You are required to Journalise the following transactions with suitable narration and showing the respective ledger...
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You are required to Journalise the following transactions with suitable narration and showing the respective ledger groups. (Each correct entry carries 1 mark) Transactions for the month of March 2020 Date of Transaction Transactions 10-3-2020 Mr. Saud purchased office supplies from Omega info tech for RO 15,000. (Bill No. OM22 Term : 60 days) 13-3-2020 Mr. Saud entered into a contract with Fahmi Services for providing consultancy services at an agreed price of RO 15,000. He received an advance of RO 3,000 by cash. 14-3-2020 Mr. Saud returned office supplies to Omega info tech worth RO 2,500. 16-3-2020 Mr. Saud paid cash RO 12,450 as final settlement with Omega Info tech. 17-3-2020 Mr. Saud raised an invoice for RO 15,000 on Fahmi Services after completion of the service. Fahmi Services paid the balance amount of RO 12,000 in cash after deducting the advance paid. Mr. Saud raised an invoice for RO 15,000 on Silver Production for 18-3-2020 services provided. The term on credit are 30 days Invoice No. BC45 Mr. Saud paid conveyance bills amounting to RO 500 in cash to Ms. 19-3-2020 Naseera. 20-3-2020 Mr. Saud received RO 7,000 in cash as consulting charges to Silver productions for services provided. 22-3-2020 Silver production settled the bill for RO 7500 by paying cash. Page 5 of 6 25-3-2020 Mr. Saud paid RO 500 in cash towards telephone expense for last two months. 26-3-2020 Paid rent deposits to Mr. Ismail, Building owner RO 2,000. 27-3-2020 Purchased office furniture from Teejan Home, RO 1,500 paying RO 500 down, the balance in 10 days. (Bill No. N12) Purchased office supplies, RO 2,500 from Good Office Supplies. Out of 28-3-2020 which 20% paid by cash and rest by Bank cheque. 29-3-2020 Received RO 1,500 for services rendered from various clients. 30-3-2020 Mr. Saud purchascd one laptop unit from Computer Homes, RO 600. Terms: 30% down, the balance after 1-month. 31-3-2020 Mr. Saud withdrew cash from bank for personal use RO 500 31-3-2020 Collected RO 700 from National Enterprises. 31-3-2020 Paid RO 500 to Teejan Home. You are required to Journalise the following transactions with suitable narration and showing the respective ledger groups. (Each correct entry carries 1 mark) Transactions for the month of March 2020 Date of Transaction Transactions 10-3-2020 Mr. Saud purchased office supplies from Omega info tech for RO 15,000. (Bill No. OM22 Term : 60 days) 13-3-2020 Mr. Saud entered into a contract with Fahmi Services for providing consultancy services at an agreed price of RO 15,000. He received an advance of RO 3,000 by cash. 14-3-2020 Mr. Saud returned office supplies to Omega info tech worth RO 2,500. 16-3-2020 Mr. Saud paid cash RO 12,450 as final settlement with Omega Info tech. 17-3-2020 Mr. Saud raised an invoice for RO 15,000 on Fahmi Services after completion of the service. Fahmi Services paid the balance amount of RO 12,000 in cash after deducting the advance paid. Mr. Saud raised an invoice for RO 15,000 on Silver Production for 18-3-2020 services provided. The term on credit are 30 days Invoice No. BC45 Mr. Saud paid conveyance bills amounting to RO 500 in cash to Ms. 19-3-2020 Naseera. 20-3-2020 Mr. Saud received RO 7,000 in cash as consulting charges to Silver productions for services provided. 22-3-2020 Silver production settled the bill for RO 7500 by paying cash. Page 5 of 6 25-3-2020 Mr. Saud paid RO 500 in cash towards telephone expense for last two months. 26-3-2020 Paid rent deposits to Mr. Ismail, Building owner RO 2,000. 27-3-2020 Purchased office furniture from Teejan Home, RO 1,500 paying RO 500 down, the balance in 10 days. (Bill No. N12) Purchased office supplies, RO 2,500 from Good Office Supplies. Out of 28-3-2020 which 20% paid by cash and rest by Bank cheque. 29-3-2020 Received RO 1,500 for services rendered from various clients. 30-3-2020 Mr. Saud purchascd one laptop unit from Computer Homes, RO 600. Terms: 30% down, the balance after 1-month. 31-3-2020 Mr. Saud withdrew cash from bank for personal use RO 500 31-3-2020 Collected RO 700 from National Enterprises. 31-3-2020 Paid RO 500 to Teejan Home.
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Journal Entry Journal entries are used to record the business ... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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