Question

1st Apr, 2019

Omar invested RO 150,000 in his business.

2nd Apr, 2019

He approached Bank Nizwa to open a bank account to deposited RO 50,000 in it.

1st May, 2019

Omar purchased Construction Equipment’s worth RO 30,000 on credit from Ramiz Construction Materials.

2nd May, 2019

On the very next day, he returned defective Equipment worth RO 5,000 back to Ramiz Construction Materials.

31st May, 2019

Deposited cash into Bank Account worth RO 15,000.

1st Jun, 2019

Omar paid cheque worth RO 23,000 as full settlement to Ramiz Construction Materials.

2nd Jun, 2019

Omar purchases a Car worth RO 12,000 for his personal use and payment made through business cash.

( this transactions comes under which vouchers,dipet note,purchase,joural,receipt ,sale or contra..)

Answer 1

Omar invested RO 150,000 in his business - This is receipt voucher either cash or bank

He approached Bank Nizwa to open a bank account to deposit RO 50,000 in it. - This is contra entry

Omar purchased Construction Equipments worth RO 30,000 on credit from Ramiz Construction Material - This is

Purchase Vouhcer entry (It is presumed here that Omar deals in Construction Equipments)

He returned defective equipment worth RO 5,000 back to Ramiz Construction Material - This will be recroed by issue

of credit note on Ramiz Construction Material

Deposited cash into Bank Account worth RO 15000 - This is a contra entry voucher

Omar Paid cheque worth RO 23,000 as full settlement to Ramiz Construction Material - There will be two voucher

entries - Payment voucher entry of RO 23,000 (cheque amount) and the other entry for RO 2000 will be

a journal entry

Omar purchased a Car worth RO 12,000 for his personal use and payment made through business cash. - This

will be a cash payment voucher and amount will be debited to Omar's Capital A/c.