Financial Accounting

Based on the attached word file, write a report consist of the following: Q.1) a) identifying and providing the reason for cash and credit transaction. b) Formula Calculation with steps Accounting equation will be applicable As per the information given like capital and liability Q.2) a) Accounting Concepts with the examples b) i) Meaning and Differences ii) Meaning and Differences Q.3) Accounting Equation format Element heading Transaction effect Analysis Q.4) Journal: Journal entries for the transactions Ledger: All ledger accounts Trial Balance from the ledger balances ** 2000 words Only . ** In-text Citation and References Using Harvard Style
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Question 1
a) Given below are a number of cash or credit transactions. For each transaction,
indicate and provide the reason, whether it is a cash transaction or a credit transaction.
i.
Receipt of goods worth OMR 125 from a supplier together with an invoice for
that amount.
ii.
Payment of OMR 275 by Cheque for a purchase.
iii.
Receipt of a deposit of OMR 15 for goods.
iv.
Sending of an invoice for OMR 135 to the payer of the deposit for the
remaining value of goods.
v.
Sale of goods for OMR 15, payment received by credit card.
b) A business has capital of OMR10,000 and liabilities of OMR4,000 which of the
following asset and liability figures could appear in this businessâ?? statement of
financial position?
i.
Assets OMR6,000
Liabilities OMR16,000
ii.
Assets OMR6,000
Liabilities OMR4,000
iii.
Assets OMR10,000
Liabilities OMR10,000
iv.
Assets OMR14,000
Liabilities OMR4,000
Question 2
a) Describe the accounting concept that would be relevant when deciding on how to
account for a transaction, which involves an owner of business taking inventory for
his own use. Also, explain the concepts with an example:
i.
Cost concept
ii.
Money measurement concept
iii.
Dual aspect concept
iv.
Time interval concept
b) Some of the accounting concepts are confusing. So, sometimes tensions arise between
different accounting concepts. In this regard, explain the difference between:
i.
Accruals and prudence concept
ii.
Consistency and prudence concept
Question 3
In Jan 1, 2017, Mr. Rashid set up practice as an architect. After one month, the firm had the
following account balances:
Cash
OMR 13,000
Debtors
OMR 6,000
Office supplies
OMR 7,000
Office equipment
OMR 35,000
Creditors
OMR 3,000
Capital
OMR 58,000
The following transactions took place in the month of March 2017:
2017
2 March
Paid creditors OMR 1,000
5 March
Purchased supplies for cash OMR 2,000
7 March
Billed clients for professional services rendered OMR 40,000
10 March
Received professional fees on providing services OMR 10,000
13 March
Paid assistantâ??s salary OMR 1,000
16 March
Purchased equipment on credit OMR 3,000
19 March
Collected payments from clients billed earlier OMR 5,000
21 March
Purchased supplies on credit OMR 1,000
22 March
Withdrew cash for personal use OMR 6,000
25 March
Paid creditors OMR 2,000
30 March
Paid telephone charges OMR 300
i.
ii.
Construct a table of assets, liabilities and ownerâ??s equity in equation form and
show the balance after each transaction
Analyse the effects of the transactions on the accounting equation.
Question 4
Record the following details of Sohail Bhavan Marketing Ltd. And extract a trial balance as
at 30th April 2016.
April 1
Started business with a capital of OMR 10,000
April 2
Deposited OMR 4,000 into bank
April 3
Bought a photocopier machine and the payment was made through cheque of
OMR 4,000
April 4
Appointed an assistant on a monthly salary of OMR 750
April 6
Purchased goods costing OMR 1,250 on credit from Star Ltd.
April 8
Sold goods on credit to Tinton Ltd. Amounting to OMR 2,250
April 10
Paid maintenance for the photocopier machine OMR100
April 11
OMR 250
There were defects in the goods purchased, so returned goods to Star Ltd. Worth
April 15
Tinton Ltd. Returned goods for OMR 375
April 17
Payment made by cheque for the goods purchased on April 6, OMR 700
April 22
Received a cheque for OMR 1,200 from Tinton Ltd, in part settlement
April 28
Paid water and electricity bill by cheque OMR 225
April 30
Insurance premium paid by cheque OMR 325
a. Pass journal enteries for the above transactions of Sohail Bhavan
b. Post them to the appropriate ledger accounts
c. Prepare a trial balance from the ledger balances

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