On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:Purchase Furniture for Cash Rs. 7,000.Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.Owner withdrew of worth Rs. 2,000 for personal use.Paid Khalid Retail Store Rs. 500.Received Rs. 10,000 from Khan Brothers.Paid Salaries Expense Rs. 2,000Prepare basic transactions using National Accounts Chart (NAC).

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Answered: On April 01, 2016 Anees started…

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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On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:
Purchase Furniture for Cash Rs. 7,000.
Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
Owner withdrew of worth Rs. 2,000 for personal use.
Paid Khalid Retail Store Rs. 500.
Received Rs. 10,000 from Khan Brothers.
Paid Salaries Expense Rs. 2,000

Prepare basic transactions using National Accounts Chart (NAC).

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