Homework Help is Here – Start Your Trial Now!
Business
Accounting
Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January, 2021  and  invests  cash  of  RO. 20,000 as  his  capital.     Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit.     The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit   The company made a sale of RO. 2800 (cost being RO 3000) on credit basis   The company took    loan of RO. 10,000 from Bank Muscat .   Mr.  Amir   withdrew RO. 1,000 from the business for his personal use   You need to record the above transactions   in an equation form.   Q2​​Select any five financial transactions of your choice and make journal entries for the same.

Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January, 2021  and  invests  cash  of  RO. 20,000 as  his  capital.     Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit.     The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit   The company made a sale of RO. 2800 (cost being RO 3000) on credit basis   The company took    loan of RO. 10,000 from Bank Muscat .   Mr.  Amir   withdrew RO. 1,000 from the business for his personal use   You need to record the above transactions   in an equation form.   Q2​​Select any five financial transactions of your choice and make journal entries for the same.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Q1 Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January, 2021  and  invests  cash  of  RO. 20,000 as  his  capital.  

 

Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit.  

 

The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit

 

The company made a sale of RO. 2800 (cost being RO 3000) on credit basis

 

The company took    loan of RO. 10,000 from Bank Muscat .

 

Mr.  Amir   withdrew RO. 1,000 from the business for his personal use

 

You need to record the above transactions   in an equation form.

 

Q2​​Select any five financial transactions of your choice and make journal entries for the same.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Methods of accounting
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
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS