Bank ABC has rented a space from zebra trader to open up their branch. Following
transactions took place between the two parties: -
– On January 1st 2013, Bank ABC and Zebra Traders signed an agreement under which the
bank would rent the space at a charge of Rs.240, 000 per annum.
– On January 3rd, the bank issued a cheque of Rs.240, 000 in favor of Zebra traders.
– Assume that both parties adjust their accounts on a monthly basis.
A. Record the above transactions in books of Bank ABC and Zebra Traders.
B. What entry will be recorded in the books of Bank on March 31, 2013?
C. What entry will be recorded in the books of Zebra on March 31, 2013?
1
Expert's answer
2016-05-26T10:28:03-0400
A. Record the above transactions in books of Bank ABC and Zebra Traders. In this case such records will be recorded: B. The record in the books of Bank on March 31, 2013 is: Debit Credit Rent 240,000 Accounts Payable 240,000 C. Tje entry recorded in the books of Zebra on March 31, 2013 is: Debit Credit Accounts Receivable 240,000 Buildings 240,000.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment