1. debit = supplies RS 40000
    Additional data for adjustment;
    supplies un used RS 10000.
    Required ;
    Prepare adjusting entries
    prepair trail balance with sequence

  2. Thank you!

  3. Question 2
    Dr. Guru opened a dental clinic on August 2016. The business transactions for August are shown below:
    1. Dr. Guru invested 280,000 cash in the business in exchange for shares of capital stock.
    2. Land and building was purchased for 400,000. Of this amount 60,000 applied to land and 340,000 to the building. A cash payment of 80,000 was made and a note payable was issued for the remaining balance.
    3. Medical instruments were purchased for 75,000.
    4. Office equipment and furniture’s were purchased for 25,000. Of this amount 10,000 paid in cash and remaining balance in 15 days.
    5. Office supplies were purchased for the 4,200.
    6. Dr. Guru billed patients 13,000 for services provided. Of this amount, 1000 was received in cash and 12,000 were billed on account.
    7. Paid employees 2200 for salaries earned in august.
    8. Received a 500 payment on the 12,000 account receivable.

    Prepare Journal Entries for each transaction for August 2016.

    • Ok payment

    • 1 cash 280,000
      capital 280,000

      2. land 60,000
      building 340,000
      cash 80,000
      account payable 320,000

      3 medical instrument 75,000
      cash 75,000

      4. equipment & supplies 25,000
      cash 10,000
      account payable 15,000

      5 supplies 4,200
      cash 4,200

      6 account receivable 12,000
      cash 1,000
      service revenue 13,000

      7 salaries expense 2,200
      cash 2,200

      8 cash 500
      account receivable 500

  4. Illustrated the effects of Overnight’s January transactions on the Accounting Overnight’s transactions during January were as follows:

    Jan. 20

    Jan. 21

    Jan. 22

    Jan. 23

    Jan. 24

    Michael McBryan started the business by depositing $80,000 received from the sale of capital stock in a company bank account.

    Purchased land for $52,000, paying cash.

    Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000.

    Purchased tools and equipment on account, $13,800.

    Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days.

    Jan. 26 Received $600 in partial collection of the account receivable from the

    sale of tools.

    Paid $6,800 in partial payment of an account payable.

    Received $2,200 of sales revenue in cash.

    Jan. 27

    Jan. 31

    Jan. 31 Paid $1,400 of operating expenses in cash-$200 for utilities and for wages.

    Use accounting equation to show their effect on his Assets, Liabilities and Capital?

    • Koki Limited which manufactures part M – 6 for use in its production cycle hasthe following
      costs per unitfor production of 25,000 units.
      Direct labour
      Manufacturing overhead
      It has been established that 66 2/3% of the overhead is fixed. Sahara Limited has offered to
      sell 25,000 units of part M – 6 to Koki Ltd, for N45 per unit. If Koki Ltd., accepts Sahara’s
      offer, some of the facilities presently used to manufacture M – 6 could be rented to a third
      party at an annualrent of N65,000.
      Additionally, N6 per unit of the fixed overhead costs applied to part M – 6 would be totally
      eliminated. The managing director of Koki Ltd, has called on you to advise on whether he
      should accept Sahara’s offer.
      State factors other than the relevant costs above which would influence your decision
      to accept orreject Sahara’s offer.

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