Prepare journal entries - bussiness accounting, Financial Accounting

Assignment Help:

Question 1 

Describe and differentiate the four (4) different Financial Statements.

HINT : use examples of actual companies or transactions to illustrate your answer. Give the equations that make up the structure of each Financial Statement and break it down.

Question 2

In the development of Accounting, the basis of all recording and analysis seems to be the Business Transaction. Discuss the definition and concept of the Business Transaction over the history of trade.

HINT : you should go back to as far as the time when barter was used as a system instead of money. The objective of this question is to get you to realize the complexities of the originally simple concept of a "Business Transaction", especially due to credit and technology.

Question 3

Prepare journal entries to record the following transactions.

Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2012 and is closing its first month's accounts. The following events were among others that transpired during the past month :

a. 1/8/12 - Deposited cash from personal account into the firm's bank account, RM55,000.

b. 2/8/12 - Signed contract for lease of shop at RM2,000 per month for 3 years

c. 2/8/12 - Paid 2 months' deposit. (Note : rent is due to be paid at the end of every month)

d. 6/8/12 - Bought 5 cash registers at RM1,400 each. Paid a 10% deposit by cheque.

e. 10/8/12 - Issued a cheque for an advertisement in the monthly newsletter (for the month of September 2012), RM60.

f. 14/8/12 - Paid another 30% on the cash registers by cheque.

g. 18/8/12 - Applied for a loan to the bank for RM30,000.

h. 21/8/12 - Last month's electricity bill arrived.

i. 26/8/12 - Paid rent by cheque

j. 30/8/12 - Total Revenue for the month was RM6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only.

Additional information (the following have not been paid for):

k. Electricity & water expenses RM234

l. Telephone expenses RM99

m. Depreciation of cash registers RM1,200 p.a.

n. Total credit purchases RM3,205

o. Salaries for the month RM2,510


Related Discussions:- Prepare journal entries - bussiness accounting

Illustrations of accounting policies-financial statement, Illustrations of ...

Illustrations of Accounting Policies A Ltd., has decided to change its policy of writing off borrowing costs to capitalizing the same. As at 31st December, 2003, the company had

According to the management perspective cost , Cost: - According to the ma...

Cost: - According to the management perspective cost is define as a reduction in the value of assets for to secure benefit or gain. In other words cost is the different expenses

Determine balance sheet, Determine balance sheet: Income Statements ...

Determine balance sheet: Income Statements Year Ended December 31, 20X8   Insure Co. Go-med Co. Sales $3,900,000

Salary, the salaries paid in 2004 is rs. 500000 salaries outstanding is rs....

the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?

determine the hibor , The following are the three-month HIBOR and three-ye...

The following are the three-month HIBOR and three-year EFN futures prices for September 2010 contracts.   a Determine the HIBOR in three-months for settling the futures

It''s been two months since you took a position, It’s been two months since...

It’s been two months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesita

Strengths and weaknesses of capital asset pricing model, Q. Strengths and W...

Q. Strengths and Weaknesses of Capital asset pricing model? Strengths - Gives a risk adjusted discount rate precise to the project's activities. - Books of betas are r

Compute the companys largest available depletion deduction, In May 2011, Yo...

In May 2011, Your Company purchased the rights to a natural resource for $4,125,000. The estimated recoverable units from the natural resource amount to 5,500,000 units. During the

Shorter discounting periods, Occasionally cash flows may have to be discoun...

Occasionally cash flows may have to be discounted more often than once a year semi- monthly, daily, annually or quarterly.  The outcome of this is as fold (i)  The number of per

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd