Place a tick in the appropriate grid to identify the balance that would be brought down in
Question:
Place a tick in the appropriate grid to identify the balance that would be brought down in each of the following named accounts, in the books of Rizwy Mohamed:
(a) In the Cash account: if Rizwy commenced business with a capital in cash of £10,000 and paid £6,000 for a vehicle, £400 as rent and £1,200 for purchases
(b) In Nizar Loan account: if Rizwy gave Nizar a loan of £3,000 and has already received back from Nizar two instalments of £300 each
(c) In Bank Loan account: if Rizwy obtained a bank loan of £20,000 and has repaid to the bank six instalments of £200 each
(d) In Office equipment account: if Rizwy paid £3,000 each for three computers and then returned one because it is not suitable for the intended purpose, recovering the amount paid for it
(e) In Telephone account: if Rizwy paid £460 to settle the month’s telephone bill and then received £80 from his salesmen for personal calls taken by them
Step by Step Answer:
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict