On 1st augest 1992 mr furqan established a new business. The transaction for the month Were as follow JOURNAL: THE ORIGINAL BOOK OF ENTRY2, SZOn 1st August, 1992 Mr. Furqan established a new business. The transactions forthe month were as follows:Introduced cash as capital Rs. 148000.Bought Furniture for Rs. 30000.Cash purchases for Rs. 36000.Purchased goods on account from Noor Mills Ltd., terms 2/10- n/ 30 for Rs. 7,500.August: 010103%3D0409Goods returned to Noor Mills Ltd., for Rs. 500.12Cash sales for Rs. 9,900.Paid cash, less discount, to Noor Mills Ltd.., in full settlementof account.17Sold goods to Mobeen & Co., terms 2/10 - n/30 for Rs. 2.500.Loss by accident while goods were in transit Rs. 175.Goods returned by Mobeen & Co., for Rs. 125.Paid Tuition 'fees of Owner children for Rs. 200 and goodsgiven as charity on his behalf for Rs. 100.Received cash, less discount, from Mobeen & Co., in fullsettlement of account.Sold furniture for Rs. 1,800.Paid the following expenses:20222324252730Salaries Rs. 2.000;Wages Rs. 1,000;Electricity Rs. 110;Bank charges Rs. 140 andInsurance premium Rs. 330Required: Journalise the above transactions.

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Description: On 1st augest 1992 mr furqan established a new business. The transaction for the month Were as follow JOURNAL: THE ORIGINAL BOOK OF ENTRY2, SZOn 1st August, 1992 Mr. Furqan established a new business. The transactions forthe month were as follows:Int

Journal entries are those which are reported by the entity in order to report the daily business…

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2. On 1st August, 1992 Mr. Furqan established a new business. The transactions for the month were as follows: August: 01 " 01 03 " "1 " " " "1 "1 " 04 " 09 12 17 20 22 23 24 25 Introduced cash as capital Rs. 148000. Bought Furniture for Rs. 30000. 27 30 Cash purchases for Rs. 36000. Purchased goods on account from Noor Mills Ltd., terms 2/10 -n/ 30 for Rs. 7.500. Goods returned to Noor Mills Ltd.. for Rs. 500. Cash sales for Rs. 9.900. Paid cash, less discount, to Noor Mills Ltd.. in full settlement of account. Sold goods to Mobeen & Co.. terms 2/10 - n/30 for Rs. 2.500. Loss by accident while goods were in transit Rs. 175. Goods returned by Mobeen & Co.. for Rs. 125. Sold furniture for Rs. 1,800. Paid the following expenses: Salaries Rs. 2.000; Wages Rs. 1,000; Electricity Rs. 110; Bank charges Rs. 140 and Insurance premium Rs. 330 Required: Journalise the above transactions. Paid Tuition fees of Owner children for Rs. 200 and goods given as charity on his behalf for Rs. 100. Received cash, less discount, from Mobeen & Co.. in full settlement of account.

2. On 1st August, 1992 Mr. Furqan established a new business. The transactions for the month were as follows: August: 01 " 01 03 " "1 " " " "1 "1 " 04 " 09 12 17 20 22 23 24 25 Introduced cash as capital Rs. 148000. Bought Furniture for Rs. 30000. 27 30 Cash purchases for Rs. 36000. Purchased goods on account from Noor Mills Ltd., terms 2/10 -n/ 30 for Rs. 7.500. Goods returned to Noor Mills Ltd.. for Rs. 500. Cash sales for Rs. 9.900. Paid cash, less discount, to Noor Mills Ltd.. in full settlement of account. Sold goods to Mobeen & Co.. terms 2/10 - n/30 for Rs. 2.500. Loss by accident while goods were in transit Rs. 175. Goods returned by Mobeen & Co.. for Rs. 125. Sold furniture for Rs. 1,800. Paid the following expenses: Salaries Rs. 2.000; Wages Rs. 1,000; Electricity Rs. 110; Bank charges Rs. 140 and Insurance premium Rs. 330 Required: Journalise the above transactions. Paid Tuition fees of Owner children for Rs. 200 and goods given as charity on his behalf for Rs. 100. Received cash, less discount, from Mobeen & Co.. in full settlement of account.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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On 1st augest 1992 mr furqan established a new business. The transaction for the month Were as follow

JOURNAL: THE ORIGINAL BOOK OF ENTRY
2, SZ
On 1st August, 1992 Mr. Furqan established a new business. The transactions for
the month were as follows:
Introduced cash as capital Rs. 148000.
Bought Furniture for Rs. 30000.
Cash purchases for Rs. 36000.
Purchased goods on account from Noor Mills Ltd., terms 2/10
- n/ 30 for Rs. 7,500.
August: 01
01
03
%3D
04
09
Goods returned to Noor Mills Ltd., for Rs. 500.
12
Cash sales for Rs. 9,900.
Paid cash, less discount, to Noor Mills Ltd.., in full settlement
of account.
17
Sold goods to Mobeen & Co., terms 2/10 - n/30 for Rs. 2.500.
Loss by accident while goods were in transit Rs. 175.
Goods returned by Mobeen & Co., for Rs. 125.
Paid Tuition 'fees of Owner children for Rs. 200 and goods
given as charity on his behalf for Rs. 100.
Received cash, less discount, from Mobeen & Co., in full
settlement of account.
Sold furniture for Rs. 1,800.
Paid the following expenses:
20
22
23
24
25
27
30
Salaries Rs. 2.000;
Wages Rs. 1,000;
Electricity Rs. 110;
Bank charges Rs. 140 and
Insurance premium Rs. 330
Required: Journalise the above transactions.

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