Beruflich Dokumente
Kultur Dokumente
a. Made sales during the month for Rs. 5,700; Rs. 2,500 of them were cash sales & the rest
on credit
b. purchased inventory during the month for Rs. 12,000; 75% of it was on credit
c. cost of goods sold during the month was Rs. 10,000
d. incurred Rs. 2,000 in operating expenses but not all of it has been paid, yet.
e. borrowed Rs. 10,000 from bank (ignore any interest expense)
f. paid 50% of the operating expenses (from point d. above) through a check at the month
end
g. owner bought a computer for his own personal use at home
OR
b. Inventory 12,000
Cash / Bank 3,000
Accounts Payable 9,000
OR
Inventory 3,000
Cash / Bank 3,000
Inventory 9,000
Accounts Payable 9,000
You didn’t need to do this part. This is just to help you understand T-accounts & how
transactions are booked in T-accounts.
Accounts
Sales Revenue Cash Receivable
5700 2500 3000 3200
10000 1000
5700 8500 3200
Operating
Expenses Bank Loan
2000 10000
2000 10000
(b) Motor car bought and payment made by cheque. Motor Car Cash
(c) Owner pays own money into business bank account Cash Owner’s
Equity
5.
Selected transactions for Amir Lawn Care Company are listed below:
i. Sold common stock for cash to start business. B.
ii. Paid monthly rent. D.
iii. Purchased equipment on account. C.
iv. Billed customers for services performed. B.
v. Received cash from customers billed in (iv). A.
vi. Incurred advertising expense on account. F.
vii. Purchased additional equipment for cash. A.
viii. Received cash from customers when service was performed. B.
6.
a. June 1 Cash / Bank 100,000
Common Stock 100,000
OR
June 2 Equipment 20,000
Cash / Bank 20,000
Equipment 120,000
Cash / Bank 120,000
June 3 Expenses (Rent) 5,000
Cash / Bank 5,000
3.
a. Asset = Rs. 29,400
b. Liabilities = Rs. 2,290
c. Liabilities = Rs. 9,000
d. Asset = Rs. 3,323
e. Capital = Rs. 4,200
4.
March 1 Cash / Bank 5,000
Owner’s Equity 5,000
5.
a. Non-Current Asset b. Current Liability