Question

Prepare journal entries for the following exercises On March 2017, Farhan Rahim, starts wholesaling business. Following...

Prepare journal entries for the following exercises


On March 2017, Farhan Rahim, starts wholesaling business. Following transactions as follows:

1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000.
8. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000.
13. Sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs. 5,000.
17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30.
21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25.
28. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs. 50.
OPEN
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare the three column cashbook and balance it. 2009 March 1 Started business with P8000.00 4....
Prepare the three column cashbook and balance it. 2009 March 1 Started business with P8000.00 4. Bought goods paying by cheque P1430.00 8. Cash sales P680.00 9. Sold goods on credit to N.Masego P340.00, A.Kabo P240.00, B.Olorato P320.00 10. Bought goods on credit from; S.Kagiso P520.00, F.Kola P760.00, P. Mokgwathi P510.00 19. N.Masego paid up his account of P340.00 by means of a cheque for P320.00, he was given P20.00 discount. 20. Paid S.Kagiso his account of P520.00 by means...
Prepare Accounting Equations, Journal, Ledgers and Trial Balance I. X Started business with cash Rs. 1,00,000...
Prepare Accounting Equations, Journal, Ledgers and Trial Balance I. X Started business with cash Rs. 1,00,000 Bank Rs. 1,50,000 II. Purchased Building Rs. 50,000 III. Purchased machinery Rs. 50,000. IV. Purchased goods from Prakash Rs. 30,000 and on cash Rs. 70,000. V. Sold goods worth Rs. 50,000 at Rs. 75,000 VI. Paid rent Rs. 5,000. VII. Pain salary Rs. 20,000. VIII. Received interest Rs. 25,000. IX. Sold goods on credit to Mahesh for Rs. 50,000 X. Paid to Prakash Rs....
What is the Impact on Income (Increase/Decrease to Income) for the following problem? Prepare journal entries...
What is the Impact on Income (Increase/Decrease to Income) for the following problem? Prepare journal entries to record the following merchandising transactions of Lee's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Clark.) Jul. 1 Purchased merchandise from Clark Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Allen.) Jul. 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Garcia Co. for $3,200 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.)    Aug. 1 Purchased merchandise from Aron Company for $5,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $3,500 under credit terms of 2/10, n/60, FOB destination,...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company and dissolved the old one. The balances of the accounts (with the exception of fixed assets and uncollectible) were transferred over from the old business. Mr. Burns decided that he needed to invest more money into the business in order to get operational. Mr. Burns invested $2,120,000 to create stock. 2. January 3: Mr. Burns bought a cookie making machine for $500,000 from Cookie...
Ms. Freida has started a new Landscaping business in the name of Freida’s Ferns on March...
Ms. Freida has started a new Landscaping business in the name of Freida’s Ferns on March 1st, 2020. Following transactions have taken place during the first month of operation. March 1st – Started Freida’s Ferns by bringing in $ 15,000 in cash and $ 5,000 worth of equipment. March 1st – Took an office space on rent of $ 1,000 per month and paid 3 months rent in advance. March 1st – Recruited 4 members to work on landscaping and...
[The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October...
[The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries is to: assure that adjusting entries balance b. calculate the net balance of non-current assets ensure that all assets and liabilities are recognised in the appropriate period to measure revenue, expense, and dividend accounts in the next period prove the equality of the debit and credit entries in the general journal If a company uses the direct write off method of accounting for bad...
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions...
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT