Question: Question 8 Vo por Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation. (10 Marks)

 Question 8 Vo por Using the Transaction Analysis table provided, analyze

Question 8 Vo por Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation. (10 Marks) Nada Al Mansouri started "Zoha, Pharmacy" in Abu Dhabi, a new business, funded by Khalifa fund and completed the following transactions during its first month of operations. a. Nada invested AED 1,000,000 cash in the company. b. Nada purchased medicines from RAK pharmaceuticals (supplies) for AED 5,000 on credit. c. Nada sold medicines to NMC hospital for AED 3,000 and billed the hospital.. d. Office furniture of AED 17,000 from IKEA was purchased on credit. e. The Pharmacy paid cash for medicines purchased in transaction b. f. The Pharmacy paid AED 20,000 cash to the landlord as monthly rent.. g. Nada withdrew AED 5,000 cash from the business for personal use. h. The Pharmacy received cash for medicines supplied to NMC hospital in transaction C above. 1. The Pharmacy sold medicines to Tawam Hospital in Al Ain for cash AED 5,000. + Liabilities Payables Owner's Equity Drawing Revenue Assets Receivables Supplies + Expenses Capital Furniture Cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!