Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Following information is relevant for Questions 1 - 4 Mr. Rasool started a courier service in lbri, Fast Couriers, on January 1. 2020. The following
Following information is relevant for Questions 1 - 4 Mr. Rasool started a courier service in lbri, Fast Couriers, on January 1. 2020. The following transactions occurred during the month of January 2020 Mary Rasool invested OMR 15,000 in the business. The business borrowed OMR $.000 from Bank Nirwa, to be repaid after 3 years Bought a delivery van OMR 7,000 from Fine Automobiles Rasool paid OMR 2.000 and the balance will be paid latcr. ey Paid insurance for full year OMR 1,000 Jury Billed a customer OMR 500, for delivery service and received l y 1Purchased packing materials (supplies) for OMR 500 on y 12 Received invoice from Shelly Autocare OMR 250, for the repair of delivery van. Business agreed to pay the cash later Xerry Eamed OMR 1,000 on a customer order for an overseas delivery, but not received the cash wry is Rasool took OMR 300 for his personal expenses. Xsary Provided delivery service for a friend, Mr. Hamed, for OMR 300. Hamed paid OMR 180 immediately and agreed to give the hace later January 21 Purchased a weighing machine for OMR 400 kunwary 23 Hamed paid the balance amount on the services rendered for ry 21 Remited OMR 500 to Fine automobiles January Paid office rent OMR 150. Sun Staff salary paid OMR 1,000 Question 3: Post the journal entries in ledger accounts and find the balances at January 31, 2020 (10 Marks) Answer: Question 4: Prepare a trial balance at January (5 Marks) 31, 2020. Answer: From the trial balance identify each item under the following category and find their total: Non-current assets Current assets Long term liabilities Current liabilities Marks) Answer: c. What is the amount of profit/loss for the month of January 2020? (2 Marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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