Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on. 1. Record those transactions in journal, Transactions of Mr. Akram travel world business Mr Akram started business with cash for rs 400,000. Paid wages rs 20,000. Paid office rent in advance 2000. Paid rs 10000 for insurance in advance. Babar and sons paid 2500 for goods on advance. Purchased office equipment on credit rs 5000. Paid 7000 for advertising expenses. Paid 3000 to accounts payable. Provided services worth 7000 on credit. Paid salaries rs 3500. Services provided to customers 8000. Purchased furniture rs 4000. Paid 1000 to accounts payables. Rs 5000 received from accounts receivables. Sold furniture rs 2000. Paid 500 for telephone expense. Paid 1000 for utility expense. Sold goods for rs 1500. Issued shares at par value worth 1000. Salaries are due but not paid rs 2000. Interest payable on loan rs 3000. Sold old machinery rs 2000. Withdrew 2000 for personal use. Issued preferred shares at par value worth 2500. Purchased office supplies rs 1000. Received dividend rs 2000. Adjustments 27. Rs 10,000 which were paid in advance are fully consumed at the year end. 28. Depreciation is calculated rs 500. 29. Rent which was paid in advanced has been consumed fully at year end. 30. Paid outstanding salaries.

Name: Question: Select 30 transactions of various kinds such as sales, costs
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Question: Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current,

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

Concept explainers

Topic Video

Question

Question: Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.

1. Record those transactions in journal,

Transactions of Mr. Akram travel world business

Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided services worth 7000 on credit.
Paid salaries rs 3500.
Services provided to customers 8000.
Purchased furniture rs 4000.
Paid 1000 to accounts payables.
Rs 5000 received from accounts receivables.
Sold furniture rs 2000.
Paid 500 for telephone expense.
Paid 1000 for utility expense.
Sold goods for rs 1500.
Issued shares at par value worth 1000.
Salaries are due but not paid rs 2000.
Interest payable on loan rs 3000.
Sold old machinery rs 2000.
Withdrew 2000 for personal use.
Issued preferred shares at par value worth 2500.
Purchased office supplies rs 1000.
Received dividend rs 2000.

Adjustments

27. Rs 10,000 which were paid in advance are fully consumed at the year end.

28. Depreciation is calculated rs 500.

29. Rent which was paid in advanced has been consumed fully at year end.

30. Paid outstanding salaries.

Expert Solution

Step by step

Solved in 2 steps

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