The following business transactions of Mrs.Haneen, a sole trader. July 2021 (1) Capital invested as cash RO 86,000 to start up the business (5) Paid RO 25500 in cash to Purchase Factory building (7) Purchase of goods on credit for RO 32300 and 33245 on cash from Suad trading (8) Sale of goods RO 34600 on credit to Suhail trading and for cash RO 55600 (9) Paid RO 32700 liability to the Suad trading (11) Paid advertisement of RO 2400 (17) Paid salaries of RO 6400 (16) Paid rent RO 200 for the house of the sole trader (28) Collection of accounts receivable RO 24000 from Suhail trading You required to: a. Prepare Journal entries b. Post ledger accounts c. Trail balances Note: The formatting carries 2 marks.
The following business transactions of Mrs.Haneen, a sole trader. July 2021 (1) Capital invested as cash RO 86,000 to start up the business (5) Paid RO 25500 in cash to Purchase Factory building (7) Purchase of goods on credit for RO 32300 and 33245 on cash from Suad trading (8) Sale of goods RO 34600 on credit to Suhail trading and for cash RO 55600 (9) Paid RO 32700 liability to the Suad trading (11) Paid advertisement of RO 2400 (17) Paid salaries of RO 6400 (16) Paid rent RO 200 for the house of the sole trader (28) Collection of accounts receivable RO 24000 from Suhail trading You required to: a. Prepare Journal entries b. Post ledger accounts c. Trail balances Note: The formatting carries 2 marks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following business transactions of Mrs.Haneen, a
sole trader.
July 2021
(1) Capital invested as cash RO 86,000 to start
up
the
business
(5) Paid RO 25500 in cash to Purchase Factory building
(7) Purchase of goods on credit for RO 32300 and 33245
on cash from Suad trading
(8) Sale of goods RO 34600 on credit to Suhail trading
and for cash RO 55600
(9) Paid RO 32700 liability to the Suad trading
(11) Paid advertisement of RO 2400
(17) Paid salaries of RO 6400
(16) Paid rent RO 200 for the house of the sole trader
(28) Collection of accounts receivable RO 24000 from
Suhail trading
You required to:
a. Prepare Journal entries
b. Post ledger accounts
c. Trail balances
Note: The formatting carries 2 marks.
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