Assignment On Transaction

3151 words - 13 pages

Transaction analysis
Problem # 1
Mr. Abul operates premium service, which has the following assets: Cash tk. 40,000, supplies tk. 2,000, delivery van tk. 30,000 and truck tk. 60,000. The business owes tk. 12,000 for supplies previously purchased. The following transactions occur in the month of March 2004:
March 01: Paid office rent for 3 month’s advance tk. 6,000.
02: Purchased delivery van for cash tk. 20,000.
04: Purchased supplies on account tk. 2,500.
06: Purchased supplies for cash tk. 1,000.
10: Service rendered to a customer and immediately collected tk. 6,000
12: Service rendered to a customer on ...view middle of the document...

28: Borrowed from bank tk. 20,000 cash by signing a note payable.
Show the effects of transactions on the accounting equation.

Problem # 3
Show the impact of the following transactions on financial position:
* Purchased goods tk. 4,000 cash from supplier.
* Purchased goods tk. 6,000 on account from supplier.
* Sold goods tk. 6,000 cash to customer.
* Sold goods tk. 7,000 on account to customer.
* Purchased supplies tk. 600 cash.
* Purchased equipment tk. 10,000 cash.
* Charge depreciation tk. 1,000 per year.
* Paid rental expense tk. 5,000 cash.
* Paid salary expense tk. 7,000 cash.
* Placed an order for purchase tk. 3,000 from outside suppliers.
* Earned service revenue tk. 4,000 cash.

Problem # 4
Listed below are the transactions of Mr. Y for the month of January 2002:
Jan 01: Invested cash in the business tk. 50,000.
Jan 05: Purchased supplies tk. 500 for cash.
Jan 10: Completed service revenue for tk. 5,000, out of which tk. 2,000 received in cash.
Jan 15: Paid salaries tk. 3,000 cash to the employee.
Jan 20: Purchased office furniture tk. 10,000 on account.
Jan 28: Borrowed from the bank by signing a notes payable tk. 12,000.
Jan 31: Paid the accounts payable in full of transaction 20.
Requirement: Prepare a tabular analysis of the transactions using the following account titles: Cash, Accounts receivable, Supplies, Office furniture, Accounts payable, Notes payable, Y’s capital.

Problem # 5
Listed below are the transactions of Mr. Q for the month of January 2002:
Jan 01: Invested cash in the business tk. 40,000.
Jan 05: Purchased Office supplies tk. 600 for cash.
Jan 10: Completed service revenue for tk. 6,000, out of which 50% received in cash.
Jan 15: Paid rent tk. 3,000 cash for the next two months.
Jan 20: Purchased equipment tk. 20,000 on account.
Jan 28: Borrowed from the bank by signing a notes payable tk. 12,000.
Jan 31: Withdrew tk. 3,000 from business.
Requirement: Prepare a tabular analysis of the transactions using the following account titles: Cash, Accounts receivable, prepaid rent, Supplies, equipment, Accounts payable, Notes payable, Q’s capital.

Problem # 6
Show the effects of the following transactions on the accounting equation:
Jan 01: Mr. Romeo has a balance of tk. 10,000 cash, 12,000 tk. Accounts receivable, Delivery van of tk. 18,000, an accounts payable of tk. 5,000.
Jan 05: Earned revenue of tk. 5,000 cash for service provided.
Jan 10: Services provided but unbilled tk. 3,500.
Jan 15: Incurred expense of tk. 3,000 on account.
Jan 20: Withdrew tk. 2,000 cash from the business.
Jan 31: Acquired a delivery van of tk. 6,000 on cash.

Problem # 7
On July 31, Mr. X has the following account balances: Cash tk. 4,000, Accounts receivable tk. 7,000, Supplies tk. 2,000, Office equipment tk. 20,000, Accounts payable tk. 4,000, Notes...

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