Answered: Names Lal Prasad Singh Ram Gross wages…

Names Lal Prasad Singh Ram Gross wages $250 $225 $275 $285 FNPF 6% 6% 6% 6% Union Fees $10 $15 $18 LICI $11 $12 $16 $17 Direct bank loan $20 $30 $35 $40

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

given: initial recognition of the wages expenses and the payment of all payables. reqiured: please answer this question by Assume the payment of the payables did not take place. State the respective financial statements that each account should be classified under.

The following information relates to National Company Limited.
Gross
FNPF
Union Fees LICI
wages
$250
$225
Names
Lal
Prasad
Singh
Ram
$275
$285
6%
6%
6%
6%
$10
$15
$18
$11
$12
$16
$17
Direct bank
loan
$20
$30
$35
$40

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