Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

given below Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the

image text in transcribed

given below Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the journal entry. All figures are in thousands [10] 1. On January 2. 2020, the owner invested a cash of Rs800 in the company. 2. On January 2. 2020, the company borrowed Rs 200 from a bank. 3. On January 3, 2020, the company acquired store equipment for eash Rs30. 4. On January 4, 2020, the company acquired inventory for cash R$240. 5. On January 3, 2020, the company acquired inventory on credit R$20. 6. On January 6, 2020. the company acquired inventory for cash Rs20 and the remaining balance of R$40 in 30 days 7. On January 1, 2020. the company sold store equipment for cash R$2. 8. On January 8, 2020, the company returned inventory to supplier for full credit, R$1.6 (further to transaction 6) Options

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

More Books

Students also viewed these Accounting questions

Question

9. True or False: Larger MPCs imply larger multipliers. LO30.5

Answered: 1 week ago