On January 1, 2023, AM/NS Ltd set up Grow Global Steel Tech - A Digital...
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Accounting
On January 1, 2023, AM/NS Ltd set up Grow Global Steel Tech - A Digital Marketing Company, and conclude the following activities during the first month. Analyze the impact or no effect of the following activities on the Statement of Sources and Application of Funds (Balance Sheet). Answer the questions in the format given below. [Marks 10] (a) AM/NS Ltd. invested US $10,000 cash in the company's share capital. (b) Bought a vehicle for cash, $8,000 for office use (c) Filled petrol for $1,000 on payment of $800; balance to be paid in two weeks. Expense incurred for business purpose only. (d) Received advance payment from a customer (M \& M), $1,000. (e) Bought office supplies on credit $3,000. (f) Received cash for services provided $8,000. (g) Billed customers (MUL) for services $6,200. (h) Paid office rent $4,000. (i) Paid the amount due in (c) $200. (0) Collected payment from customers billed in (g) $4,900. (k) Provided services to the customer M\&M in (d)
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