Peter Smart used to wash cars in the back yard of his home. He set up a car cleaning business and rented premises, hired 2 staff and moved personal equipment to his business premises where a small office was available. He kept very basic records and after 3 months provided you with the following balances at 1 April 2022: Account balances at 1 April 2022 R Bank balance 23 000 Equipment 41 000 Consumables on hand 5 200 Creditors 3 700 |Capital ?? The following transactions took place for the month of April 2022:
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- Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.Preparing personal balance sheet Use Worksheet 2.1. Sadie Richardson’s banker has asked her to submit a personal balance sheet as of June 30, 2020, in support of an application for a $3,000 home improvement loan. She comes to you for help in preparing it. So far, she has made the following list of her assets and liabilities as of June 30, 2020: Cash on hand $ 70 Balance in checking account 180 Balance in money market deposit account with Southwest Savings 690 Bills outstanding: Telephone $ 20 Electricity 70 Charge account balance 190 Visa 180 MasterCard 220 Taxes 400 Insurance 220 1,300 Condo and property 69,000 Condo mortgage loan 54,000 Automobile: 2015 Honda Civic 12,000 Installment loan balances: Auto loans 3,000 Furniture loan 500 3,500 Personal property: Furniture 1,050 Clothing 900 1,950 Investments:…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
- Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1st June, 2017 31st May, 2018 GH¢ GH¢Inventory 1,019 2,998Trade Receivables 3,605 2,070Trade payables 1,740 970Telephone prepaid 200 265Cash at bank 1,696 (1,144)The bank statements for the year to 31st May, 2018 are summarized as follows:…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…Which Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?
- Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…Q4) A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B) Post the transactions given in Section – D to the proper ledger accounts. 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.Jayty has not kept proper bookkeeping records, but she has kept notes in a personal note form of her business transactions as at 31 May 2020. The following transactions relate to financial year ended on 31 May 2019. DR CR Bank 18 200 Cash 1 400 Accounts Receivable and Payable 7 800 6 850 Motor Vehicle (Net Depreciation) 22 500 Furniture and Fittings at cost 16 700 Inventory – 31 May 2018 8 490 Prepaid Rent and Accrued Stationery Expense 510 150 During the financial year ended 31 May 2020, the following transactions occurred. Paid suppliers N$ 26 400 by…
- Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.Question: How would I record these in MYOB account right v19. can you please provide step by step instructions. Thanks It is now 7 January 2024 You find a note on your desk from Alonso instructing you to record a list of transactions that occurred during the first week of January as follows: Transactions from early January 2024 2 3 Obtained a loan of $16,000 from Uncle Sebastian (a family relative of Alonso Cohen) at a simple interest rate of 12% per year, Cheque No. 188, ID #CR000001. The principal and interest on the loan are payable in six months time. Issued Cheque No. 4005 for $9,328 to Big Telco in payment of Purchase #326 (Supplier Inv#253). 3 Received Cheque No. 249 from Hypertronics for the full amount outstanding on their account, ID #CR000002. 3 Issued Cheque No. 4006 for $1,980 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 4 5 Purchased 7 units Tony ZIO MLP projectors from Pear Technology at $1,342 each (includes 10% GST), Purchase…Accounting On 1 April 2021, Michael commenced business as a plumber. His business is not registered for GST. He put into a business bank account his savings of $50,000. He also owns a van worth $11,000 which he uses solely for business purposes. Michael provided you with the following information. • Debtors (Accounts Receivable) at 31 March 2022 were $21,000 and materials on hand cost $2,000. • During the year Michael had withdrawn $1,000 per month for housekeeping and had transferred $24,000 from the business bank account to deposit for ownership of an apartment he intends to live in. • New plant and machinery had a book value of $7,500 and there was a new delivery van at $20,000 which had been purchased on 1 March 2022. When Michael bought the new delivery van, he traded in his old van for $7,000; paid $11,000 cash and got a finance company loan for the balance. • Michael owed creditors $4,000 and had an overdraft at the bank of $5,200. Required: Prepare a BALANCE SHEET as at 31…