Cash basis accounting
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Free InquiryMr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of
electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred:
Feb 2020 Transaction details
1 Mr. Qais invested OMR 25,000 to start the business
3 Paid rent OMR 1,000
5 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000
6 Purchased electronic goods for cash worth OMR 10,000
7 Purchased office computer and software for business worth OMR 2,000 for cash
10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000
12 Sold goods for cash – OMR 3,000
15 Sold goods for credit to MM Mobile Shop worth OMR 20,000
17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb
18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb
Principles of Accounting (BUSS B 1004) – Spring 20 – CW 1 (IA) – All -QP
BUSS B 1004 QP Page 2 of 7
20 Paid salaries OMR 600
22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10th Feb
24 Withdrew drawings OMR 500
26 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb
28 Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10th Feb
29 Paid Insurance expenses OMR 500
Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. (15 marks)
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