Homework Answers
2.
| Cash Account | Bank loan | Notes payable | ||||||||||||
| Amount | Amount | Amount | Amount | Amount | Amount | |||||||||
| To opening balance | 90000 | By bulidling | 66000 | To closing bal | 60000 | By cash | 60000 | By opening bal | 5000 | |||||
| To common stock | 600000 | By equipment | 90000 | To closing bal | 105000 | By bulidling | 100000 | |||||||
| To loan | 60000 | By closing bal | 5,94,000 | |||||||||||
| Total | 750000 | Total | 750000 | Total | 60000 | Total | 60000 | Total | 105000 | Total | 105000 | |||
| Common stock | Bulidling | Equipment | ||||||||||||
| Amount | Amount | Amount | Amount | Amount | Amount | |||||||||
| To closing bal | 770000 | By opening balance | 170000 | To opening balance | 500000 | To opening balance | 148000 | |||||||
| By cash | 6,00,000 | To cash | 66,000 | Tocash | 90000 | By closing bal | 238000 | |||||||
| To note payable | 100000 | By closing bal | 666000 | |||||||||||
| Total | 770000 | Total | 770000 | Total | 666000 | Total | 666000 | Total | 238000 | Total | 238000 | |||
| Account payable | Supplies | |||||||||||||
| Amount | Amount | Amount | Amount | |||||||||||
| By opening balance | 50000 | To opening balance | 9000 | |||||||||||
| To closing bal | 140000 | By supplies | 90,000 | To account payable | 90000 | By closing bal | 99000 | |||||||
| Total | 140000 | Total | 140000 | Total | 99000 | Total | 99000 |
3.
| Date | General Jouranl | Post Ref | $ Debit | $ Credit |
| Cash account | 6,00,000 | |||
| To common stock | 6,00,000 | |||
| ( Being fresh equity shares issued for cash ) | ||||
| Cash account | 60000 | |||
| To bank loan | 60000 | |||
| ( Being bank loan taken ) | ||||
| Bulidling account | 1,66,000 | |||
| To cash | 66,000 | |||
| To Notes payable | 100000 | |||
| ( Being bulidling purchased) | ||||
| Equipment account | 90000 | |||
| To cash | 90000 | |||
| ( Being equipment purchased) |
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