Case Study The transactions related to AMT Engineering Consultants for the year ended 31 December 2020...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Case Study The transactions related to AMT Engineering Consultants for the year ended 31 December 2020 is provided herewith. You are required to enter these transactions in journal, prepare ledger, trial balance and the year end financial statements. Event No. Transaction I AMT Engineering acquired OMR 100,000 by issue of Common Stock The owner took OMR 50,000 as loan from Bank Muscat 2 3 Opened an account in Bank Muscat (Current Account). An amount of OMR50,000 deposited into the account. Rented an office. An advance of OMR12,000 is paid by issue of a bank cheque 5 Purchased office furniture OMR5,000 on credit from Fahmy Furnitures 6 Bought office supplies paying OMR5,000 7 Bought a car from Saud Bahwan for OMR10,000. The amount is paid by the issue of a bank cheque 8 Paid the amount due to Fahmy Furniture in cash 9 Collected OMR40,000 as advance to provide future services over a one year period starting from July 1, 2020. 10 Received consulting revenue from a customer OMR40,000 11 Paid OMR30,000 as salaries to the staff 12 Paid utilities charges OMR400 13 Traveling expenses paid OMR100 14 Received OMR25,000 as consulting revenue from MM Projects. 15 Paid OMR500 towards insurance premium. The premium is paid for one year, starting from 1 July 2020 16 Office upplies purchased on account OMR2,000 17 Bought computers for office OMR1,500 18 Provided consulting service on account OMR 10,000 19 Interest on loan paid OMR750 20 Purchased land paying OMR100,000 21 Dividend paid OMR10,000 22 Received OMR5,000 from account receivable. Adjustment 1. Salary paid only for 10 months.. 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 1 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had earned OMR 20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1 July, 2020. 21 22 2 Case Study The transactions related to AMT Engineering Consultants for the year ended 31 December 2020 is provided herewith. You are required to enter these transactions in journal, prepare ledger, trial balance and the year end financial statements. Event No. Transaction I AMT Engineering acquired OMR 100,000 by issue of Common Stock The owner took OMR 50,000 as loan from Bank Muscat 2 3 Opened an account in Bank Muscat (Current Account). An amount of OMR50,000 deposited into the account. Rented an office. An advance of OMR12,000 is paid by issue of a bank cheque 5 Purchased office furniture OMR5,000 on credit from Fahmy Furnitures 6 Bought office supplies paying OMR5,000 7 Bought a car from Saud Bahwan for OMR10,000. The amount is paid by the issue of a bank cheque 8 Paid the amount due to Fahmy Furniture in cash 9 Collected OMR40,000 as advance to provide future services over a one year period starting from July 1, 2020. 10 Received consulting revenue from a customer OMR40,000 11 Paid OMR30,000 as salaries to the staff 12 Paid utilities charges OMR400 13 Traveling expenses paid OMR100 14 Received OMR25,000 as consulting revenue from MM Projects. 15 Paid OMR500 towards insurance premium. The premium is paid for one year, starting from 1 July 2020 16 Office upplies purchased on account OMR2,000 17 Bought computers for office OMR1,500 18 Provided consulting service on account OMR 10,000 19 Interest on loan paid OMR750 20 Purchased land paying OMR100,000 21 Dividend paid OMR10,000 22 Received OMR5,000 from account receivable. Adjustment 1. Salary paid only for 10 months.. 2. A physical examination of supplies revealed that supplies worth OMR2,000 are currently available for future use. 3. Insurance premium is paid from 1 July 2020 4. Interest due on loan OMR2,000 5. As of December 31, 2020, AMT Engineering had earned OMR 20,000 of the OMR40,000 received in Event 9. 6. The advance rent is paid for one year starting from 1 July, 2020. 21 22 2
Expert Answer:
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
Posted Date:
Students also viewed these accounting questions
-
The financial statements for Lucky Ltd for the year ended 31 December 2014 were as follows. Additional information: Dividends paid during the year $60, 000 Retained earnings al 1 January 2014:...
-
A limited liability company's gross profit for the year ended 31 December 2014 was $260 000. The company's expenses were: directors' fees $80 000; administration expenses $20 000; debenture interest...
-
For the year ended 31 December 2016 Hutchinsons Pharmacy Ltd had a profit before tax of $5.8M after charging / the following items: $ Depreciation 507 000 Professional Fees 223 000 Audit Fees 240 000...
-
Line A: y = 3 0.6x Line B: y = 4 x a. Graph the linear equations and data points. b. Construct tables for x, y, Ëy, e, and e 2 similar to Table 4.4 on page 151. c. Determine which line fits the...
-
You are considering the purchase of one of two machines used in your manufacturing plant. Machine A has a life of two years, costs $80 initially, and then $125 per year in maintenance costs. Machine...
-
1. On June 1, 2024, a U.S. firm contracts to sell equipment (with an asking price of 2,000,000 krona) in Sweden. The firm will take delivery and will pay for the equipment on August 1, 2024. 2. Spot...
-
Proper recording within general ledger control accounts does not necessarily mean that transactions are posted accurately to individual vendor accounts. What controls can management institute to...
-
The transactions for July presented in AP 21 (on pages 103104) are repeated here. July 1 Sell $10,000 of common stock to Suzie. 1 Sell $10,000 of common stock to Tony. 1 Purchase a one-year insurance...
-
George's T-Shirt Shop produces 2,000 custom-printed T-shirts per month. George's fixed costs are $6,000 per month. The marginal cost per T-shirt is a constant $6. George's break-even price is per...
-
Edward and Stephanie Create are a couple in their 50s. They have twins, Anna and Juan, who are 27 and independent. They have no debt. Create a sample investment portfolio for Edward and Stephanie,...
-
A textile development project needs a specialized resource to work for 900 hours. The company has decided to outsource these hours. Because of internal policies, all potential service providers must...
-
In the accompanying diagram of circle O, chords AB and CD intersect at point E. If AE = 4, ED = 10, and CE = 8, find BE. C A D E B
-
2 Given the function f(x) = 4x-6x + 3. Calculate the following values: f(-2) = (1) = f(0) = (1) = f(2) = D
-
The load L, in pounds, on a certain sail varies directly as the square of the wind speed v, in miles per hour. If the load on a sail is 560 lb when the wind speed is 20 mph, what is the load on the...
-
What file type/s are accepted for Payment Request documents? * PNG/JPG/IMG PDF Word Excel Reimbursements submitted more than 90 days after the purchase date can be processed by the SOFC? How long...
-
Finding the Most Profitable Product Three products are sold by a company. Write a program that inputs the name of each product and its corresponding revenue and cost. After calling a...
-
4. Consider a diffusion couple made of pure Fe, Fe with 0.2%C and Fe with 0.7%C each 10 mm in length. By a series of time sketches show the change of carbon profile in annealing at 800C and calculate...
-
Pearl Medavoy will invest $10,240 a year for 20 years in a fund that will earn 10% annual interest. . If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If...
-
In the audit of O'Brian Tools for the year ended 30 June 20X2, Mary Ellen Vercon lists the following items that she considers material for review by the engagement manager. 1. A $26 000 sale on 14...
-
Explain the term 'kiting'. Describe audit procedures that can be used to uncover this type of fraud.
-
In obtaining representations from lawyers, Jill Malano's aim is to receive the representation letters as early as possible after the balance sheet date. This provides her with a signed letter from...
-
For liquid acetone at \(20^{\circ} \mathrm{C}\) and \(1 \mathrm{bar}\), \[ \beta=1.487 \times 10^{-3} /{ }^{\circ} \mathrm{C} \quad \alpha=62 \times 10^{-6} / \mathrm{bar} \quad V=1.287...
-
Determine the molar volume of ammonia vapour and ammonia liquid at \(321.55 \mathrm{~K}\) and 1.95 \(\mathrm{MPa}\). Ammonia is assumed to follow van der Waals equation of state.
-
Any equation that relates to the pressure, temperature and volume is called an equation of state. Justify the statement.
Study smarter with the SolutionInn App