Question No.1The following transactions were completed byRonaldo during the month of June 2016.01 Commenced business with an investment ofcash Rs. 30,000 and furniture worth Rs. 20,000.02 Purchased merchandise on account fromNeymar for Rs. 25,000 and paid carriagethereon Rs. 500.04 Purchased equipment for cash Rs. 2,000.06 Withdrew merchandise worth Rs. 600 and cashRs. 1,300 for personal use.08 Cash sales for the day Rs. 3,000.12 Purchased supplies for cash Rs. 1,500.15 Paid salaries in cash Rs. 2,600.19 Sold merchandise on account to Messi Rs.6,000.22 Defective goods returned by Messi of Rs. 300.25 Paid rent in cash Rs. 1,000.27 Paid to Neymar Rs. 16,000.29 Received cash from Tariq Rs. 4,000.30 Paid for insurance Rs. 900.Required:• Prepare journal entries.• Prepare general ledger accounts.• Prepare Trial Balance having complete title andcolumn headings.

Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Answered: Question No.1 The following…

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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CASH A/C DATE PARTICULARS AMT. DATE PARTICULARS AMT. 1.1.2015 10000 2.1.2015 5000 7.1.2015 4000 4.1.2015 1500 15.1.2015 1500 31.1.2015 Balance C/D ? Complete the balancing of the above ledger of CASH Account and choose the correct balance answer on Feb 1. Select one: a. Credit balance 10000 b. Debit balance 14000 c. Credit balance 19000 d. Debit Balance 8000 e. Debit balance 6000 f. Credit Balance 9000
Question#01: 06 The following information pertains to TNT Company for July 2017: 1. Cash balance per bank, July 31, Tk.7,586 2. July bank service charge not recorded by the depositor Tk.30 3. Bank Debited TK. 30 for printing cheque book. 4. Cash balance per books, July 31, Tk. 7,374 5. Deposits in transit, July 31, Tk.1,000 6. The note collected by the bank was Tk.700, 3-month, 12% note in July, less fee Tk. 14. The collection has not been recorded by Crane, and no interest has been accrued. 7. Outstanding checks, July 31, Tk.591 8. A TNT Company check for TK.362, dated July 10, cleared by the bank on July 25. The company recorded this check, which was a payment on account, for TK. 326. Instructions: a) Prepare bank reconciliation as at July 31. b) Journalize the entries required by the reconciliation.
Please prepare the Income Statement and Cash Flow Statement. Thanks!
Make journal entry of this.
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
Question 4 The following is a summary from the cash book of Lim Enterprise for October 2017. RM RM Opening balance b/f 1,407 Payments 15,520 Receipts 15,073 Closing balance c./f 960 16,480 16,480 On investigation, you discover that: Bank charges of RM35 shown on the bank statement have not been entered in the cash book. A cheque drawn for RM47 has been entered in error as a receipt. A cheque for RM18 has been returned by the bank marked ‘refer to drawer’, but it has not been written back in the cash book. An error of transposition has occurred in that the opening balance in the cash book should have been carried down as RM1,470. Three cheques paid to suppliers for RM214, RM370 and RM30 have not yet been presented to the bank. The last page of the paying-in-book shows a deposit of RM1,542 which has not yet been credited to the account by the bank. The bank…
Answer the following question
Post to the general ledger
Vishu
6. Indicatewhichjoumal would beusedto record the following transactions. Select from the followirng Cash Receipts Joumal Cash Disbursements Joumal, Sales Joumal Purchases Jourmal, and General Journal. a. Sold inventory for cash b.Sold inventory on account c Received cash a week after selling items on credit d Paid cash to purchase inventory e.Paid a cash dividend to shareholders £Sold sharesofstock for cash a. b. C. d. e. f. 2. Bought equipment forcash h Recorded anadjusting entry for supplies iPaid for a purchase of inventory on accontwithin the discount period i j Paid for a purchase ofinventory on account after the discount period haspassed, k. Bought inventory and agreed to paywithin the next 30 days 1 Receivedbut didnot pay the phone bill. Will pay in 20 days. m Retumed defective goods purchasedon credit to the supplier. The companyhadnotyet paid for them n. Jook out a loan fromthe bank o. Paid employeewages h. k. 1. 1. theconetinumalt
25-Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30 c. Received cash from Sohar Supplies LLC for RO 12,500 d. Cash paid to Muscat Mobiles LLC RO 12,500
Task 3 Information needed to prepare a bank reconciliation for the Dine Fine Restaurant for November 30, 2017, is presented below: a. Balance of cash per books on November 30, 2017, is £1,252.86. b. Balance per bank statement on November 30, 2017, is £1,192.96. c. The November 30 cash receipts of £382.50 were placed in the local bank's drop box at 9: P.M. on November 30. d. Bank services charges amounted to £14 for printing new checks. e. The outstanding checks at November 30 were #864, £232.50; #868, £12.75; #869, £122.17. f. An NSF check in the amount of £25 was returned with the bank statement. g. Check #842 for £76 was erroneously recorded on the books at £67. h. A credit memo for £3.18 for interest earned was included with the bank statement. (a) Prepare a bank reconciliation for the restaurant for November 30, 2017.

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