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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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.
Receipt of goods worth OMR 125 from a supplier together with an invoice for
Payment of OMR 275 by Cheque for a purchase.
Receipt of a deposit of OMR 15 for goods.
Sending of an invoice for OMR 135 to the payer of the deposit for the
remaining value of goods.
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
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:
Money measurement concept
Dual aspect concept
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:
Accruals and prudence concept
Consistency and prudence concept
In Jan 1, 2017, Mr. Rashid set up practice as an architect. After one month, the firm had the
following account balances:
The following transactions took place in the month of March 2017:
Paid creditors OMR 1,000
Purchased supplies for cash OMR 2,000
Billed clients for professional services rendered OMR 40,000
Received professional fees on providing services OMR 10,000
Paid assistantâ??s salary OMR 1,000
Purchased equipment on credit OMR 3,000
Collected payments from clients billed earlier OMR 5,000
Purchased supplies on credit OMR 1,000
Withdrew cash for personal use OMR 6,000
Paid creditors OMR 2,000
Paid telephone charges OMR 300
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.
Record the following details of Sohail Bhavan Marketing Ltd. And extract a trial balance as
at 30th April 2016.
Started business with a capital of OMR 10,000
Deposited OMR 4,000 into bank
Bought a photocopier machine and the payment was made through cheque of
Appointed an assistant on a monthly salary of OMR 750
Purchased goods costing OMR 1,250 on credit from Star Ltd.
Sold goods on credit to Tinton Ltd. Amounting to OMR 2,250
Paid maintenance for the photocopier machine OMR100
There were defects in the goods purchased, so returned goods to Star Ltd. Worth
Tinton Ltd. Returned goods for OMR 375
Payment made by cheque for the goods purchased on April 6, OMR 700
Received a cheque for OMR 1,200 from Tinton Ltd, in part settlement
Paid water and electricity bill by cheque OMR 225
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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