estion # 02 On July 1, Mr. Ahsan established Ahsan's Travel Agency. The following transactions were completed during the month- July 01 Invested Tk. 1,00,000 cash to start the ageney. 05 Purchased office cquipment for Tk. 35,100: Tk. 12,200 is paid in cash and a note payable is signed for the remaining balance. 08 Purchased supplies for Tk. 7,000 on account. 15 Eamed Tk. 37,700 for services rendered: Tk. 24,000 cash is received from customers, and the balance of Tk. 13,700 is billed to customers on account. 21 Withdrew Tk. 11,000 cash for personal use. 27 Paid monthly expenses: Tk. 9,500 for office rent, Tk. 10,000 for salaries and Tk. 6,600 for utilities 30 Rececived Tk. 9,700 in cash from customers who have previously been billed on July 15. Required: a) Prepare a tabular analysis of the transactions.
estion # 02 On July 1, Mr. Ahsan established Ahsan's Travel Agency. The following transactions were completed during the month- July 01 Invested Tk. 1,00,000 cash to start the ageney. 05 Purchased office cquipment for Tk. 35,100: Tk. 12,200 is paid in cash and a note payable is signed for the remaining balance. 08 Purchased supplies for Tk. 7,000 on account. 15 Eamed Tk. 37,700 for services rendered: Tk. 24,000 cash is received from customers, and the balance of Tk. 13,700 is billed to customers on account. 21 Withdrew Tk. 11,000 cash for personal use. 27 Paid monthly expenses: Tk. 9,500 for office rent, Tk. 10,000 for salaries and Tk. 6,600 for utilities 30 Rececived Tk. 9,700 in cash from customers who have previously been billed on July 15. Required: a) Prepare a tabular analysis of the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question # 02
On July 1, Mr. Ahsan established Ahsan's Travel Agency. The following transactions
were completed during the month-
July 01 Invested Tk. 1,00,000 cash to start the agency.
os Purchased offiec equipment for Tk. 35,100: Tk. 12,200 is paid in cash and
a note payable is signed for the remaining balance.
08 Purchased supplies for Tk. 7,000 on account.
15 Earmed Tk. 37,700 for services rendered: Tk. 24,000 cash is received from
customers, and the balance of Tk. 13,700 is billed to customers on account.
21 Withdrew Tk. 11,000 cash for personal use.
27 Paid monthly expenses: Tk. 9,500 for office rent, Tk. 10,000 for salaries and
Tk. 6,600 for utilities
30 Reccived Tk. 9,700 in cash from customers who have previously been billed on
July 15.
Required:
a) Prepare a tabular analysis of the transactions.
b) Prepare an income statement for the month and a balance sheet on July 31, 2021.
Note : Tabular analysi of transaction also known as accounting equation.
in which
Assets = Liability + Owners equity
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