2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his businessaccounting records under single entry system. On June 30, 2021, the following information was available from his records:Cash in handRs 39,000Cash at Bank24,000Accounts Recievable7,000Merchandise20,000Furniture46,000Accounts Payable12,00010,000Bank LoanAdditional information as on June 30, 2021During the period he withdrew cash Rs.6000 for his personal use.Additional investment of Rs.20,000 was also made.Depreciation was charged on Furniture @12%iv)Bad Debts were estimated Rs.500,v)Rent was prepaid Rs.6,000.vi)Accrued Commission Income Ra.7,000.Required: Prepare statement of Profit & Loss for the period ended on June 30,2021.

Name: 2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his businessaccounting records under single entry system. On June 30, 2021, the following information was available from his records:C

A balance sheet is prepared from records maintained on the basis of double-entry bookkeeping, and…

Business

Accounting

On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available trom his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 20,000 46,000 Merchandise Furniture Accounts Payable 12,000 Bank Loan 10,000 Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% Bad Debts were estimated Rs.500. (- Rent was prepaid Rs.6,000. Accrued Commission Income Rs.7,000.

On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available trom his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 20,000 46,000 Merchandise Furniture Accounts Payable 12,000 Bank Loan 10,000 Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% Bad Debts were estimated Rs.500. (- Rent was prepaid Rs.6,000. Accrued Commission Income Rs.7,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Mr. Ravi Kumar keeps his books on single entry. His position on 31st December, 2019 was as follows:…

A: Single-entry accounting techniques only note down one side of each transaction. This really is due…

Q: Jayden Carla Vista owns Carla Vista Electric and indicates on December 31 the unadjusted balance per…

A: In Bank reconciliation, we reconcile the cash book and pass book balances.

Q: Required – Prepare the adjusting entries required for the cash account. Calculate the adjusted…

A: Journal entries is a tool for recording business transactions into accounting records. A bank…

Q: PA11. LO 8.6 Inner Resources Company received the following bank statement. Using the information…

A: Bank reconciliation statement is prepared to identify the items due to which the balance as per cash…

Q: Transactions and balances for Diana Wonder are provided below: • 31 Jul 2020 Bank Statement balance…

A: Bank reconciliation is the process of checking out the difference between bank balance and cash…

Q: Daryl Swan operates four video rental stores. She has just received the monthly bank statement at…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Mackie Company had the following information on March 31, 2023: 1. Cash balance per bank, March 31,…

A: The bank reconciliation statement is prepared to equate the cash book and pass book balances. NSF…

Q: Assume that a relatively new company you and you group members are involved with has presented you…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Pass the necessary journal entry and post them to ledger accounts 2020 – Mr. X commenced business…

A: Journal entry:- Journal entries means writing a business transaction in a better way to understand…

Q: bike engines rbike engine torbike engin

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: Rick Hall owns a card shop: Hall's Cards. The following cash information is available for the month…

A: Bank reconciliation is prepared to match the balance per bank statement to the balance per book.

Q: Skip to question [The following information applies to the questions displayed below.] Rick…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: At December 31, Year 1, Kale Co. had the following balances in the accounts it maintains at First…

A: Cash and cash equivalents represent assets that can be turned into cash quickly and with little…

Q: How do you journalizing this transaction on april1 .Ali deposit 20000 in a bank account in the name…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 2a) You have an account at Bank A. Your last balance statement, which you can see on your bank…

A: Beginning Balance = $520 Deposits = $3120 Withdrawals = $750 Bill Transfers = 2300 + 180 = $2480…

Q: Domingo Company started its business on January 1, 2019. The following transactions occurredduring…

A: Journal entries recording is the first step of accounting process, under which atleast one account…

Q: On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a…

A: Bank Reconciliation Statement: It is also called BRS. BRS is prepared to reconcile the cash balance…

Q: Rick Hall owns a card shop: Hall's Cards. The following cash information is available for the month…

A: Journal entry :Method of recording financial transactions in the book of original entry by debiting…

Q: Prepare the ledger accounts for the following transactions

A: Journal entries are the first entry which is made on every business transaction on the journal book…

Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays…

A: Bank Reconciliation statement is prepared to reconcile the book and the bank balance due to the…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

2. Single Entr
Oa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business
accounting records under single entry system. On June 30, 2021, the following information was available from his records:
Cash in hand
Rs 39,000
Cash at Bank
24,000
Accounts Recievable
7,000
Merchandise
20,000
Furniture
46,000
Accounts Payable
12,000
10,000
Bank Loan
Additional information as on June 30, 2021
During the period he withdrew cash Rs.6000 for his personal use.
Additional investment of Rs.20,000 was also made.
Depreciation was charged on Furniture @12%
iv)
Bad Debts were estimated Rs.500,
v)
Rent was prepaid Rs.6,000.
vi)
Accrued Commission Income Ra.7,000.
Required: Prepare statement of Profit & Loss for the period ended on June 30,2021.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Now, with Jacques’s latest bank statement and his check register or ledger in hand, you can examine the documents. Fourth State Bank of San Francisco, CA Statement of Account Jacques Smythe June 20XX 550 Angel Street San Francisco, CA Account 348596 Date Description Subtractions Additions Balance 6-01 Previous balance 1,446.50 6-01 Deposit 300.00 1,746.50 6-03 Check 300 700.00 1,046.50 6-04 Check 301 350.00 696.50 6-05 ATM withdrawal 25.00 671.50 6-05 Deposit 75.00 746.50 6-11 ATM withdrawal 35.15 711.35 6-15 Deposit 300.00 1,011.35 6-18 Check 302 210.00 801.35 6-21 ATM withdrawal 47.65 753.70 6-22 Deposit 105.00 858.70 6-24 Check 303 70.00 788.70 6-26 ATM withdrawal 50.00 738.70 Jacques’s Account Ledger Date Transaction Description Deposit Withdrawals Balance Jun-01 Deposit - Payroll $300.00 $1,746.50 Jun-03 Check 300 - Rent $700.00 1,046.50 Jun-04 Check 301 - Car payment…
Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October31, 2019 from Bank of Montreal, and the statement shows an ending balance of $4,180. Listed on thestatement are an EFT rent collection by the bank for Swan of $150, a service charge of $15, four NSFcheques totalling $100, and a $20 charge for printed cheques. In reviewing her cash records, Swanidentifies outstanding cheques totalling $306 and an October 31 deposit in transit of $1,002. DuringOctober she recorded a $315 cheque for the salary of a part-time employee as $31. Swan’s Cash accountshows an October 31 cash balance of $5,145.Required:1. Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has atOctober 31, 2019?
Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.
Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.