On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available trom his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 20,000 46,000 Merchandise Furniture Accounts Payable 12,000 Bank Loan 10,000 Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% Bad Debts were estimated Rs.500. (- Rent was prepaid Rs.6,000. Accrued Commission Income Rs.7,000.
On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available trom his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 20,000 46,000 Merchandise Furniture Accounts Payable 12,000 Bank Loan 10,000 Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% Bad Debts were estimated Rs.500. (- Rent was prepaid Rs.6,000. Accrued Commission Income Rs.7,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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