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Practice Question - Chapter 4 1. The following are the general journal of M/S. Ahmed Traders for the month of July 2019. Date Account Tile 2019 July 2 Dr. Cash A/c Cr. Capital A/c L.F Debit Credit Amount Amount (OMR) (OMR) 25,000 25,000 (Started business by investing OMR 10,000) 2019 July 4 Dr. Machinery A/c 15,000 Cr. Cash A/c 11,000 Cr. Account Payable (KBC Machine & Tools) (Machinery purchased and paid partly) 4,000 2019 July 6 Dr. Account Receivable A/c Cr. Service Revenue A/c 200 200 2019 July 14 (Service performed on credit) Dr. Cash A/c 4,500 Cr. Service Revenue A/c 4,500 2019 July 23 (Service performed on cash) Dr. Cash A/c 2,000 Dr. Account Receivable A/c Cr. Service Revenue A/c 700 2,700 2019 (Service performed and received partly) Dr. Account Payable (KBC Machine & Tools) 4,000 July 25 Cr. Cash A/c (Balance amount paid to KBC Machine & Tools for purchase of machinery on credit on 4th July 2019) 2019 July 27 Dr. Salary A/c Cr. Cash A/c (Paid salary to staff) 2019 July 30 Dr. Rent A/c Cr. Cash A/c 2019 July 30 (Paid rent for the month of July 2019) Dr. Cash A/c Cr. Account Receivable A/c (Received cash from customer for service provided on account) Required: Prepare 1. Necessary Ledger Accounts and 2. Unadjusted Trial Balance 4,000 2,300 2,300 1,700 1,700 700 700

Practice Question - Chapter 4 1. The following are the general journal of M/S. Ahmed Traders for the month of July 2019. Date Account Tile 2019 July 2 Dr. Cash A/c Cr. Capital A/c L.F Debit Credit Amount Amount (OMR) (OMR) 25,000 25,000 (Started business by investing OMR 10,000) 2019 July 4 Dr. Machinery A/c 15,000 Cr. Cash A/c 11,000 Cr. Account Payable (KBC Machine & Tools) (Machinery purchased and paid partly) 4,000 2019 July 6 Dr. Account Receivable A/c Cr. Service Revenue A/c 200 200 2019 July 14 (Service performed on credit) Dr. Cash A/c 4,500 Cr. Service Revenue A/c 4,500 2019 July 23 (Service performed on cash) Dr. Cash A/c 2,000 Dr. Account Receivable A/c Cr. Service Revenue A/c 700 2,700 2019 (Service performed and received partly) Dr. Account Payable (KBC Machine & Tools) 4,000 July 25 Cr. Cash A/c (Balance amount paid to KBC Machine & Tools for purchase of machinery on credit on 4th July 2019) 2019 July 27 Dr. Salary A/c Cr. Cash A/c (Paid salary to staff) 2019 July 30 Dr. Rent A/c Cr. Cash A/c 2019 July 30 (Paid rent for the month of July 2019) Dr. Cash A/c Cr. Account Receivable A/c (Received cash from customer for service provided on account) Required: Prepare 1. Necessary Ledger Accounts and 2. Unadjusted Trial Balance 4,000 2,300 2,300 1,700 1,700 700 700

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 3MCQ
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Practice Question - Chapter 4 1. The following are the general journal of M/S. Ahmed Traders for the month of July 2019. Date Account Tile 2019 July 2 Dr. Cash A/c Cr. Capital A/c L.F Debit Credit Amount Amount (OMR) (OMR) 25,000 25,000 (Started business by investing OMR 10,000) 2019 July 4 Dr. Machinery A/c 15,000 Cr. Cash A/c 11,000 Cr. Account Payable (KBC Machine & Tools) (Machinery purchased and paid partly) 4,000 2019 July 6 Dr. Account Receivable A/c Cr. Service Revenue A/c 200 200 2019 July 14 (Service performed on credit) Dr. Cash A/c 4,500 Cr. Service Revenue A/c 4,500 2019 July 23 (Service performed on cash) Dr. Cash A/c 2,000 Dr. Account Receivable A/c Cr. Service Revenue A/c 700 2,700 2019 (Service performed and received partly) Dr. Account Payable (KBC Machine & Tools) 4,000 July 25 Cr. Cash A/c (Balance amount paid to KBC Machine & Tools for purchase of machinery on credit on 4th July 2019) 2019 July 27 Dr. Salary A/c Cr. Cash A/c (Paid salary to staff) 2019 July 30 Dr. Rent A/c Cr. Cash A/c 2019 July 30 (Paid rent for the month of July 2019) Dr. Cash A/c Cr. Account Receivable A/c (Received cash from customer for service provided on account) Required: Prepare 1. Necessary Ledger Accounts and 2. Unadjusted Trial Balance 4,000 2,300 2,300 1,700 1,700 700 700
Transcribed Image Text:Practice Question - Chapter 4 1. The following are the general journal of M/S. Ahmed Traders for the month of July 2019. Date Account Tile 2019 July 2 Dr. Cash A/c Cr. Capital A/c L.F Debit Credit Amount Amount (OMR) (OMR) 25,000 25,000 (Started business by investing OMR 10,000) 2019 July 4 Dr. Machinery A/c 15,000 Cr. Cash A/c 11,000 Cr. Account Payable (KBC Machine & Tools) (Machinery purchased and paid partly) 4,000 2019 July 6 Dr. Account Receivable A/c Cr. Service Revenue A/c 200 200 2019 July 14 (Service performed on credit) Dr. Cash A/c 4,500 Cr. Service Revenue A/c 4,500 2019 July 23 (Service performed on cash) Dr. Cash A/c 2,000 Dr. Account Receivable A/c Cr. Service Revenue A/c 700 2,700 2019 (Service performed and received partly) Dr. Account Payable (KBC Machine & Tools) 4,000 July 25 Cr. Cash A/c (Balance amount paid to KBC Machine & Tools for purchase of machinery on credit on 4th July 2019) 2019 July 27 Dr. Salary A/c Cr. Cash A/c (Paid salary to staff) 2019 July 30 Dr. Rent A/c Cr. Cash A/c 2019 July 30 (Paid rent for the month of July 2019) Dr. Cash A/c Cr. Account Receivable A/c (Received cash from customer for service provided on account) Required: Prepare 1. Necessary Ledger Accounts and 2. Unadjusted Trial Balance 4,000 2,300 2,300 1,700 1,700 700 700
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