costing ? 4,000 for ? 5.000. (t Sold goods for cash costing 12.000 for ? 16,000. (en) Purchased goods for cash ? 40,000. ( Purchased goods on credit for t 20.000. (Ix) Pand rent ? 3.000 including ? 2.000 in advance. x Paid salaries 2,000. (x) Sold goods costing ? 8,000 for ? 10,000. (x) Salaries outstanding ? 1,000. Lxi) Charge depreciation on furniture ? 500. |ANsets: ? 7,73,500 Liabilities: 5,21,000 + Capital: 2,62,500

Draw an Accounting Equation from the following Commenced business with cash 50,000, cheque 1,00,000, goods ? 30,000 - furniture ? 20.000. (ii) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which t deposited in his Savings Account. (ii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account. A new car was purchased for ? 6.00,000 for office use. It was paid by taking loan from Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account. un Sold goods to Ajay on credit costing ? 4,000 for ? 5.000. (t Sold goods for cash costing 12.000 for ? 16,000. (en) Purchased goods for cash ? 40,000. ( Purchased goods on credit for t 20.000. (Ix) Pand rent ? 3.000 including ? 2.000 in advance. x Paid salaries 2,000. (x) Sold goods costing ? 8,000 for ? 10,000. (x) Salaries outstanding ? 1,000. Lxi) Charge depreciation on furniture ? 500. |ANsets: ? 7,73,500 Liabilities: 5,21,000 + Capital: 2,62,500

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Description: Draw an Accounting Equation from the following transactions:) Commenced business with cash ? 50,000, cheque 1,00,000, goods ? 30,000 a-,furniture ? 20.000.(ti) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which hdepo

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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A cash sale of services to a customer, worth $300, was recorded only as a credit to R. Burton, Capital of $300, and the cashier pocketed the money. What SHOULD the transaction have looked like?
Record the transactions directly into the T-accounts. The transactions areindependent from one another. 1. The owner deposited P280,000 in the name of his business.2. He purchased a 4-in-1 equipment from 4-way Equipment for P4,950, paying P1,000in cash and the balance on account.3. He received and paid the telephone bill from Ph Telecom amounting to P1,080.4. He billed his customers P12,940 for services on account5. He paid P1,850 the electric bill from BEBECO.6. He paid P3,500 for the membership fee.7. He received P17,650 in cash for services rendered.8. He paid P1,000 to partially settle accounts with Orion Company.9. He paid P8,400 for the monthly rental of the place.10. He paid P3,500 for the salaries of employees.
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.
If a business owner invests $5,000 in cash into the business, which side of the T for the cash account would the $5,000 be recorded? Debit Credit Net income It would not be recorded because the cash comes from the owner.
1. prepare two t accounts for each transaction. on each t account, write the 2. write the debit or credit amount in each taccount to show the transactions transactions: mar. 1. received cash from owner as an investment, $4,000.00. 3. paid cash for supplies, $95.00. 4. bought supplies on account from supply depot, $120.00. 6. paid cash for insurance, $250.00. 9. paid cash on account to supply depot, $80.00. account title of one of the accounts affected by the transaction.
II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.
Complete the columns to show the effects (increase or decrease) of the following transactions on the assets, liabilities and capital of a business. Copy the table into your answer booklet. 2.2. Effect Upon Assets Liabilities Capital a) Pay creditor RM100 in cash b) Bought machines RM200 by cheque c) Bought goods on credit RM300 d) The proprietor introduces RM500 cash into the firm e) A debtor pay us RM60 by cheque f) Bought funiture by cash RM500 g) Credit sales to Kasim RM200 h) Owner took RM100 cash for his own use i) Bought furniture by cash j) Introduce additional cash as capital
A company engaged in the following transactions: Dec.1- Performed services for cash, $750 Dec.1- Paid expenses in cash, $550. Dec 2- Performed services on credit, $900. Dec 3- Collected on account, $600. Dec 4- Incurred expenses on credit, $650. Dec 5- Paid on account, $350. Enter the correct titles on the following T accounts, as attached, and enter the above transactions in the accounts. Determine the cash balance after these transactions, the amount still to be received, and the amount still to be paid.
Record the following transactions for the month of December, 2021 for Dell’s Enterprise in their relevant Accounts, Balance off same and Extract a Trial Balance. Started business with $100,000 cash Put $90,000 of the cash into a bank account. Bought goods for $55,000 paying by cheque Bought Goods on credit from S. Henry $80,000; T. Brown $9,500; A. Marks 5,100 Bought stationery on credit from Bartley Ltd. $8,900 Sold goods on credit to S. Song $17,000; L. Fatt $24,000; M. Sing 32,600. Paid rent by cheque $22,000 10. Bought Fixtures on credit from Marks Furnishing $61,000 11. Paid salaries by cash $7,200 14. Returned goods to S. Henry $1,200 15. Bought van by cheque $106,500 16. Received loan into bank account from NST $75,000 18. Goods returned to us by S. Song $1,500; L. Fatt $2,500 21. Cash Sales $30,000 24. Owner took Cash of $5,500 for his personal use. 29. Received cheque from S, Song for full settlement of his accounting…