Following is the General Journal for Hammad and Co. You are required to prepare the General Ledger out of that General JournalAmount (Rs.)DateAccount Title and ExplanationsRefDebitCredit2016Aug.3Cash80,000Fumiture20,000Owner's Equity_ Sardar Hammad100,000(Reinvest by owner in the business)5Cash10,000Account Receivable12,000Sales22,000(Cash and credit Sales)Purchases60,000Cash15,000Note Payable_ Ahmed Co.45,000(Purchases by cash and credit from Ahmed)Office Equipment99.000Cash19,000Account Payable_ Waseem Shah80.000(Purchase O. equipment on installments by Waseem)Sales Return12,00021Account Receivable12,000(Goods return by credit customer)30 Account Payable_ Waseem Shah20,000Cash20,000(Paid 1" installment to Waseem Shah)TotalRs. 313,000Rs. 313,000

General Ledger -: In Accounting, a general ledger, moreover realized as a nominal ledger, is a…

Answered: General Ledger

Business

Accounting

General Ledger

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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Question

Following is the General Journal for Hammad and Co. You are required to prepare the General Ledger out of that

General Journal
Amount (Rs.)
Date
Account Title and Explanations
Ref
Debit
Credit
2016
Aug.
3
Cash
80,000
Fumiture
20,000
Owner's Equity_ Sardar Hammad
100,000
(Reinvest by owner in the business)
5
Cash
10,000
Account Receivable
12,000
Sales
22,000
(Cash and credit Sales)
Purchases
60,000
Cash
15,000
Note Payable_ Ahmed Co.
45,000
(Purchases by cash and credit from Ahmed)
Office Equipment
99.000
Cash
19,000
Account Payable_ Waseem Shah
80.000
(Purchase O. equipment on installments by Waseem)
Sales Return
12,000
21
Account Receivable
12,000
(Goods return by credit customer)
30 Account Payable_ Waseem Shah
20,000
Cash
20,000
(Paid 1" installment to Waseem Shah)
Total
Rs. 313,000
Rs. 313,000

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