ABC Resort is having the following balances at December 31, listed in tabular form: Owner's Assets...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABC Resort is having the following balances at December 31, listed in tabular form: Owner's Assets Liabilities Equity Cash (Rs.) Equipmen Building Furnishings (Rs.) Notes Accounts Capital (Rs.) (Rs.) 75,000 (Rs.) 400,000 Payable (Rs.) 150,000 Payable (Rs.) 150,000 Balances 25,000 100,000 300,000 Early in the month, the company carried out the following transactions: 1. The owner of the business invested cash and office equipment in the business for Rs. 200,000 and 300,000 respectively from his personal funds. 2. Purchased funiture on credit at Rs. 80,000 from a well-known supplier. 3. Purchased items of equipment at Rs. 90,000 paying cash Rs. 40,000 and signed a note for the balances. 4. Paid one fourth liability for transaction no. 2 5. An additional part of building was constructed at a contract of Rs. 150,000. The amount was paid to contractor through office accountant. Required: Record the above mentioned transactions in the tabular arrangement. Show the total of each column after each transaction. ABC Resort is having the following balances at December 31, listed in tabular form: Owner's Assets Liabilities Equity Cash (Rs.) Equipmen Building Furnishings (Rs.) Notes Accounts Capital (Rs.) (Rs.) 75,000 (Rs.) 400,000 Payable (Rs.) 150,000 Payable (Rs.) 150,000 Balances 25,000 100,000 300,000 Early in the month, the company carried out the following transactions: 1. The owner of the business invested cash and office equipment in the business for Rs. 200,000 and 300,000 respectively from his personal funds. 2. Purchased funiture on credit at Rs. 80,000 from a well-known supplier. 3. Purchased items of equipment at Rs. 90,000 paying cash Rs. 40,000 and signed a note for the balances. 4. Paid one fourth liability for transaction no. 2 5. An additional part of building was constructed at a contract of Rs. 150,000. The amount was paid to contractor through office accountant. Required: Record the above mentioned transactions in the tabular arrangement. Show the total of each column after each transaction.
Expert Answer:
Answer rating: 100% (QA)
Assets Liabilities Owners Equity Cash Notes Payable Accounts Payable Equipment Rs 75000 Buildings Fu... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The balance sheet of Castle Inc had the following balances at December 31 2016 Cash 15800 Accounts Receivable 22500 Accounts Payable 11500 Less Allowance for Doubtful Accounts 800 Owners Capital...
-
The Red Dog Restaurant Limited reported the following balances at January 1, 2012: Common SharesNo Par Value (32,000 shares issued, unlimited authorized).... $ 800,000 Retained Earnings...
-
Summer and Sandcastles Resort had the following balances at December 31, 2014, before the year- end adjustments: The aging of accounts receivable yields the following data: Requirements 1. Journalize...
-
It has been reported that the 49,600 employees of United Airlines are distributed among the following corporate functions: For the sample space consisting of United employees: a. Draw a Venn diagram...
-
What kinds of documents are most likely to be turnaround documents? Do an Internet search to find the answer and to find example turnaround documents.
-
The Washington Company manufactures and sells crystal earrings. The sales price, $50 per unit, remains constant regardless of volume. Last years sales were 15,000 units, and operating profits were...
-
Presented below are selected financial data for two competitors. Discuss why the return on assets increased for Company A but decreased for Company B. Company A. Company B Return on Assets Return on...
-
Consider a monopolistically competitive market with N firms. Each firms business opportunities are described by the following equations: Demand: Q = 100/N P Marginal Revenue: MR = 100/N 2Q Total...
-
Theory and validity are inseparable; one without the other is worthless." a. Explain the meaning of a theory and validity. b. Describe how the two are inextricably linked. c. Explain the relationship...
-
You are trying to evaluate whether an existing, idle distillation column can be used for a separation for which it was not originally designed. Answer the following questions about this column: a....
-
Nora has identified a Moody's Corp corporate bond and a Henrico County bond. The yield on the corporate bond is 5.50% while the municipal bond yields 5.00%. Nora's federal and state marginal tax...
-
Navigate to Connect, watch the "Serving Up Communication Mishaps" video, and answer the questions provided. Describe the potential benefits and problems that could be associated with the conflict in...
-
DEPARTMENT ADEPARTMENT B UNITS Started in process150, 000 Received from department A.95,000 Transferred to department B.95,000 Transferred to finished goods inventory.63,000 Ending Units in...
-
Nuts & Bolts Inc. You have just assumed the role of a controller at Nuts & Bolts Inc (NBI), a profitable and established manufacturing company. Due to the pandemic, the demand for the company's goods...
-
Holmes Company has already spent $78.000 to harvest peanuts. Those peanuts can be sold as is for $73,500 Alternatively, Hole can process further into peanut butter at an additional cost of $357,500...
-
Calculate the sample standard deviation of the data shown. Round to two decimal places. X 29 21 30 18 28 24 16 sample standard deviation
-
Samuel was detained by cbsa officer and brought to a correctional facility. He eas nitifued that a detention review would take place tomorrow at the immigration division and refuge board. He us...
-
The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N
-
Adriana Co. with annual net sales of $5 million maintains a markup of 25% based on cost. Adrianas expenses average 15% of net sales. What is Adrianas gross profit and net profit in dollars?
-
Hayes Company sold 10,000 shares of Kenyon Co. common stock for $27.50 per share, incurring $1,770 in brokerage commissions. These securities were classified as trading and originally cost $260,000....
-
A worksheet is a permanent accounting record, and its use is required in the accounting cycle. Do you agree? Explain.
-
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Required a. Determine the amount of indirect...
-
Job Cost Journal Entries Holiday Manufacturing had the following inventories at December 31, 2018, the end of its fiscal year: During January 2019, the following transactions occurred: 1. Purchased...
-
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would in- cur \($176,000\) of manufacturing overhead cost during 2019, using 16,000 direct labor hours to...
Study smarter with the SolutionInn App