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Journalize the transactions, post journal entries into ledgers and make trial balance

Journalize the transactions, post journal entries into ledgers and make trial balance

FINANCIAL ACCOUNTING
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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Journalize the transactions, post journal entries into ledgers and make trial balance.

Mr. XYZ started business in the month of March 2021. Following are the transactions from the first month of operation as of March 2021.

  1. Business started with cash Rs. 200,000 and building worth Rs. 300,000
  2. Purchased machinery on account form Bilal for Rs 100,000
  3. Purchased goods on credit from Asif Rs. 25,000
  4. Paid utility bill through Cheque Rs. 5,000
  5. Goods returned to Asif due to defect, of Rs. 3,000
  6. Received commission from ABC co. Ltd Rs. 7,000
  7. Sold goods on cash Rs. 30,000
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