Prepare the accounting entries for the below transactions; 1. On 02/01/2022, EHRC Received a fund in...

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Prepare the accounting entries for the below transactions; 1. On 02/01/2022, EHRC Received a fund in the amount of AED 1,000,000 from the Government. 2. On 15/01/2022, EHRC Purchased stationary in the value of AED 10,000 from AAA Stationary LLC. 3. On 03/02/2022, EHRC Purchased 5 IBM Laptops each in the value of AED 12,500 from IBM Co. 4. On 28/03/2022, EHRC Paid Khaled -UAE National Employee- his salary for the month of March 2022. (Khaled's gross salary is AED 60,000 "the pensionable amount is AED 50,000") 5. One of the laptops purchased from IBM Co. on 03/02/2022 didn't meet EHRC Specifications. The laptop was returned, and the supplier issued EHRC a credit note in its value on 30/03/2022. " Prepare the below statements for Q1 2022: a) Balance Sheet b) Income statement I Important Remarks; I. EHRC prepares its accounting books in accordance with IPSAS, and is exempted from VAT. EHRC Was established on 01/01/2022. II. III. The received fund is allocated to EHRC Operations. IV. All the purchases are subject to VAT. V. Computers are depreciated following the straight-line method over the useful life of 4 years. Prepare the accounting entries for the below transactions; 1. On 02/01/2022, EHRC Received a fund in the amount of AED 1,000,000 from the Government. 2. On 15/01/2022, EHRC Purchased stationary in the value of AED 10,000 from AAA Stationary LLC. 3. On 03/02/2022, EHRC Purchased 5 IBM Laptops each in the value of AED 12,500 from IBM Co. 4. On 28/03/2022, EHRC Paid Khaled -UAE National Employee- his salary for the month of March 2022. (Khaled's gross salary is AED 60,000 "the pensionable amount is AED 50,000") 5. One of the laptops purchased from IBM Co. on 03/02/2022 didn't meet EHRC Specifications. The laptop was returned, and the supplier issued EHRC a credit note in its value on 30/03/2022. " Prepare the below statements for Q1 2022: a) Balance Sheet b) Income statement I Important Remarks; I. EHRC prepares its accounting books in accordance with IPSAS, and is exempted from VAT. EHRC Was established on 01/01/2022. II. III. The received fund is allocated to EHRC Operations. IV. All the purchases are subject to VAT. V. Computers are depreciated following the straight-line method over the useful life of 4 years.

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Step 13 1 Accounting Entries in the Books of EHRC Date Account Dr Cr 20220102 Cash In Bank and On Ha... View the full answer