Bhoopesh Ltd. gives you these transactions of their Business. Find out their effect on its Assets, Liabilities and Capital by using an Accounting Equation. 1. Capital invested of amount $ 40,000 in the form of Cash 2. Purchased Shares worth $ 8,500 in the form of Cash 3. Bought a House of value $ 25,000 by paying $ 10,000 in Cash and balance by taking a Housing Loan. 4. Additional capital introduced for $14,000 entirely in the form of Cash only 5. Loan taken from Rahul for Working Capital requirements of $ 15,000 新 = = = BIU 1. Σ 3
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- Complete the columns to show the effects (increase or decrease) of the following transactions on the assets, liabilities and capital of a business. Copy the table into your answer booklet. 2.2. Effect Upon Assets Liabilities Capital a) Pay creditor RM100 in cash b) Bought machines RM200 by cheque c) Bought goods on credit RM300 d) The proprietor introduces RM500 cash into the firm e) A debtor pay us RM60 by cheque f) Bought funiture by cash RM500 g) Credit sales to Kasim RM200 h) Owner took RM100 cash for his own use i) Bought furniture by cash j) Introduce additional cash as capitalPROBLEM: Alex Sun had the following transactions. Use the accounting equation show their effect on his Assets, Liabilities, and Capital. A. Invested P65,000. B. Purchased securities for cash P8,500. C. Purchased a home for P15,000: giving P 5,000 in cash and the balance through loan account. D. Sold securities costing P 1,000 for P 1,500. E. Purchase an old car for P 2,800. F. Received cash as salary P 3,600. G Paid cash P 600 for loan and P 200 for interest. H. Paid cash for expense P 400. 1. Received cash for dividend on securities P 300.Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Receive payment of $12,000 owed by a customer2. Purchase equipment for $45,000 in cash3. Issue $85,000 in stock4. Borrow $67,000 from a bank What is the net change in Total Liabilities & Equity? Please don't provide answer in image format thank you
- Gulf Cement, Inc. reports the following assets and liabilities, Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)). Cash...Asset.. OMR 37,000 Assets e Yi abilities + Equity- Accounts Payable....liabi libies OMR 15,000 30 800 Supplies....A seps. OMR 1, 800 Loan Payable. ibiliies OMR 9,000 Inventory....AScts. OMR 12,000Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000 respectively.The company sold OMR 3000 furniture for its customer and received notes receivables for OMR 4500. What is the effect of the above transaction on different elements of financial position of the company? a. Assets of the company increase by OMR 1500 and capital of the company increase by OMR 1500 b. Assets of the company decrease by OMR 3000 and capital of the company decrease by OMR 3000 c. Assets of the company increase by OMR 4500 and capital of the company increase by OMR 4500 d. None of the given options2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
- Q1. Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. а) starts a business called enterprise on 1st January, 2021 and invests ----as his /her capital. ----enterprise purchases machinery paid 35% in cash and b) worth RO. remaining on credit. c) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. (cost being RO ----) on credit basis. e) The business took loan of RO. from Bank Muscat . f) The owner withdrew RO.----- ----from the business for his/ her personal use.Use the following table to show the effects of transactions. Use + or -and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation.Table is set up as folliowing to record transactionsAssets Liabilities Equity1) Shareholders investd $5,000 each to begin business2) Copymaster bought copying machine for $1,5003) Copymaster sold copies to customers for $500 cash4) Copymaster produces copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month5) Copymaster paid employees $6006) Copymaster bought supplies for $3,007) Copymaster paid rent for $7008) Copymaster paid utilities for $2009) Copymaster bought office furniture for $50010) Copymaster had an unpaid phone bil at month-end for $100Please put these in the correct…By using Accounting Equation, find out the effect on Assets, Liabilities and Capital of Priyam Garg Associates with these transactions of their Business. 1. Capital invested $ 52,150 in Cash 2. Purchased Inventory $ 5,650 from Anuj on Credit Basis 3. Paid Salary in advance $ 22,500 4. Bought a Machinery of value $ 15,000 by taking loan from Rajeev. 5. Additional capital introduced for $20,000 in the form of Machinery
- Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 6. Paid $43,000 to purchase land. Required: a. Identify the events that will affect the income statement. Note: Select all that apply. Event #1 Event #2 Event #3 ✓ Event #4 Event #5 Event #6 b. Prepare an income statement that shows the results of Year 1 operations. OLLIE COMPANY Income Statement For the Year Ended December 31, Year 1 $ 0The following provides a list of transactions and a list of business activities.Transactions Business Activities1. _________Borrow from the bank. a. Financing2. _________Provide services to customers. b. Investing3. _________Issue common stock to investors. c. Operating4. _________Purchase land.5. _________Pay rent for the current period.6. _________Pay dividends to stockholders.7. _________Purchase building.Required:Match the transaction with the business activity by indicating the letter that corresponds to the appropriate business activity.Q1. Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. starts a business called enterprise on 1st January, 2021 and invests --as his /her capital. ------enterprise purchases machinery ---- paid 35% in cash and b) worth RO. remaining on credit. e) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. ----- (cost being RO -----) on credit basis. e) The business took loan of RO. from Bank Muscat. ) The owner withdrew RO.-- -----from the business for his/ her personal use. Q2. Select any ONE organization of your choice and name atleast 7 common assets that business would need and specify some common liabilities, expenses the business would incur and name the sources of revenue. Journalise any 6 transactions of your choice with imaginary names / transactions / omr Q3.