1 Jan, 2019 Purchased Ladies shoes from supplier on account. The Total cost of purchase amounted to Rs.200,000. 3 Jan Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash. Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs. 50,000. 6 Jan Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of 10 Jan home appliances was Rs. 200,000. 15 Jan Paid Rs. 200,000 accounts payable to supplier. 20 Jan Collected Rs. 400,000 accounts receivables from the distributor. Required: a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.

1 Jan, 2019 Purchased Ladies shoes from supplier on account. The Total cost of purchase amounted to Rs.200,000. 3 Jan Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash. Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs. 50,000. 6 Jan Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of 10 Jan home appliances was Rs. 200,000. 15 Jan Paid Rs. 200,000 accounts payable to supplier. 20 Jan Collected Rs. 400,000 accounts receivables from the distributor. Required: a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system.
. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.Solutions needed of the attached image immediately thanks.

1 Jan, 2019
Purchased Ladies shoes from supplier on account. The Total cost of
purchase amounted to Rs.200,000.
3 Jan
Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash.
Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs.
50,000.
6 Jan
Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of
10 Jan
home appliances was Rs. 200,000.
15 Jan
Paid Rs. 200,000 accounts payable to supplier.
20 Jan
Collected Rs. 400,000 accounts receivables from the distributor.
Required:
a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual
inventory system.
b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic
inventory system.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On Jun.…
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