please provide an accounting entry for the following transaction: 1. A loan from a third party is deposited in the company account amounting to AED 1,000,000. AED 300,000 part of the loan will be allocated to the initial capital

please provide an accounting entry for the following transaction: 1. A loan from a third party is deposited in the company account amounting to AED 1,000,000. AED 300,000 part of the loan will be allocated to the initial capital

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: A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage…

A: Purchase of a building is an investing activity. Increase in the note payable is a financing…

Q: 1.3Comment on the following:1.3.1Cash flows from operating activities R756 000(4 marks)1.3.2Increase…

A: The question is asking for an analysis of the given financial figures: cash flows from operating…

Q: Novak Incorporated factored $139,800 of accounts receivable with Splish Factors Inc. on a…

A: Prepare journal entry in the books of Novak Incorporation:

Q: 1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the…

A: The Tax Remittance Advice (TRA) is an official document used by organizations to report and send…

Q: An Islamic bank provided $400,000 for a three-year mudaraba financing contract at the profit sharing…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: The following information is related to ABC Co.: 1. Accounts receivable of €60,000 (gross) are…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Kingbird Corporation factors $271,300 of accounts receivable with Kathleen Battle Financing, Inc. on…

A: In a financing arrangement known as "receivables with recourse factoring," a business sells its…

Q: Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. prepare…

A: JOURNAL ENTRIES Journal Entry is the First stage of Process of Accounting. Journal is the Process…

Q: On August 1, 2024, Tyson Company borrowed $38,000 from the bank on a 15%, 11-month note payable.…

A: In 2025,Interest Expenses for first loan will be charged from January 1,2025 - June 30,2025 because…

Q: A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage…

A: Cash flow statement only includes the cash inflows and outflows.

Q: The director of BTM collects a brochure from the printer and pays with a cheque of € 520. Account…

A: Here are the journal entries for the transactions described:1.Paying for Brochure with Cheque:…

Q: Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021:…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the [ Choose ]…

A: As per the guidelines, only three parts are allowed to be solved. Please resubmit the remaining…

Q: Instruction: Record the following transactions or events: a. Receipt of notice of appropriation…

A: The process of documenting and managing all financial transactions incurred by the government,…

Q: Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required:…

A: Cash flow statement for Operating Activities Cash flow from Operating activates is the important…

Question

please provide an accounting entry for the following transaction: 1. A loan from a third
party is deposited in the company account amounting to AED 1,000,000. AED 300,000 part of
the loan will be allocated to the initial capital

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Meaning of journal entry

VIEW

Step 2: Meaning of loan and capital

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Property, Plant and Equipment

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

Gadubhai
Metlock Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2025. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2025, for Metlock to record the sale of receivables, assuming the recourse obligation has a fair value of $5,010. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Aug. 15, 2025 Account…
Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Identify the amount that should be reported as net cash flow from operating activities. Net Cash Flow
Winkler Company borrows $92,000 and pledges its receivables as security. The journal entry to record this transaction would be:
The recognition principal of accrual accounting says revenue is recognized: Based on the firm’s cash accounts at the end of the fiscal year. When payments are received for the goods or services produced by the firm. When the activities required to earn the revenues are completed. When all resources that went into producing the goods or services are paid.
On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds
On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
On 15 April 2021, Growth Realty Ltd purchased a piece of equipment worth $200,000 by accepting a 6 - month discounted bank bill. The bill has a face value of $209,000 and is due for settlement on 15 October 2023. Required: (a) State the items and amounts, if any, that would appear in each of Growth Realty Ltd's financial statements on 30 June 2023 pertaining to the discounted bill. Provide your working process. (1) Income statement items) and amount(s): (i) Balance sheet items) and amounts): (ili) Cash flow statement items) and amount(s) ):
Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
Waterway Corporation factors $260,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2025. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2025, for Waterway to record the sale of receivables, assuming the recourse obligation has a fair value of $5,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.