SOLUTION: Mr. X commenced business on 1 June 2022. The following transactions took place during the month of June.
1. Introduced cash of $4,000 and a car valued at $1,750.
2. Bought goo
Algebra.Com
Question 1201796: Mr. X commenced business on 1 June 2022. The following transactions took place during the month of June.
1. Introduced cash of $4,000 and a car valued at $1,750.
2. Bought goods for cash at a cost of $1,130.
3. Paid wages of $13 and sundry expenses of $2.
4. Sold goods on credit to V for $1,900.
5. Bought goods on credit from W for $85.
6. Bought equipment at a cost of $350.
Required:
a) Show the effects of the above transactions on the accounting equation.
(20 marks)
b) Prepare the Income statement of the business for the month ended 30 June 2022.
(8 marks)
c) Prepare the Balance sheet of the business as at 30 June 2022. (
Answer by ikleyn(52877) (Show Source): You can put this solution on YOUR website!
.
This forum is inappropriate place for such question.
Find another, more appropriate site/forum for this question.
RELATED QUESTIONS
Mr. X commenced business on 1 June 2022. The following transactions took place during the (answered by ikleyn)
r. X commenced business on 1 June 2022. The following transactions took place during the... (answered by ikleyn)
BC sets up practice as an architect investing $10,000 of his own money into a business... (answered by ikleyn)
BC sets up practice as an architect investing $10,000 of his own money into a business... (answered by mananth,ikleyn)
The fruit fly population doubles everyday. If on the morning on June 1 you start with 2,... (answered by ankor@dixie-net.com)
The following information pertains to SK Traders for the three months ended 30 June 2021:
(answered by ikleyn)
From April to December 2000, the stock price of QRS Company had a roller coaster ride.... (answered by Theo)
Please help me solve this question.
If the odds of having complications during surgery (answered by richard1234)
(Cash budget) The Sharpe Corporation’s projected sales for the first eight months of 2004 (answered by richwmiller)