1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kiruha [24]
3 years ago
15

Problem 1: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: 2. Purchase Furni

ture for Cash Rs. 7,000. 8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. 18. Owner withdrew of worth Rs. 2,000 for personal use. 22. Paid Khalid Retail Store Rs. 500. 26. Received Rs. 10,000 from Khan Brothers. 30. Paid Salaries Expense Rs. 2,000 Required: Prepared general journal
Business
1 answer:
Otrada [13]3 years ago
7 0

Answer:

General Journal

April 01

Cash Rs. 100,000 (debit)

Capital Rs. 100,000 (credit)

<em>Owner invest cash in the business</em>

April 02

Furniture Rs. 7,000 (debit)

Cash Rs. 7,000 (credit)

<em>Cash Purchase of Furniture</em>

April 08

Merchandise Rs. 3,000 (debit)

Cash Rs. 2,000 (credit)

Accounts Payable : Khalid Retail Store  Rs. 1,000 (credit)

<em>Cash and credit purchases made</em>

April 14

Accounts Receivables : Khan Brothers  Rs. 12,000 (debit)

Cash Rs. 5,000 (credit)

Sales Revenue Rs. 17,000(credit)

<em>Cash and credit sales</em>

April 18

Drawings Rs. 2,000 (debit)

Cash Rs. 2,000 (credit)

<em>Owner withdraws cash from business for personal use</em>

April 22

Accounts Payable : Khalid Retail Store  Rs. 500 (debit)

Cash Rs. 500 (credit)

<em>Payment made to supplier Khalid Retail Store</em>

April 26

Cash Rs. 10,000 (debit)

Accounts Receivables : Khan Brothers  Rs. 10,000 (credit)

<em>Receipts from customer Khan Brothers</em>

April 30

Salaries Expense  Rs. 2,000  (debit)

Cash  Rs. 2,000  (credit)

<em>Salaries paid</em>

Explanation:

See the journals and their narrations prepared above for Anees` business.

You might be interested in
Dribbling in field hockey is when you.
Talja [164]

Answer:

Dribbling is a technique used in field hockey to move the ball forward using small touches with a hockey stick.

3 0
2 years ago
The following information is available for Crane Company: Sales $480000 Total fixed expenses $150000 Cost of goods sold 290000 T
r-ruslan [8.4K]

Answer:

The CVP income statement would report a contribution margin $220000.

Explanation:

CVP income statement

sales                               $480000

total variable cost          ($260000)

contribution margin       $220000

total fixed expenses      ($150000)

operating income            $70000

Therefore, The CVP income statement would report a contribution margin $220000.

6 0
3 years ago
In calculating the daily balance, cash advances are
Marizza181 [45]
A. Sometimes adding in.
8 0
3 years ago
Read 2 more answers
Interest amounting to $4 was credited to your account by the bank in September. The bank's service charge for the month was $5.
allsm [11]

Answer:

Bank Reconciliation Statement as at October 2:

Balance as per checkbook            $601

Add: Electronic transfer             $2,400

       Interest                                       $4

Less: Bank charge                            ($5)

Balance as per bank statement $3,000

Explanation:

A bank reconciliation statement is a statement prepared periodically to reconcile the balance in the cash book with the balance shown on a bank statement.

The process starts with identifying transactions that do not (do) appear in the cash book and those that do not (do) appear in the bank statement, which did not appear in the other.  Errors are also identified and corrected during the process.  After this, the reconciliation statement is prepared to agree the two sources of balances.

6 0
3 years ago
Rey Company’s single product sells at a price of $216 per unit. Data for its single product for its first year of operations fol
erastovalidia [21]

Answer:

1. Using Absorption Costing

Income Statement

Sales    20,000 X $216                             = $4,320,000

Less: Cost of Goods Sold (Note 1)            =($1,240,000)

Gross Margin                                             = $3,080,000

Less: Operating Expenses

Selling and Administrative Expense         = ($560,000)

(Note 2)                                                        

Net Income                                                  = $2,520,000

Note:

  1. Cost of goods Sold = All the direct variable cost + direct fixed cost = Direct materials + Direct Labor + Direct Overhead = $20 +$28 + $6 = $54 per unit, Total = $54 X 20,000 units = $1,080,000 + Fixed cost = $160,000 = $1,240,000
  2. Selling And Administrative Expense = Variable + Fixed, Variable = $18 X 20,000 units = $360,000, Fixed Expenses = $200,000, Total = $560,000

2. Using Variable Statement

Sales    20,000 X $216                             = $4,320,000

Less: Variable Costs

Direct Material $20 X 20,000                    = ($400,000)

Direct Labor  $28 X 20,000                       = ($560,000)

Variable Overhead $6 X 20,000               = ($120,000)

Variable Selling Expense $18 X 20,000    = ($360,000)

Contribution Margin                                     = $2,880,000

Less: Fixed Costs

Fixed Overhead                                            = ($160,000)

Fixed Selling & Administrative                     = ($200,000)

Net Income                                                    = $2,520,000

Note: Under Variable Statement first variable expenses are deducted to get the value of contribution, and then fixed expenses are deducted to get net income, whereas in absorption costing firstly manufacturing expenses are deducted to get gross margin and then operating expenses like selling and administrative expenses are deducted to get the net income.

But Net income is same in both cases.

5 0
3 years ago
Other questions:
  • The following transactions for March have been journalized and posted to the proper accounts.
    8·1 answer
  • Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 worker
    6·1 answer
  • Compute the 2019 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a dependent by her parents. She re
    15·1 answer
  • 1. A company acquires all of the assets and liabilities of another company. Which statement is false? A. The acquired company no
    14·1 answer
  • Myers Corporation's stock currently trades at $40 a share. Investors estimate that the year-end dividend will be $2.00 a share a
    6·1 answer
  • If the contribution margin ratio for france company is 45%, sales were $425,000, and fixed costs were $100,000, what was the inc
    8·1 answer
  • What are the disadvantages for an employer of paying employees piece rate or commission
    13·2 answers
  • Grey, Inc., uses a predetermined rate to apply overhead. At the beginning of the year, Grey budgeted its overhead costs at $220,
    15·1 answer
  • What is the main reason why you need a financial reserve?
    15·1 answer
  • Which of the following is an example of a human resource?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!