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Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the journal entry. All figures are in thousands [10] 1. On January 2, 2020, the owner investeda cash of Rs800 in the company. 2. On January 2, 2020, the company borrowed Rs200 from a bank. 3. On January 3, 2020, the company acquired store equipment for cash Rs30. 4. On January 4, 2020, the company acquired inventory for cash Rs240. 5. On January 5, 2020, the company acquired inventory on credit Rs20. 6. On January 6, 2020, the company acquired inventory for cash Rs20 and the remaining balance of Rs40 in 30 days. 7. On January 7, 2020. the company sold store equipment for cash Rs2. 8. On January 8, 2020, the company returned inventory to supplier for full credit, Rs1.6 (further to transaction 6)

Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the journal entry. All figures are in thousands [10] 1. On January 2, 2020, the owner investeda cash of Rs800 in the company. 2. On January 2, 2020, the company borrowed Rs200 from a bank. 3. On January 3, 2020, the company acquired store equipment for cash Rs30. 4. On January 4, 2020, the company acquired inventory for cash Rs240. 5. On January 5, 2020, the company acquired inventory on credit Rs20. 6. On January 6, 2020, the company acquired inventory for cash Rs20 and the remaining balance of Rs40 in 30 days. 7. On January 7, 2020. the company sold store equipment for cash Rs2. 8. On January 8, 2020, the company returned inventory to supplier for full credit, Rs1.6 (further to transaction 6)

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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given below. Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the journal entry. All figures are in thousands [10] 1. On January 2, 2020, the owner invested a cash of Rs800 in the company. 2. On January 2, 2020, the company borrowed Rs200 from a bank. 3. On January 3, 2020, the company acquired store equipment for cash Rs30. 4. On January 4, 2020, the company acquired inventory for cash Rs240. 5. On January 5, 2020, the company acquired inventory on credit Rs20. 6. On January 6. 2020, the company acquired inventory for cash Rs20 and the remaining balance of Rs40 in 30 days 7. On January 7,2020, the company sold store equipment for cash Rs2. 8. On January 8, 2020, the company returned inventory to supplier for full credit, Rs1.6 (further to transaction 6) Options
Transcribed Image Text:given below. Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of the journal entry. All figures are in thousands [10] 1. On January 2, 2020, the owner invested a cash of Rs800 in the company. 2. On January 2, 2020, the company borrowed Rs200 from a bank. 3. On January 3, 2020, the company acquired store equipment for cash Rs30. 4. On January 4, 2020, the company acquired inventory for cash Rs240. 5. On January 5, 2020, the company acquired inventory on credit Rs20. 6. On January 6. 2020, the company acquired inventory for cash Rs20 and the remaining balance of Rs40 in 30 days 7. On January 7,2020, the company sold store equipment for cash Rs2. 8. On January 8, 2020, the company returned inventory to supplier for full credit, Rs1.6 (further to transaction 6) Options
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