Answered step by step
Verified Expert Solution
Question
1 Approved Answer
its all one case study connect the last picture is to clarrify it olease solve it step by step as its an assignment. Case Study
its all one case study connect the last picture is to clarrify it olease solve it step by step as its an assignment.
Case Study The transactions related to AMT Engineering Consultants for the year ended 31" December 2020 is provided herewith. You are required to enter these transactions in journal, prepare ledger, trial balance and the year end financial statements. 5 6 Event No. Transaction 1 AMT Engineering acquired OMR 100,000 by issue of Common Stock 2 The owner took OMR 50,000 as loan from Bank Muscat. 3 Opened an account in Bank Muscat (Current Account). An amount of OMR50,000 deposited into the account. 4 Rented an office. An advance of OMR 12,000 is paid by issue of a bank cheque Purchased office furniture OMR5,000 on credit from Fahmy Furnitures. Bought office supplies paying OMR5,000. 7 Bought a car from Saud Bahwan for OMR10,000. The amount is paid by the issue of a bank cheque 8 Paid the amount due to Fahmy Furniture in cash 9 Collected OMR40,000 as advance to provide future services over a one year period starting from July 1, 2020. 10 Received consulting revenue from a customer OMR40,000 11 Paid OMR30,000 as salaries to the staff. 12 Paid utilities charges OMR400 13 Traveling expenses paid OMR100 Received OMR25,000 as consulting revenue from MM Projects. Paid OMR500 towards insurance premium. The premium is paid for one year, starting from 1st July 2020. 16 Office upplies purchased on account OMR2,000 Bought computers for office OMR1,500 Provided consulting service on account OMR 10,000 19 Interest on loan paid OMR 750 Purchased land paying OMR100,000 Dividend paid OMR10,000 Received OMR5,000 from account receivable. 14 15 17 18 20 21 22 Adjustment 1. Salary paid only for 10 months. 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 14 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had earned OMR20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1" July, 2020. Case Study The transactions related to AMT Engineering Consultants for the year ended 31 December 2020 is provided herewith You are required to enter these transactions in joumal prepare ledger, trial balance and the year end financial statements verileri 1 AMT OMR 1000 Sk The weak 200 as bratract 3 Openodol Mucement Acc An OMR 50.000 dependent 4 kered anticeAn i MR pul yolunk cho chodili MRS. Jodi miten Regole 7 Hought from Safe OMR 20.000 Thay info * Paid the domy miere in cas COMER pened starting the 200 10 Kencing macOMBOLO iPad 10.000 to the 12 Pidil charge OM300 13 Ting OMR100 14 ROMSON 15 POMRS towane te pare the propied for me starting from y 220 16 om upplies purchased on COROM. 1 for OMIS 13 vided.com ROMERO 19 Info OMR750 Pusled land paying OM 100.000 21 Divide OMRO. 32 Reconed OMR500 tm recente Adjustment 1. Salary paid only for 10 months 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 1 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had cared OMR20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1 July, 2020 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