1. Mr. Musfiq is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021. During the first month of operations the following transactions occurred: July. 1; He invested $ 5,50,000 cash in the firm to start the firm. „ 10; Paid $ 15,000 cash for 3 years insurance policy starting from the current month. , 15; Purchased furniture for $ 50,000 paying $ 35,000 in cash and for remaining he signed on a l1- month, 12% Notes Payable. 17; Paid $ 7,000 for office rent. „ 21; Performed service for a client and received cash of $ 45,000. “ 26; Performed service for a client but yet to receive $ 15,000. 30; Withdrew $ 2,500 cash for personal use. 31; Received telephone bill from BTCL amounted to $ 2,000. Required: a) Journalize the transactions for the month of July 2021.|| b) Prepare necessary T accounts c) Prepare a trail balance on July 30, 2021 and prove the arithmetical accuracy of the accounts.

1. Mr. Musfiq is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021. During the first month of operations the following transactions occurred: July. 1; He invested $ 5,50,000 cash in the firm to start the firm. „ 10; Paid $ 15,000 cash for 3 years insurance policy starting from the current month. , 15; Purchased furniture for $ 50,000 paying $ 35,000 in cash and for remaining he signed on a l1- month, 12% Notes Payable. 17; Paid $ 7,000 for office rent. „ 21; Performed service for a client and received cash of $ 45,000. “ 26; Performed service for a client but yet to receive $ 15,000. 30; Withdrew $ 2,500 cash for personal use. 31; Received telephone bill from BTCL amounted to $ 2,000. Required: a) Journalize the transactions for the month of July 2021.|| b) Prepare necessary T accounts c) Prepare a trail balance on July 30, 2021 and prove the arithmetical accuracy of the accounts.

Name: 1. Mr. Musfig is a Chartered Accountant (CA). He started a new consul
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Description: 1. Mr. Musfig is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021.During the first month of operations the following transactions occurred:July. 1;He invested $ 5,50,000 cash in the firm to start the firm.10; Paid $ 15,0

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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