Question: Identify the errors, if any, in the journal entries for the given transactions. If there is no error write no error. 2 marks for the
- Identify the errors, if any, in the journal entries for the given transactions. If there is no error write no error. 2 marks for the each entry.
- Started business with capital of AED 100,000
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| Capital |
| 100,000 |
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| Cash |
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| 100,000 |
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| Capital invested |
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- Paid salaries to Mr Ali AED 5,000
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| Salaries |
| 5,000 |
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| Alis account |
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| 5,000 |
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| Salary paid to Ali |
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- Received Fees from clients AED 10,000
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| Cash |
| 10,000 |
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| Client |
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| 10,000 |
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- Received a loan of AED 50,000 from bank
| | Loan account |
| 50,000 |
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| Bank |
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| 50,000 |
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- You are given the following Journal entries of a firm for a period. Prepare cash account. 1 marks each
| 1/1/16 | Cash |
| 60,000 |
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| Bank |
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| 60,000 |
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| Cash withdrawn from bank |
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| 3/1/16 | Rent |
| 5,000 |
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| Cash |
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| 5,000 |
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| 9/1/16 | Land |
| 20,000 |
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| Cash |
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| 20,000 |
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| Land purchased |
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