Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given below are the transactions related to Omar Enterprises for the month of March 2020. Date Transactions OMR March 2020,1 Mr. Omar is the proprietor
Given below are the transactions related to Omar Enterprises for the month of March 2020. Date Transactions OMR March 2020,1 Mr. Omar is the proprietor started business with (1) Cash 150,000 and Machinery 50,000 3 Purchased Building for OMR 80,000 and paid OMR 50,000 in cash and remaining amount to be paid in the near future Borrow money from Bank Muscat 20,000 5 Purchased goods for cash 34,000 6 Purchased a computer for office purposes 1,200 7 Cash Sales 16,000 8 Paid electricity expenses 400 9 Purchased stationery for office use 320 10 Purchased goods from XYZ Limited 40,000 11 Sold goods on credit from ABC LLC Saham 40,000 12 Paid telephone charge 800 14 Paid the remaining OMR 30,000 for the building bought on 3rd March 15 Paid rent 1,200 17 Commission received 2,400 22 Sold goods to Mr. Ali Ibrahim for Cash 24,000 25 Paid Salary to Employees 2,400 26 Mr. Omar withdraw cash for personal use 2,000 REQUIRED TO PREPARE A. Journal Entries B. Ledger Accounts C. Trial Balance D. Income Statement and E. Balance Sheet
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