The topic is managing projects.
Prepare basic ledger accounts using double entry system.
Group Task:
Requirement: The students are required to post to the general ledger accounts the journal entries below covering the period from October 1 to 30, 2017 these journal entries were taken from the books of Mowarlah Electronics owned and managed by QASIM. The students must use the general ledgers provided in this assessment paper. They are not required to fill-up the reference columns in the general ledgers.
Here are the General Journal entries. The amounts are in Omani Rial.
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Date
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Particular
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Ref.
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Debit
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Credit
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October 2017
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1
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Cash
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200,000
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QASIM, Capital
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200,000
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To record owner's initial investment.
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2
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Cash
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400,000
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Loans Payable
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400,000
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To record proceeds of loan obtained from HSBC Bank.
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5
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Accounts Receivable
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320,000
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Sales
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320,000
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To record payment for sales made on credit.
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8
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Equipment
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10,000
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Cash
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10,000
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To record payment for the purchase of equipment
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12
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Purchases
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100,000
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Accounts Payable
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100,000
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To record purchases on credit extended to Sultan Qaboos
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University
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To post the journal entries, you are required to use the following GENERAL LEDGERS:
Account: CASH
Account: SALES
Account: ACCOUNTS PAYABLE
Account: ACCOUNTS RECEIVABLE
Account: Loans PAYABLE
Account: PURCHASES
Account: Equipment
Account: QASIM, CAPITAL
Individual Reflection
1 What is the rationale for carrying out these assignment?
2 What was your contribution in the proposed assignment?
3 What principles of accounting did you use in carrying out the assignment?
4. What limitations did you encounter when carrying out the assigned task?
5 Identify and discuss the interest groups likely to benefit from the assigned task?