User Account

All Pages

Journalize the transactions

Assignment Help Managerial Accounting
Reference no: EM132203270

Journalize the following transactions, Post them into ledger account and Prepare a Trial

Balance

2015

March - 1 Commenced business with cash Rs.1,00,000

March - 2 Purchased goods for cash Rs. 25,000

March - 3 Purchased furniture for cash Rs. 6,000

March - 5 Purchased goods from Suresh on credit Rs. 5,000

March - 7 Sold goods for cash Rs. 30,000

March - 10 Sold goods to Mahesh on credit Rs. 25,000

March - 12 Returned goods to Suresh Rs. 500

March - 13 Mahesh returned us goods worth Rs. 500

March -15 Paid Rs. 4,450 to Suresh by cheque in full settlement of his account

March - 20 Received a cheque of Rs. 24,450 from Mahesh and gave a discount of Rs. 50

March - 25 Withdrew cash for personal use Rs. 2,500

March - 28 Paid rent of Rs. 5,000 and Salary Rs. 6,000 by cheque

Reference no: EM132203270

Questions Cloud

Calculate the actual profit for january and february : Calculate the actual profit for January and February using absorption costing. You should assume that any under / over absorption of fixed overheads is debited
High-low method of cost estimation : In its slowest month, the company made 700 tables at a total cost of $23,000. Using the high-low method of cost estimation, total fixed costs are:
Calculate the earnings per share for 2015 : There is no preferred stock outstanding. Calculate the earnings per share for 2015.
Calculate the rate of return on total assets for 2015 : Calculate the rate of return on total assets for 2015.
Journalize the transactions : Journalize the following transactions, Post them into ledger account and Prepare a Trial
What is the amount of accounted receivables : Accounts Receivable on September 30 is $72,000. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?
What is the selling price of the product : Leeks Company's product has a contribution margin per unit of $14.10 and a contribution margin ratio of 23.5%. What is the selling price of the product?
Implementation of a new information system : What are the TWO management strategies for overcoming resistance that have the advantage of speed but could raise ethical and possibly legal concerns?
Describe four types of loss that a company may face : Describe FOUR types of loss that a company may face when investing in another country unless the risks are managed.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Calculate the cost of abnormal spoilage

Compute the cost per equivalent unit for each product cost category in Department Y for the month of February and calculate the cost of goods transferred to the finished goods store at the end of February from Department Y.

  Unions tend to disavow their usefulness

While performance evaluations are part of most organizations, unions tend to disavow their usefulness. Are performance evaluations needed in a union environment?

  Determine the order in which the following budgets

1. Determine the order in which the following budgets are generally prepared.a. Material purchases budgetb. Sales budgetc. Budgeted income statementd. Production budget

  What are the benefits of just-in-time techniques

What are the benefits of just-in-time (JIT) techniques? What types of organisations use JIT techniques? Should things change if they are running smoothly?

  Factors when setting the ceos compensation

Suppose you were a member of Company X's board of directors and chairman of the company's compensation committee.- What factors should your committee consider when setting the CEO's compensation?

  Traditional costing and activity-based costing

What should the Manhattan Company do to improve its profitability? Consider pricing and product-level changes among your suggest. Who should be involved in implementing your recommendations?

  Budget based on the new membership plan

Develop a Schedule budget and a Schedule 7 (cash receipts) budget based on the new membership plan and fee structure.

  A personal service corporation

Delaine is a 90% shareholder in a personal service corporation (PSC). The corporation paid Delaine a salary of $353,300 during its fiscal year ending September 30, 2015.

  Compute the balance in the stock investment

Prepare the entries for these transactions that James Corporation would make in the space provided and compute the balance in the stock investment

  An annual goodwill impairment test

An annual goodwill impairment test is done at the reporting unit level.

  Direct manufacturing labor rate variance

a) Calculate the following variances:             Direct manufacturing labor rate variance             Direct manufacturing labor usage variance

  Cash payments on accounts payable

Determine the amounts - Cash collected from sales during Year 2 and cash payments on accounts payable during Year 2.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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