Ali Started a Business of Catering Case Study - Accounting and Finance Assignment Help

Assignment Task:

Task:

Q. No. 1 In May 2018. Ali started a business of catering equipment and services. The transactions for the month are as follow: 
1. Invested $ 5,000,000 to start business and also contributed vehicle of $ 5,000 start the operations. 2. Purchased catering equipment for cash $ 900.000. 3. Purchased PP&E for S 30,000. Paid cash S 10,000 and signed a note payable the remaining amount. 4. Provided catering services to a client and amount is due in next 10 days' wo $ 40,000. 5. Catering services of $ 30,000 were rendered with partial collection of $ 2.0 6. Purchase office equipment of worth S 100.000. Paid S 50.000 cash and amount is due in 45 days. 7. Received partial payment of $ 20.000 for services rendered in transaction 4. 8. Received $ 18,000 in full settlement of services rendered in transaction 4. 9. Paid $ 30,000 partially to supplier of office equipment in transaction 6. 10.Paid 5 15.000 in full settlement of transaction 6. 11. Company advanced a prepayment of rent worth 5 48.000 for next 3 months. 12. Rent of first month expired in this month. 13. Received telephone bill of S 5,000. 14. Owner withdrew S 6,000 for his personal use. 15. Owner took away office equipment of 5 500,000 for his personal use. 16. Received advance of $ 20,000 from customer to render services in the next month. 17. Declared dividend of S 1,000 for distribution in next month. 18. Employees' wages of 50,000 for the current month are unpaid and salaries of! 20,000 are paid in current month. 
 

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