On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
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- The owner, Billy Bong, increased his capital by depositing R30 000, 00 directly into the Received cash from R Roxy's in settlement of his debt as on 1 March; issued receipt no 002. rium ad or service is sold for? set the prices deellers) Transactions for March 2020 02 business's current bank account: receipt no. 001 was isued. 06 Cash sales of goods according to cash register roll, R3 200.00. 13 Received cash from L Lizzy for R3 530 00 in part settlement of the amount owed on 1 March 2020; issued receipt no. 003. 18 Sold goods on credit to R Roxy, R16 830.00: issued invoice no. 654. 23 Received cash from R Roxy in settiement of all his debt to date, receipt no. 004. 29 Credit sales of goods to L Lizzy, R7 450,00: issued invoice no. 655. Debtors journal of Billabong Traders - March 2020 DJ3 Doc Detals Fol Sales Cost of sales NoQ19: Mr. Saqlain opened a saving account in MCB Bank on 1st April 2003 and initially he deposited Rs. 100,000 in his account. On 1* February 2005, he makes another deposit of Rs. 50,000 in his account. On 1ª September 2007, he had withdrawn 50% amount from his total available amount in the account. He made further deposits of Rs. 20,000, Rs. 25,000 and Rs. 5,000 on 1s* January of the years 2008, 2009 and 2010.If the bank is paying him 8% interest on his account, calculate how much amount is available in his account at 31s* December 2011.Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles…
- Ms. Rose sold to Ms. Jasmine OMR 80,000 worth of goods on the 15th of April 2021 by accepting a 120 days,9% interest bearing note. Both Ms. Rose & Ms. Jasmine need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations. a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Rose prepared final accounts on the 10th of May 2021. d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Jasmine.Nasser who is maintaining current account in Bank Sohar, Nizwa Souq branch drew a cheque in the name of Mr. Ameen for RO. 5500, he mentioned the date of 27th June, 2021 and it was presented to him on 28th June, 2021. Mr. Ameen has transferred that cheque to Mr. Talal by writing Mr. Talal’s name and making a signature on the back of it. From the above scenario, Explain the parties to a cheque by mentioning their names.What is the basic obligation of a depository bank to its depositor? Enumerate and explain the different kinds of deposit. X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain.