Question
Case 2. The following transactions are given from books of Al Karama LLC for the year 2019. You are requested to record the journal entries.
Case 2. The following transactions are given from books of Al Karama LLC for the year 2019. You are requested to record the journal entries.
- Trial Balance 2. Day Book 3. Income Statement. (35 Marks)
| Date |
| Amount (in RO) |
| 2019 |
|
|
| Jan 1 | Opening Balances : Buildings A/C | 30,000 |
|
| Furniture A/C | 15,000 |
|
| Cash A/C | 35,000 |
|
| Bank A/C | 17,500 |
|
| Al Khalid Product Company A/C ( Dr. Balance) | 9,000 |
|
| Bank overdraft | 12,500 |
|
| Capital A/C | ? |
| Jan 2 | Brought additional capital into the business | 40,000 |
| Jan 31 | Deposited into bank | 10,000 |
| Feb 1 | Purchased goods and paid by cheque | 4,000 |
| Feb 2 | Purchased goods from Barka Industrial Company and got 5% trade discount | 12,000 |
| Mar 1 | Cash Sales | 10,000 |
| Mar 2 | Goods returned to Barka Industrial Company | 1,000 |
| Mar 31 | Purchased Equipment from Al Qurm Engineering Company | 15,000 |
| Apr 1 | Withdrew from bank for office use | 3,000 |
| Apr 2 | Sold goods to Ruwi Industries | 15,000 |
| May 1 | Paid Wages and Salaries | 3,000 |
| May 2 | Goods returned by Ruwi Industries | 1,500 |
| May 31 | Paid carriage inwards | 1,500 |
| June 1 | Received Commission | 2,000 |
| June 2 | Received from Ruwi Industries | 8,000 |
| July 1 | Paid to Barka Industrial Company | 5,000 |
| July 2 | Received from Al Khalid Product Company in full settlement | 8,700 |
| July 31 | Paid to Barka Industrial Company in full settlement | 5,200 |
| Aug 1 | Goods Distributed as free samples | 5,000 |
| Aug 2 | Received a cheque from Ruwi Industries in full settlement | 5,000 |
| Aug 31 | Goods taken by proprietor for personal use | 2,000 |
| Sep 1 | Paid Telephone charges by cheque | 200 |
| Sep 2 | Paid Rent | 1,000 |
| Oct 1 | Paid for Fuel and Power | 500 |
| Oct 31 | Purchased goods and paid by cheque | 9,500 |
| Oct 31 | Purchased goods from Muscat Chemical Industries | 15,500 |
| Oct 31 | Cash Sales | 25,000 |
| Oct 31 | Sold goods to Al Naba Services | 25,000 |
| Oct 31 | Purchased goods from Raya Industries Company | 8,000 |
| Nov 1 | Cash withdrawn from bank by proprietor for personal use | 1,500 |
| Nov 1 | Sold Machinery worth RO. 3250 for RO. 3000 |
|
| Nov 1 | Goods returned to Muscat Chemical Industries | 1,500 |
| Nov 1 | Goods returned by Al Naba Services | 1,000 |
| Nov 2 | Paid carriage on purchases | 150 |
| Nov 2 | Withdrew from bank for office use | 2,500 |
| Nov 2 | Brought additional capital into business | 50,000 |
| Nov 2 | Received cash from Oman Packaging Factory for cash sale | 6,000 |
| Nov 2 | Purchased Equipment worth | 11,500 |
| Nov 2 | Paid Insurance on Office Building | 1,350 |
| Nov 30 | Paid for fuel and Power | 950 |
| Nov 30 | Goods taken by proprietor for personal use | 1,000 |
| Nov 30 | Sold goods to L&T Industries | 14,800 |
| Dec 1 | Advertisement expenses | 2,500 |
| Dec 1 | Deposited into Bank | 15,000 |
| Dec 31 | Received interest | 150 |
| Dec 31 | Paid Electricity charges | 1,100 |
|
| Paid Salaries and Wages through bank transfer | 2,500 |
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Financial Accounting For OHADA Member States Volume 1
Authors: Michael Forzeh Fossung
1st Edition
3330328037, 978-3330328037
