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

Unformatted Attachment Preview

Don't use plagiarized sources. Get Your Custom Essay on
Financial Accounting
Just from $13/Page
Order Essay

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.
Receipt of goods worth OMR 125 from a supplier together with an invoice for
that amount.
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
financial position?
Assets OMR6,000
Liabilities OMR16,000
Assets OMR6,000
Liabilities OMR4,000
Assets OMR10,000
Liabilities OMR10,000
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:
Cost concept
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
Question 3
In Jan 1, 2017, Mr. Rashid set up practice as an architect. After one month, the firm had the
following account balances:
OMR 13,000
OMR 6,000
Office supplies
OMR 7,000
Office equipment
OMR 35,000
OMR 3,000
OMR 58,000
The following transactions took place in the month of March 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
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

Purchase answer to see full

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Order your essay today and save 15% with the discount code DISCOUNT15