(0)l 92% 1 10:48 AMPRACTICE QUESTION FRO...FINANCIAL ACCOUNTINGFINANCIAL ACCOUNTING1. General JournalOn January 1st, 2018 Mr. Aga commenced business named M/s AgaSons with cash investment of Rs.210,000 and completed followingtransactions during the month of January.January1. Opened a bank account and deposited cash Rs.120,000.6. Purchased merchandise from Anum Traders Rs.36,000.11. Counter sales of Rs.16,000 of which 60% deposited into bank.20. Cash paid on purchase of goods Rs.11,000.25. Sold merchandise to Unique & Co. Rs.15,000 on credit.29. Paid salaries to staff and house rent of his residency for the month bycheques Rs.12,000 and Rs.7,000 respectively.Required: Record the above transactions in general Journal.2. General Ledger & Trial BalanceGiven: A trader started business on April 1st, 2019 by investing cashRs.160,000 and equipment worth Rs.40,000. He completed thefollowing transactions during the month.(i) Purchased merchandise on credit Rs.40,000 and paid cartage on itRs.2,000 cash.(ii) Sold merchandise on credit Rs.18,000 and for cash Rs.10,000.(iii) The customers returned merchandise Rs.2,000 sold on credit andthe merchandise returned to suppliers worth Rs.3,000.(iv) Paid cash to suppliers Rs.10,000 and cash collected fromcustomers Rs.15,000.Required:(i) Post the above transactions into general ledger (T-accounts).(ii) Prepare a Trial Balance as on April 30th, 2019.3. General JournalGiven below the transactions completed by Faqeer Chand Traderowned by Mr. Ameer, during the month of March, 2017.Mar-03: Paid office rent for March and April, 2017 @ Rs.18,000 p.m.Mar-08: Bought goods from Gulzaar Sons Rs.21,000. Paid cashRs.12,000 and signed a 10 days note for balance.Mar-10: Sales Rs.15,000 including cash sales Rs.6,000.

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1. General Journal On January 1", 2018 Mr. Aga commenced business named M/s Aga Sons with cash investment of Rs.210,000 and completed following transactions during the month of January. January 1. Opened a bank account and deposited cash Rs.120,000. 6. Purchased merchandise from Anum Traders Rs.36,000. 11. Counter sales of Rs.16,000 of which 60% deposited into bank. 20. Cash paid on purchase of goods Rs.11,000. 25. Sold merchandise to Unique & Co. Rs.15,000 on credit. 29. Paid salaries to staff and house rent of his residency for the month by cheques Rs.12,000 and Rs.7,000 respectively. Required: Record the above transactions in general Journal.

1. General Journal On January 1", 2018 Mr. Aga commenced business named M/s Aga Sons with cash investment of Rs.210,000 and completed following transactions during the month of January. January 1. Opened a bank account and deposited cash Rs.120,000. 6. Purchased merchandise from Anum Traders Rs.36,000. 11. Counter sales of Rs.16,000 of which 60% deposited into bank. 20. Cash paid on purchase of goods Rs.11,000. 25. Sold merchandise to Unique & Co. Rs.15,000 on credit. 29. Paid salaries to staff and house rent of his residency for the month by cheques Rs.12,000 and Rs.7,000 respectively. Required: Record the above transactions in general Journal.

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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