Accounting Assignment 1
Please show the impact of each of the below transactions on the Assets, Liabilities and Owners’ Equity of the business.
Hint: You can refer to the Softbyte example we discussed in class for guidance on giving effect to these transactions.
Grading System: Each Transaction carries 1 point for a correct answer and 0 points for an incorrect answer
Transaction #1:
On December 1, 2013, Mr. Bansal started Algo Parts Limited by investing INR 10,000
Transaction #2:
On December 5, Algo Parts Limited paid registration and licensing fees for the business, INR 370.
Transaction #3:
On December 6, the company acquired tables, chairs, shelves, and other fixtures for a total of INR 3,000. The entire amount was paid in cash.
Transaction #4:
On December 7, the company acquired service equipment at INR 16,000. The company paid a 50% down payment and the balance will be paid after 60 days.
Transaction #5:
Also on December 7, Algo Parts Limited purchased service supplies on account amounting to INR 1,500.
Transaction #6:
On December 9, the company received INR 1,900 for services rendered.
Transaction #7:
On December 12, the company rendered services on account, INR 4,250.00. As per agreement with the customer, the amount is to be collected after 5 days.
Transaction #8:
On December 14, Mr. Bansal invested an additional INR 3,200.00 into the business.
Transaction #9:
Rendered services to a big corporation on December 15. As per agreement, the INR 3,400 amount due will be collected after 30 days.
Transaction #10:
On December 17, the company collected from the customer in transaction #7.
Transaction #11:
On December 20, the company paid some of its liability in transaction #5 by issuing a check. The company paid INR 500 of the INR 1,500 payable.
Transaction #12:
On December 25, the owner withdrew cash due to an emergency need. Mr. Bansal withdrew INR 7,000 from the company.
Transaction # 13:
On December 29, the company paid rent for December, INR 1,500.
Transaction #14:
On
Hint: You can refer to the Softbyte example we discussed in class for guidance on giving effect to these transactions.
Grading System: Each Transaction carries 1 point for a correct answer and 0 points for an incorrect answer
Transaction #1:
On December 1, 2013, Mr. Bansal started Algo Parts Limited by investing INR 10,000
Transaction #2:
On December 5, Algo Parts Limited paid registration and licensing fees for the business, INR 370.
Transaction #3:
On December 6, the company acquired tables, chairs, shelves, and other fixtures for a total of INR 3,000. The entire amount was paid in cash.
Transaction #4:
On December 7, the company acquired service equipment at INR 16,000. The company paid a 50% down payment and the balance will be paid after 60 days.
Transaction #5:
Also on December 7, Algo Parts Limited purchased service supplies on account amounting to INR 1,500.
Transaction #6:
On December 9, the company received INR 1,900 for services rendered.
Transaction #7:
On December 12, the company rendered services on account, INR 4,250.00. As per agreement with the customer, the amount is to be collected after 5 days.
Transaction #8:
On December 14, Mr. Bansal invested an additional INR 3,200.00 into the business.
Transaction #9:
Rendered services to a big corporation on December 15. As per agreement, the INR 3,400 amount due will be collected after 30 days.
Transaction #10:
On December 17, the company collected from the customer in transaction #7.
Transaction #11:
On December 20, the company paid some of its liability in transaction #5 by issuing a check. The company paid INR 500 of the INR 1,500 payable.
Transaction #12:
On December 25, the owner withdrew cash due to an emergency need. Mr. Bansal withdrew INR 7,000 from the company.
Transaction # 13:
On December 29, the company paid rent for December, INR 1,500.
Transaction #14:
On