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The attached file is the question for the assignment.

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The attached file is the question for the assignment.
Answered Same Day Apr 05, 2020 MPA702 Deakin University

Solution

Abr Writing answered on Apr 06 2020
124 Votes
MPA702 Financial Interpretation
Solution a
    Date
    Particulars
     
    Debit
    Credit
    1-Jan
    Cash At Bank a/c
    Dr.
    100,000
     
     
    Capital a/c
    Cr.
     
    100,000
     
    (personal loan is individual loan of business owner & shall form part of capital)
     
     
     
     
     
     
     
     
    2-Jan
    Retail premises a/c
    Dr.
    250,000
     
     
    Cash At Bank a/c
    Cr.
     
    25,000
     
    Bank Loan
    Cr.
     
    225,000
     
    (10% paid in advance rest loan)
     
     
     
     
     
     
     
     
    3-Jan
    Fitness equipment a/c
    Dr.
    10,000
     
     
    Professional training Journals a/c
    Dr.
    2400
     
     
    Cash At Bank a/c
    Cr.
     
    12,400
     
    (fitness equipment and professional training journals purchased in cash)
     
     
     
     
     
     
     
     
    4-Jan
    Office furniture a/c
    Dr.
    2,000
     
     
    professional indeminity insurance a/c
    Dr.
    2,400
     
     
    Cash At Bank a/c
    Cr.
     
    4,400
     
    (Office furniture and indeminity insurance purchased in cash)
     
     
     
     
     
     
     
     
    5-Jan
    Computer equipment a/c
    Dr.
    8,000
     
     
    Motor vehicle a/c
    Dr.
    24,000
     
     
    vendor a/c
    Cr.
     
    32,000
     
    (computer equipment and motor vehicle purchased on credit)
     
     
     
     
     
     
     
     
    6-Jan
    Clients a/c
    Dr.
    2,000
     
     
    Revenue a/c
    Cr.
     
    2,000
     
    (Invoiced to client)
     
     
     
     
     
     
     
     
    7-Jan
    Office stationery a/c
    Dr.
    800
     
     
    stationery creditor a/c
    Cr.
     
    800
     
    (stationery purchased on credit)
     
     
     
     
     
     
     
     
    8-Jan
    Fitness equipment & masage table a/c
    Dr.
    6,500
     
     
    Capital a/c
    Cr.
     
    6,500
     
    (capital added in form of fitness equipment & masag table)
     
     
     
     
     
     
     
     
    15-Jan
    Clients a/c
    Dr.
    4,800
     
     
    Revenue a/c
    Cr.
     
    4,800
     
    (Invoiced to client)
     
     
     
     
     
     
     
     
    17-Jan
    Cash At Bank a/c
    Dr.
    2,000
     
     
    Clients a/c
    Cr.
     
    2,000
     
    (amount received from first client)
     
     
     
     
     
     
     
     
    21-Jan
    Clients a/c
    Dr.
    7,200
     
     
    Drawings a/c
    Dr.
    1500
     
     
    Revenue a/c
    Cr.
     
    7,200
     
    Cash At Bank a/c
    Cr.
     
    1500
     
     
     
     
     
    23-Jan
    Wages a/c
    Dr.
    1200
     
     
    PAYG a/c
    Dr.
    300
     
     
    Cash At Bank a/c
    Cr.
     
    1200
     
    PAYG payable a/c
    Cr.
     
    300
     
     
     
     
     
    24-Jan
    Cash At Bank a/c
    Dr.
    2,300
     
     
    Clients a/c
    Cr.
     
    2,300
     
     
     
     
     
    26-Jan
    Telephone bill
    Dr.
    270
     
     
    Cash At Bank a/c
    Cr.
     
    270
     
     
     
     
     
    28-Jan
    clients a/c
    Dr.
    8400
     
     
    Revenue a/c
    Cr.
     
    8400
     
     
     
     
     
    30-Jan
    Wages a/c
    Dr.
    1800
     
     
    PAYG a/c
    Dr.
    500
     
     
    Cash At Bank...
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