On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor Mills limited Rs. 4,500. February 09: Goods returned to Noor Mills Ltd. For Rs. 500. February 18: Paid to Noor Mills Ltd. Rs. 3,800 in full settlement of account. February 21: Sold goods to Mobeen & Co. for Rs. 1,500. February 24: Goods returned by Mobeen & Co. for Rs. 125. February 26: Received discount for Rs. 50 from Mobeen & Co. and settled his account. February 27: Paid insurance premium Rs. 330. Required: Journalize the above transactions. Prepare a Ledger and Trial Balance as well. 8 ----------------------------------------------------------Best of Luck

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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2 On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor Mills limited Rs. 4,500. February 09: Goods returned to Noor Mills Ltd. For Rs. 500. February 18: Paid to Noor Mills Ltd. Rs. 3,800 in full settlement of account. February 21: Sold goods to Mobeen & Co. for Rs. 1,500. February 24: Goods returned by Mobeen & Co. for Rs. 125. February 26: Received discount for Rs. 50 from Mobeen & Co. and settled his account. February 27: Paid insurance premium Rs. 330. Required: Journalize the above transactions. Prepare a Ledger and Trial Balance as well. 8 ----------------------------------------------------------Best of Luck

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