Answered: Mr. Noman started a sole proprietorship… | bartleby

Mr. Noman started a sole proprietorship business. The business is newly established and Mr. Noman hired an Accountant for keeping the journal updated. Suppose you are the accountant of Mr. Noman's business, prepare the journal book for the month of December, 2020.-You are also required to post journal entries into the ledger and prepare the trial balance. Detail of the transactions during December, 2020 are given as follows: Dece.1 . Mr. Noman commenced business with Cash of Rs. 2,200,000/- Building Rs.4, 500, 000/- 2. Purchased Goods with cash Rs. 300,000/- 7. Purchased furniture from Miss Hareem Rs.250, 000/- 8. Sold goods to Mr. M. Naeem Rs. 120,000/ ¬15. Goods returned to Miss Hareem Rs. 10, 000/¬ 18. Stationery Purchased Rs.10, 000/- 24. Returned goods to Mr. M. Naeem Rs.12, 000/ ¬26. Utility bills paid for the month Rs.70, 000/ ¬31. Rent paid for the month Rs.50, 000/-

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Mr. Noman started a sole proprietorship business. The business is newly established and Mr. Noman hired an Accountant for keeping the journal updated. Suppose you are the accountant of Mr. Noman's business, prepare the journal book for the month of December, 2020.-You are also required to post journal entries into the ledger and prepare the trial balance. Detail of the transactions during December, 2020 are given as follows:
Dece.1 . Mr. Noman commenced business with Cash of Rs. 2,200,000/- Building Rs.4, 500, 000/-
2. Purchased Goods with cash Rs. 300,000/-
7. Purchased furniture from Miss Hareem Rs.250, 000/-
8. Sold goods to Mr. M. Naeem Rs. 120,000/
¬15. Goods returned to Miss Hareem Rs. 10, 000/¬
18. Stationery Purchased Rs.10, 000/-
24. Returned goods to Mr. M. Naeem Rs.12, 000/
¬26. Utility bills paid for the month Rs.70, 000/
¬31. Rent paid for the month Rs.50, 000/-

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Knowledge Booster

Accounting Equation

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statements. Brain just entered his CPA certificate, and Louise Michneor was one of his first clients. Louise employs a bookkeeper, Martha Hailing, who does the daily journal entries and prepares a year-to-date trial balance at the end of the of each month. Martha gives the December 31 trial to a CPA to make adjustments and generate the financial statements. As Brian was looking through Louise Michenor’s books, he noticed two things. First, in each of the last three years, a different COA had prepared the financial statements. Second, the amount shown on the December 31 trial balance for miscellaneous expense was quite high this year compared to prior years. Brian called Martha to find out is she new why miscellaneous expense had such a high balance. Martha’s response was “ I just do what Louise tells me to do. If she wants to charge personal expenses to the company, it’s none of my business “.…
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
The following issues relate to company clients of the firm of accountants you work for. Eachcompany has a year-end of 31 March 2022.You are required to prepare a brief report for your manager explaining the appropriate accountingtreatments at the 31 March 2022 year-end in each case along with supporting calculations asnecessary.You should cite relevant accounting regulations in your answer. (1) On 1 April 2021, Eyemouth Ltd entered into an agreement to lease machinery which has auseful life of 20 years. The agreement met the definition of a lease in accordance with IFRS 16.Under the terms of the agreement, Eyemouth paid a deposit of £10,000 on 1 April 2021 to securethe lease and is required to pay eight annual instalments of £100,000 in arrears, with the firstinstalment due on 31 March 2022. The interest rate implicit in the lease is 6% and the present valueof future lease payments on commencement of the lease is £620,979. Eyemouth paid £5,000 inlegal fees to arrange the lease. The…

Recommended textbooks for you

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS