Instructions: Answer all questions Q.1. Explain how accounting information assis
ID: 2551038 • Letter: I
Question
Instructions: Answer all questions Q.1. Explain how accounting information assists in making decisions. (4 Marks) Q.2. Journalese the following transactions in the books of ALL QUBBA (6 Marks) 3d May Cash deposited into bank 60,000 4h May Loan given to Mr. Ali 20,000 4" May Paid cash to Hamed 20,000 Sh May : Paid to Hamed by cheque 15,000 5 May : Cash received from Mr.Ali 12,000 $th May Took loan from Ammed 15,000 6h May Cheque received from Ammed 15,000 6" May : Paid to Intel Computers by cheque 17,000 6 May Withdrew from bank 5,000 7h May : Withdrew from bank for office use 8,000 7h May : Cash received from Mr. Ali on loan account 10,000Explanation / Answer
Journal in the books of M/s ALL QUBBA for the period from 1st May to 7th May Date Particulars Debit Credit May 3rd Bank a/c 60,000 To Cash a/c 60,000 Being the amount of cash deposited into bank 4th Loan to Mr. Ali a/c 20,000 To Cash a/c 20,000 [Being the amount of cash given as loan to Ali ] 4th Hamed a/c 20,000 To Cash a/c 20,000 [Being the amount of cash paid to Hamed] 5th Hamed a/c 15,000 To Bank a/c 15,000 [Being the amount paid to Hamed on account by cheque] 5th Cash a/c 12,000 To Ali a/c 12,000 [Being the amount of cash received from Ali] 5th Cash a/c 15,000 To Loan from Ammed a/c 15,000 [Being the amount of loan taken from Ammed] 6th Bank a/c 15,000 To Ammed a/c 15,000 [Being the amount received by cheque from Ammed] 6th Intel Computers a/c 17,000 To Bank a/c 17,000 [Being the amount paid by cheque to Intel Computers] 6th Cash a/c Dr 5,000 To Bank a/c 5,000 [Being the amount of cash withdrawn from bank] 7th 7th Cash a/c 8,000 To Bank a/c 8,000 [Being the amount of cash withdrawn from bank ] 7th 7th Cash a/c 10,000 To Loan to Ali a/c 10,000 [Being the amount of cash received from Ali as loan ]