Business in exchange for ordinary shares.

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QUESTION
 
You are required to solve Questions 1, 2 and 3 and submit your answers by (this
date is the deadline). Consideration will be given to clarity and neatness of presentation—you can
solve the questions manually using a pen and a paper or in an excel format.
Question 1
Presented below is selected information related to Mohammed Ltd at December 31 20X1.
Mohammed reports financial information monthly.
Accounts Payable AED3,000 Salaries Expenses AED16,500
Cash 7,000 Note Payable 25,000
Advertising Expense 6,000 Rent Expense 10,500
Service Revenue 54,000 Accounts Receivable 13,500
Equipment 29,000 Dividends 7,500
Use the above information to:
[a] Determine the total assets of Mohammed Ltd at December 31, 20X1.
[b] Determine the net income that Mohammed Ltd reported for December, 20X.
[c] Determine the equity of Mohammed Ltd at December 31, 20X1.
[20 marks]
Question 2
Sualihu Ltd had the following selected transactions:
1. Sualihu Ltd invested AED4,000 in the business in exchange for ordinary shares.
2. Paid office rent of AED1,100
3. Performed consulting services and billed a client AED5,200.
4. Declared and paid a AED700 cash dividend.
Required to:
[a] Indicate the effect each transaction has on the accounting equation [Assets=Liabilities + Equity]
using plus and minus signs.
[b] Journalize each transaction.
[20 marks]
Question 3
Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following
transactions occurred during the month of June.
June 1 Aminu Ltd invested AED10,000 cash to start the delivery company.
2 Purchased a used van for deliveries for AED12,000. Aminu Ltd paid AED2,000 cash
and signed a note payable for the remaining balance.
2
3 Paid AED500 for office rent for the month.
5 Performed AED4,400 of services on account.
9 Declared and paid AED200 in cash dividends.
12 Purchased supplies for AED150 on account.
15 Received a cash payment of AED1,250 for services provided on June 5.
17 Purchased gasoline for AED100 on account.
20 Received a cash payment of AED1,500 for services provided.
23 Made a cash payment of AED500 on the notes payable.
26 Paid AED250 for utilities.
29 Paid for the gasoline purchased on account on June 17.
30 Paid AED1,000 for employee salaries
Required to:
[a] Prepare an income statement for the month of June.
[b] Prepare a statement of financial position at June 30, 20X1.
[60 marks]
 

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