Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment of funds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchased furniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a new computer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bank loan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personal purposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for which amount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective and returned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchase of new stock of garments. Using the format given below, state weather each transaction resulted in increase or decrease or had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and then the net effect on assets, liabilities and equity...
Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment of funds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchased furniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a new computer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bank loan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personal purposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for which amount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective and returned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchase of new stock of garments. Using the format given below, state weather each transaction resulted in increase or decrease or had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and then the net effect on assets, liabilities and equity...
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment of
funds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchased
furniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a new
computer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bank
loan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personal
purposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for which
amount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective and
returned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchase
of new stock of garments. Using the format given below, state weather each transaction resulted in increase or decrease
or had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and then
the net effect on assets, liabilities and equity...
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