A. The following is a journal of NazmulGeneral Store for the month of June 2021: Particulars/...

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A. The following is a journal of NazmulGeneral Store for the month of June 2021: Particulars/ Accounts title Ref. Debit Tk. Credit Tk. Cash 01 40,000 10 04 Cash 01 Accounts payable 15 20 01 01 06 15 12 3 Date June-1 June-5 5. a Nazmul's capital Purchase June-15 Prepaid rent Cash June-25 Cash Sales June-30 Accounts payable Purchase return a. How does work sheet help the accountant? 20,000 8,000 1.000 Total 76,000 76,000 Required: Prepare necessary ledger accounts and trial balance for the month of June. 7,000 8,000 1. Collected Tk. 14,000 of accounts receivable. 2. Paid Tk.27,000 cash on accounts payable. 40,000 15,000 5,000 7,000 1,000 b. Sal-Sabeel opened a law office named Samiha Bar at Law, on July 1, 2021. On July 31, the balance sheet showed Cash Tk.40,000, Accounts Receivable Tk. 15,000, Supplies Tk.5,000, Furniture Tk.50,000, Accounts Payable Tk.42,000, and Sal- Sabeel's Capital, Tk.68,000. During August the following transactions occurred: 3. Sales of Tk.64,000 of which Tk.40,000 was in cash and the balance was due. 4. Purchased additional furniture for Tk. 10,000, paying Tk.4,000 in cash and the balance on account. 5. Paid salaries Tk.25,000 and rent for August Tk. 14,400. 6. Withdrew Tk.5,000 in cash for personal use. 7. Received Tk.20,000 from One bank limited as a borrowed money by issuing a note payable. 8. Paid utility expenses for month on account, Tk.2,500. 9. Supplies used Tk. 3,000 for this month. Required: Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column heading should be as follows: Cash + A/R + Supplies + Furniture Notes Payable + A/P + Capital [Use required format sheet attached with the question paper to answer this question.] -61000 a. b. What are the characteristics of the transaction? What is meant by accrual basis accounting and how it is the best? c. Discuss the matching principle and full disclosure principles. 2. a. . What do you mean by accounting? What are the differences between adjusting entry and closing entry? " Why the both sides of the balance sheet are equal? What are the objectives of trial balance? b. Define accounting cycle. As an accountant, outline the steps of the accounting cycle. c. i. Transparent association has total assets of Tk. 200,000; owners' equity Tk. 150,000; drawings Tk.40,000; revenues Tk.90,000; and expenses Tk. 30,000. What is the amount of total liabilities? ii. If total owner's equity Tk. 600,000 and total liabilities are half of the OE. What is the amount of total assets? The following transactions are from XYZ Enterprise for the month of May, 2022: Date Transactions May-1 Ali started a business with land Tk. 200,000; plant and machinery Tk.40,000; building Tk.50,000; and cash Tk.180,000. Purchased goods for Tk. 100000 in cash and Tk. 70,000 on account. Paid office rent for the month of May Tk. 30,000. May-3 May-4 May-5 Deposited cash into IBBL Tk. 50,000. May-7 He made cash sales Tk. 120,000 and credit sales Tk.60,000. May-11 Goods returned to the supplier of Tk. 5,000. May-13 Received Tk.40,000 from the customer. May-17 Utility bill accrued but not paid Tk. 500. May-21 Salary paid Tk. 25,000. May-23 Withdrew Tk. 10,000 from the business bank account for his personal use. May-24 Purchased goods from ABC company for Tk. 35,000. May-29 Received bank interest Tk. 500. May-30 Paid ABC company by check for total due. Required: Give the necessary journal entries with explanation for the month of May. 5 4 A. The following is a journal of NazmulGeneral Store for the month of June 2021: Particulars/ Accounts title Ref. Debit Tk. Credit Tk. Cash 01 40,000 10 04 Cash 01 Accounts payable 15 20 01 01 06 15 12 3 Date June-1 June-5 5. a Nazmul's capital Purchase June-15 Prepaid rent Cash June-25 Cash Sales June-30 Accounts payable Purchase return a. How does work sheet help the accountant? 20,000 8,000 1.000 Total 76,000 76,000 Required: Prepare necessary ledger accounts and trial balance for the month of June. 7,000 8,000 1. Collected Tk. 14,000 of accounts receivable. 2. Paid Tk.27,000 cash on accounts payable. 40,000 15,000 5,000 7,000 1,000 b. Sal-Sabeel opened a law office named Samiha Bar at Law, on July 1, 2021. On July 31, the balance sheet showed Cash Tk.40,000, Accounts Receivable Tk. 15,000, Supplies Tk.5,000, Furniture Tk.50,000, Accounts Payable Tk.42,000, and Sal- Sabeel's Capital, Tk.68,000. During August the following transactions occurred: 3. Sales of Tk.64,000 of which Tk.40,000 was in cash and the balance was due. 4. Purchased additional furniture for Tk. 10,000, paying Tk.4,000 in cash and the balance on account. 5. Paid salaries Tk.25,000 and rent for August Tk. 14,400. 6. Withdrew Tk.5,000 in cash for personal use. 7. Received Tk.20,000 from One bank limited as a borrowed money by issuing a note payable. 8. Paid utility expenses for month on account, Tk.2,500. 9. Supplies used Tk. 3,000 for this month. Required: Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column heading should be as follows: Cash + A/R + Supplies + Furniture Notes Payable + A/P + Capital [Use required format sheet attached with the question paper to answer this question.] -61000 a. b. What are the characteristics of the transaction? What is meant by accrual basis accounting and how it is the best? c. Discuss the matching principle and full disclosure principles. 2. a. . What do you mean by accounting? What are the differences between adjusting entry and closing entry? " Why the both sides of the balance sheet are equal? What are the objectives of trial balance? b. Define accounting cycle. As an accountant, outline the steps of the accounting cycle. c. i. Transparent association has total assets of Tk. 200,000; owners' equity Tk. 150,000; drawings Tk.40,000; revenues Tk.90,000; and expenses Tk. 30,000. What is the amount of total liabilities? ii. If total owner's equity Tk. 600,000 and total liabilities are half of the OE. What is the amount of total assets? The following transactions are from XYZ Enterprise for the month of May, 2022: Date Transactions May-1 Ali started a business with land Tk. 200,000; plant and machinery Tk.40,000; building Tk.50,000; and cash Tk.180,000. Purchased goods for Tk. 100000 in cash and Tk. 70,000 on account. Paid office rent for the month of May Tk. 30,000. May-3 May-4 May-5 Deposited cash into IBBL Tk. 50,000. May-7 He made cash sales Tk. 120,000 and credit sales Tk.60,000. May-11 Goods returned to the supplier of Tk. 5,000. May-13 Received Tk.40,000 from the customer. May-17 Utility bill accrued but not paid Tk. 500. May-21 Salary paid Tk. 25,000. May-23 Withdrew Tk. 10,000 from the business bank account for his personal use. May-24 Purchased goods from ABC company for Tk. 35,000. May-29 Received bank interest Tk. 500. May-30 Paid ABC company by check for total due. Required: Give the necessary journal entries with explanation for the month of May. 5 4

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SECTION 1 1A Accounting is the process of recording summarizing analyzing and reporting financial transactions and information of an organization or individual It involves the systematic and comprehen... View the full answer