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Principles of Accounting: Study Material with Solved Assignments

   

Added on  2023-04-22

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Running head: PRINCIPLES OF ACCOUNTING
Principles of accounting
Name of the student
Name of the university
Student ID
Author note
Principles of Accounting: Study Material with Solved Assignments_1

1PRINCIPLES OF ACCOUNTING
Table of Contents
Question 1..................................................................................................................................2
Question 2..................................................................................................................................3
Answer I. Cost of goods sold.................................................................................................3
Answer II. Gross profit..........................................................................................................4
Question 3..................................................................................................................................4
Question 4..................................................................................................................................5
Bibliography...............................................................................................................................7
Principles of Accounting: Study Material with Solved Assignments_2

2PRINCIPLES OF ACCOUNTING
Question 1
S.No.
T
Transactio
n
Assets Liab
ilitie
s
Equity
Cash +goods
+
Furnit
ure Equipment =
Revenu
e =
1 Investment
in business 50000
Bal. Owner’s
equity 50000
2 Purchase
furniture 5000-
Bal. Furniture 5000
3 Purchased
goods -10000
Bal. Goods 10000
4 Purchased
equipment -12000
Bal. Equipment 12000
5 Received
consulting
fees 15000
Bal. Revenue 15000
Total 38000 10000 5000 12000 65000 50000 15000 65000
Balance sheet of Alnaeem & company
Particulars Amount Amount
Assets
Current assets
Cash (a) 38000
Goods (b) 10000
Total current assets (c) = (a+b) 48000
Non-current assets
Furniture (d) 5000
Equipment (e) 12000
Total non-current assets (f) = (d+e) 17000
Total assets (c+f) 65000
Liabilities
Current liabilities 0
Non-current liabilities 0
Total liabilities (g) 0
Equities
Principles of Accounting: Study Material with Solved Assignments_3

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