Mr. Mohammed started his book stores with an Investment of RO 20,000 and took a Loan of
Question:
Mr. Mohammed started his book stores with an Investment of RO 20,000 and took a Loan of RO 30,000 from HSBC Bank. In the year 2019, he could able to achieve total Sales of RO 95,165 and Purchased books worth RO 55,455. Where in a Trade Debtors of RO 20,985 and a Trade Creditors of RO 19,400 is left due at the yearend. Mohammed Received Commission of RO 6,525 and Allowed Discount of RO 2,510 on the sales operations during the year. He purchased Warehouse worth RO 25,000, Book Binding Machine for RO 45,350 and Furniture worth RO 12,665 before started his business. He paid Salaries worth RO 5,000 and Shop Maintenance Charges worth RO 3,365 for the year 2019. At the end of the year he had Liquid Cash in his counter worth RO 760.
Which account will be depit and which account will be credit?
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren