Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch to his staff Ms. Zainab on the occasion of her marriage. 2 Paid rent for the staff accommodation 3 One of his staff got injured in a road accident. 4 Masood fired a staff for theft of money from shop. 5 A customer, who had to give OMR 2,000 to Masood, died. 6 A new staff is hired as a manger of the shop. 7 Masood donated OMR 500 to help people affected by Covid 19. Required: A. Identify the transactions that should not be recorded in the accounting records of Masood's business. B. Discuss the reasons for not recording the identified transactions in the accounting records. Consider the following events related Mr. Masood, the owner of a retail shop in Ibri. 1 Masood gifted a watch to his staff Ms. Zainab on the occasion of her marriage. 2 Paid rent for the staff accommodation 3 One of his staff got injured in a road accident. 4 Masood fired a staff for theft of money from shop. 5 A customer, who had to give OMR 2,000 to Masood, died. 6 A new staff is hired as a manger of the shop. 7 Masood donated OMR 500 to help people affected by Covid 19. Required: A. Identify the transactions that should not be recorded in the accounting records of Masood's business. B. Discuss the reasons for not recording the identified transactions in the accounting records.
Expert Answer:
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Prepare a statement of revenues, expenses, and changes in net assets for Patrick County Hospital for 20X0 given the following information. Gross patient service charges...
-
Why would the gain on sale of temporary investments (classified as a cash equiv-alent) not be reflected on the SCF that is prepared using the indirect method to present operating activities?
-
A list of accounts follows: Accounts Receivable Land Salaries and Wages Payable Land Held for Future Plant Site Accumulated Depreciation- Buildings Loss-Other Accumulated Depreciation- Equipment...
-
What favors the formation of continuous (dense) cleavage?
-
Assume the same facts as in the previous problem, except that the business expects to make a cash distribution of $28,000 each to June and John the first year. Determine how much tax the business...
-
A system consists of three particles, each of mass 5.00 g, located at the corners of an equilateral triangle with sides of 30.0 cm. (a) Calculate the potential energy of the system. (b) If the...
-
The payroll disbursements were for two persons named Ciotty and Ciotti with the same first name and address. The interesting observation is that Ciotty is dated February 28, 2019, or after while...
-
Compute FIFO, LIFO, and Average Cost Hull Company's record of transactions concerning part X for the month of April was as follows. (a) Compute the inventory at April 30 on each of the following...
-
Question-1: For the Euclidean space of RK define a new metric as follows: K d(x,y)=xy; |P i=1 1/p for p1
-
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant, specializing in retail management and...
-
Donor places $100,000 in trust for 11 years, income to be paid to A, remainder to Donor. The Donor is not the trustee. Indicate whether the transfer constitutes a complete gift or an incomplete gift...
-
Ellen is estimating how much it will cost to recarpet the executive conference room. After selecting the grade and pattern of carpet, Ellen multiplies the carpet price per square yard times the...
-
1. Purchasing land in areas that have potential for future growth makes sense, as the cost of land tends to be substantially cheaper 1020 years before it is turned into a developed suburban area. At...
-
Begin with a specialized physician and draw a value chain map. List the different influences that impact the specialized physician from both the upstream and downstream value chain.
-
One of the principal benefits of creating a bottom-up estimate during planning is that the estimate: a. can be created quickly b. is very accurate c. matches the high-level estimate in the project...
-
What is an Agile spike, and when would it be used?
-
1. What are the pros and cons of the Fed targeting inflation at 2 percent? 2. The unemployment rate and inflation rate have both been historically low this year. Does this mean that there is no...
-
Choose two matrices A and B with dimension 2 x 2. Calculate det A, det B, and det (AB). Repeat this process until you are able to discover how these three determinants are related. Summarize your...
-
For 2008, Turnberry Company reported its most significant decline in net income in years. At the end of the year, Hai Chow, the president, is presented with the following condensed comparative income...
-
Chris Darby established Top-Gun Computer Services on January 1, 2007. The effect of each transaction and the balances after each transaction for January are shown in the integrated financial...
-
(a) How does the payment of dividends of $30,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
-
10.A company contracted with a marketing firm to construct software and create a business website. A quote was requested and accepted. Sometime later, the business asked for updates and revisions but...
-
George Oppenheimer, an agent for Wellington Farms of Massachusetts, Inc., had contacted Mark Kiriakou from the Capital Area Food Bank regarding an order for frozen turkey meat. In an exchange of...
-
Extreme Machine manufactures machines and parts for various industries; they have an office in Youngstown, Ohio. Avery Dennison manufactures and sells labels from a plant in Mentor, Ohio. They use...
Study smarter with the SolutionInn App