ABC is a wholesale trader; the following transactions are recorded in Accounting Equation. i. Commence business with cash Cad. 200,000 and Land Cad. 50,000. ii. Bought merchandising for cash Cad. 80,000. iii. Cash sales of worth Cad. 25,000. iv. Bought goods on credit from Salman of worth Cad. 50,000. v. Sales on account to Ali Raza Cad. 12,000. vi. Purchase furniture of the value of Cad. 5,000 by cash. vii. Received cash from Ali Raza of Cad. 10,000. viii. Return defective furniture of worth Rs. 1,500. xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.
ABC is a wholesale trader; the following transactions are recorded in Accounting Equation. i. Commence business with cash Cad. 200,000 and Land Cad. 50,000. ii. Bought merchandising for cash Cad. 80,000. iii. Cash sales of worth Cad. 25,000. iv. Bought goods on credit from Salman of worth Cad. 50,000. v. Sales on account to Ali Raza Cad. 12,000. vi. Purchase furniture of the value of Cad. 5,000 by cash. vii. Received cash from Ali Raza of Cad. 10,000. viii. Return defective furniture of worth Rs. 1,500. xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ABC is a wholesale trader; the following transactions are recorded in
i. Commence business with cash Cad. 200,000 and Land Cad. 50,000.
ii. Bought merchandising for cash Cad. 80,000.
iii. Cash sales of worth Cad. 25,000.
iv. Bought goods on credit from Salman of worth Cad. 50,000.
v. Sales on account to Ali Raza Cad. 12,000.
vi. Purchase furniture of the value of Cad. 5,000 by cash.
vii. Received cash from Ali Raza of Cad. 10,000.
viii. Return defective furniture of worth Rs. 1,500.
xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.
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