Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10 pou Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation. (10 Marks) Nada Al
10 pou Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation. (10 Marks) Nada Al Mansouri started "Zoha, Pharmacy" in Abu Dhabi, a new business, funded by Khalifa fund and completed the following transactions during its first month of operations a. Nada invested AED 1,000,000 cash in the company. b. Nada purchased medicines from RAK pharmaceuticals (supplies) for AED 5,000 on credit. c. Nada sold medicines to NMC hospital for AED 3,000 and billed the hospital.. d Office furniture of AED 17,000 from IKEA was purchased on credit. e. The Pharmacy paid cash for medicines purchased in transaction b. f. The Pharmacy paid AED 20,000 cash to the landlord as monthly rent.. g. Nada withdrew AED 5,000 cash from the business for personal use. h. The Pharmacy received cash for medicines supplied to NMC hospital in transaction C above. i. The Pharmacy sold medicines to Tawam Hospital in Al Ain for cash AED 5,000. Assets Liabilities Owner's Equity Cash Receivables Supplies Furniture Payables Capital Drawing Revenue Expenses a b d e f Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started