Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. the following transactions are taken from the b

1. The following transactions are taken from the books of Mr. Salim for the month...

90.2K

Verified Solution

Question

Accounting

image

1. The following transactions are taken from the books of Mr. Salim for the month of August 2020, Aug 1 2 4 6 14 23 Mr. Salim started the business by investing OMR 50,000 in Cash. Purchased Furniture by cash OMR 8.000. The company purchased Plant on credit to XYZ Automobile for OMR 25.000. Paid OMR 15,000 immediately and the balance will be paid in the future. The business paid for the insurance covering full year amount OMR 1.800 Business provided services to customer by collecting cash OMR 6000. Mr. Salim earned OMR 3500 in revenue from the customer for service provided. Received OMR 1000 the customer agreed to pay remaining amount later. Mr. Salim paid remaining g balance to XYZ Automobiles. Mr. Salim paid the rent of the building OMR 5000. Mr. Salim paid stationary expenses OMR 1,700 Received the remaining balance of cash from the customer who previously billed for the service provided and paid partially on 23 August 2020. Mr. Salim withdrawn cash OMR 350 for his personal use. 25 27 30 30 31 Required: Prepare Journal Entries, Ledger Accounts and Unadjusted Trial Balance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students