Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following business transactions of Mrs.Amna, a sole trader. May 2021 (1) Capital invested as cash RO 80,000 to start up the business (5) Paid

image text in transcribed
The following business transactions of Mrs.Amna, a sole trader. May 2021 (1) Capital invested as cash RO 80,000 to start up the business (5) Paid RO 24000 in cash to Purchase Factory (7) Purchase of goods on credit for RO 30000 and 34500 on cash from Kalood trading (8) Sale of goods RO 39700 on credit to Qaboos trading and for cash RO 45400 (9) Paid RO 26800 liability to the Kalood trading (11) Paid advertisement of RO 3570 (17) Paid salaries of RO 2530 (16) Paid rent RO 375 for the house of the sole trader (28) Collection of accounts receivable RO 27950 from Qaboos trading You required to: a. Prepare Journal entries b. Post ledger accounts c. Trail balances Note: The formatting carries 2 marks

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

Global Financial Systems Stability And Risk

Authors: Jon Danielsson

1st Edition

0273774662, 9780273774662

More Books

Students also viewed these Accounting questions

Question

A 300N F 30% d 2 m Answered: 1 week ago

Answered: 1 week ago