Mr. Nasir's business position on Ist January, 1990, is shown by an accountingequation given below. Each line is designated by a letter which indicates effect onthe equation of a particular transaction. Describe each of the transactions:6.+ (Owner'sEquityCash +Furniture+ Goods+ DebtorsL.iabilities+ 2000+ 8000+ 2000+ 140002000+ 2500+ 2500%3D(a)2000+ 2000+ 10500+ 20002500+ 14000(b)+ 3000- 27003005000+ 2000+ 7800+ 20002500+ 14300- 200050(c)- 19503050+ 2000+ 7800+ 2000560+ 14350400(d)• 400+ 13950+ 2000• 15002650+ 2000+ 780050050(c)+ 14504100+ 2000+ 7800+ 500500+ 13900- 200()- 2004100+ 1800+ 7800+ 500500+ 13700200(g)+ 150017005600+ 1800+ 6100+ 500500+ 1350

The Accounting equation is the very basis of double entry system. It shows that the total assets of…

Answered: Mr. Nasir's business position on Ist…

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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Eilish Company had the following account balances. Accounts Payable $ 821Accounts Receivable $ 1953Cash $ 4730Common Stock $ 1702Deferred Revenue $ 1475 Eilish was missing the account balance for retained earnings. What is Eilish's balance in retained earnings?
• Based on this information can you create an Income Statment • Accounts Receivable $1,200 • Accounts Payable $20,200 • Advertising Expense $750 • Cash $28,600 • Cost of Goods Sold S8,800 • Drawings by Owner $1,625 • Equipment $5,150 • Interest Expense $300 • Interest Payable $300 • Inventory $3,900 • Investments by Owner $10,000 • Rent Expense $3,600 • Sales Returns $600 Sales Revenue $11,900 • Service Revenue $20,750 Supplies S600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense S5,400
Please help me fill out this table. I am very confused. Thank you so much.
Now let us study an example that involves an opening Balance Sheet. opening ledgerrecording of transactions made defined period and balancing the ledgerperiod.accounts at the end of period: Majid Maingal had the following assets and liabilities on March 2005:Cash Hand Rs. 2.345: Cash at Bank Rs. 19,815; Stock RS. 46, 780;Debtors: Nasim Jamali RS. 21,730; Omar Baluchi Rs. 24,670; Furniture RS. 24,500;Creditors: Quetta Traders. Rs. 39.840; Loan from IDBP. Rs. 25,000 Draw up his opening balance sheet and calculate his capital. Open suitable ledger account post his opening Balance Sheet. Then record the following transaction in his ledger: 1. Bought goods on credit from Quetta Traders Rs. 13,5002. Paid carriage expenses in cash, Rs. 9503. Sold goods on credit to Nasim Jamali, Rs. 16,1004. Goods returned by Nasim Jamali Rs. 2,1005. Sold goods against cheque. Rs. 7,2506. Returned goods to Quetta Traders, Rs. 2,5007. Paid wages by cheque, Rs.1,7608. Sold goods against cash."Rs. 2,3909. Issued…
Please help, thanks in advance ?
Example The table below shows transactions from Mr. Situmbeko's business for the year ended 31st December, 2016. Prepare a trading and profit and loss account for the year ended 31st December 2016. Prepare also a balance sheet as at December 2016. Stock at 31st December 2016 was K12.408. Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Debtors Creditors Cash at bank Cash in hand Drawings Capital K 190,576 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,524 16,519 342 8,425 138,066
What's New Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of paper. Assets Liabilities Owner's equity 1. Php 100,000.00 Php 50,000.00 2. Php 230,000.00 Php 200,000.00 Php 109,000.00 Php 9,000.00 Php 650,000.00 Php 500,000.00 Php 90,000.00 Php 700,000.00 Php 456,000.00 Php 67,000.00 Php 1,729,000.00 Php 2,716,217.00 Php 729,879.00 Php 167,000.00 8. Php 789,100.00 9. Php 123,456.00 Php 13,780.00 ? 10. Php 15,676.00 3. 4. 5. 6. 7.
a) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020 b) Prepare the Statement of Financial Position on as at 30 June 2020.

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