flowing-mentioned operations in the Accounting Equation 2-The balance of the accounts in the ledger You have the following transaction data for a company: 1-On January 2, 2019, Mohamed started his commercial activity by depositing 2million dinars into the fund 2- On 3/1/2019, he bought goods for 800,000 dinars from Al-Faihaa Trading Company, on the account 3-On 5/1/2019, goods were sold for 500,000 dinars in cash 4-On 1/8/2019, half of the amount owed to Al-Fayhaa Trading Company was paid 5-On 01/10/2019, the rent for the company's headquarters was paid 250,000 dinars in cash 6- He bought on the account a commodity in the amount of 500 thousand dinars from Al-Fayhaa Trading Company 7- On January 15, 2019, the salary of 200,000 dinars was paid in cash

flowing-mentioned operations in the Accounting Equation 2-The balance of the accounts in the ledger You have the following transaction data for a company: 1-On January 2, 2019, Mohamed started his commercial activity by depositing 2million dinars into the fund 2- On 3/1/2019, he bought goods for 800,000 dinars from Al-Faihaa Trading Company, on the account 3-On 5/1/2019, goods were sold for 500,000 dinars in cash 4-On 1/8/2019, half of the amount owed to Al-Fayhaa Trading Company was paid 5-On 01/10/2019, the rent for the company's headquarters was paid 250,000 dinars in cash 6- He bought on the account a commodity in the amount of 500 thousand dinars from Al-Fayhaa Trading Company 7- On January 15, 2019, the salary of 200,000 dinars was paid in cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The data below are from the records of DUSK, INC. on December 31, 2019. The amount to be shown as total current liabilities on Dusk's statement of financial position at December 31, 2019, is Accounts payable Cash balance DEF Bank Cash overdraft with ABS Bank Customers accounts with credit balances Didends in arrears on preference shares P680.000 1.240.000 80 000 25.000 400.000 Employees income tax payable Estimated warranty payable 100.000 50 000 Estimated premium claims outstanding Income tax payable Notes payable (issued in 2019 maturing in 20 semi-annual installments beginning on April 1. 2020) Salaries payable 90.000 400.000 4,000,000 400,000 Your answer
Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…
The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
Prepare Bryant's bank reconciliation at November 30. | E4-21 Tim Wong operates a FedEx Kinko's store. He has just received the monthly bank statement at May 31, 2020, from Royal Bank of Canada, and the statement shows an ending balance of $595. Listed on the statement are an EFT customer collection of $300, a service charge of $12, two NSF cheques totalling $120, and a $9 charge for printed cheques. In reviewing his cash records, Wong identifies outstanding cheques totalling $603 and a May 31 deposit in transit of $1,788. During May, he recorded a $290 cheque for the salary of a part-time employee as $29. Wong's Cash account shows a May 31 cash balance of $1,882. How much cash does Wong actually have at May 31?
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
answer quickly
Following are the balances of Bank Sohar for the year ended as on 31st December 2019 (Amounts are in 000’ OMR) PARTICULARS OMR Term loans 7,600 Cash with Central Bank of Oman 20,000 General Reserve 12,400 Share capital 8,000 Non-Banking assets 672 Land and building 2,328 Borrowings from other banks 9,500 Rebate on bills discounted 100 Notes payable 260 Cash credit and Bank overdraft 102,000 Cash with other banks 12,000 Cash in hand 760 Vehicles 5,900 Surplus transferred from income statement 3,790 Corporate securities 50,000 Money at call and short notice 3,600 Current account 84,400 Savings deposits 85,200 Other Adjustments: i. Vehicles was depreciated @ 10% ii. Additional general reserve was created for RO 620 From the above information Prepare Balance sheet and based on that information answer the following ‘3’ multiple choice questions (Do not upload Income Statement in moodle). The…
Please help me with all answers I will give upvote
Identify and explain the components of IT Bank's Balance Sheet?
Assume that you are a bank officer. Perform a comparative analysis based on the above ratios.Advise the bank whether to grant Big Bhd. a loan.
please answer complete and correct this time with all working answer in text