Question
Use the Following information for the Question Numbers 5 to 10. Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare
Use the Following information for the Question Numbers 5 to 10.
Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction. January 1. Mr. Salah invested cash OMR 30,000, computer value OMR 2,000
January 2. Paid OMR 1500 cash for the rent of office space for the next 3 months. January 3. Purchased other office tools OMR 950 on credit.
January 4. Hired a helper agree salary OMR 700.
January 8. Completed work for a client and immediately collected cash OMR 2,80 January 10. Perform services for a client and sent a bill OMR 500 to be paid later. January 12. Purchased supplies OMR 8,000 in cash.
January 14. Mr. Salah has booked an equipment for OMR 999 and the expected delivery of an equipment will be in the month of February.
January 15. Received cash OMR 3000 from a client for the service to be provided for the month of February and March 2020.
January 17. Pay school fees OMR 450 for the kids from his personal fund. January 18. Collected OMR 200 on the amount owed by the client.
January 22. Purchased laptop and returned it back on the same day as it was defective OMR 299 January 25. Paid cash OMR 500 for liability on the office tools January 28. Owner withdrew OMR. 500 cash for personal use. January 30. Completed work for another client OMR. 600 but paid only for 50% of the amount. The remaining agree to pay later.
January 31. Paid salary of helper. OMR 700.
January 31. Planned to purchase additional supplies of OMR 500.
January 31. Received electricity bill OMR 250.
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