Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. On 1/1/2019 Ahmed started an accounting consultancy business by a 90,000 AED cash capital. 2. Purchased furniture by 12,000 from Khalid stores on account.

1. On 1/1/2019 Ahmed started an accounting consultancy business by a 90,000 AED cash capital.

2. Purchased furniture by 12,000 from Khalid stores on account.

3. Purchased car at 32,000 cash 4. Purchased stationary by 4500 AED cash.

5. Purchased office equipment by 11000 from North Stores on account.

6. Withdrew 18,000 AED from his business for personal use

7. Provided consultations to his customer Ahmed and received 30,000 cash received half of it and the remaining will be received later.

8. Paid the amount due to North Stores.

9. Paid the utility bill (electricity & water) of 2500 AED.

10. Received due amount from his customer Ahmed.

11. Paid his office monthly rent of 5500 AED.

12. Paid the employee salary 6000 AED cash

Required : Using a tabular ;

Show the effect of the above transactions on the accounting equation.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

24th Edition

1260158608, 9781260158601

More Books

Students also viewed these Accounting questions

Question

1. What is game theory?

Answered: 1 week ago