PROBLEMS 1.SL. Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 and Building Rs. 1,00,000 on Ist January, 1990. His transaction during the month were as follows : 1990 Jan. 1 Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goods for cash Rs. 22,000. "5 Sold goods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. "10 Bought an iron safe for Rs. 4,000. " 12 Made purchases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs, 20,000. www.paksights.com LEDGER: THE MAIN BOOK OF ACCOUNTS 105 " 16 Received a cheque from Shahid & Sons for Rs. 9,000. " 18 Issued a cheque in favour of Asif for Rs. 8,000. " 20 Cheque received from Shahid & Sons paid into the bank. " 22 Goods sold for eash Rs. 19,000 'and paid into the bank. " 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account. " 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account. " 28 Withdrew cash for personal use Rs. 3,000. " 30 Paid electricity bill Rs. 1,000. " 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000. Req: Journalise the above transactions and post them into the ledger.

PROBLEMS 1.SL. Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 and Building Rs. 1,00,000 on Ist January, 1990. His transaction during the month were as follows : 1990 Jan. 1 Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goods for cash Rs. 22,000. "5 Sold goods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. "10 Bought an iron safe for Rs. 4,000. " 12 Made purchases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs, 20,000. www.paksights.com LEDGER: THE MAIN BOOK OF ACCOUNTS 105 " 16 Received a cheque from Shahid & Sons for Rs. 9,000. " 18 Issued a cheque in favour of Asif for Rs. 8,000. " 20 Cheque received from Shahid & Sons paid into the bank. " 22 Goods sold for eash Rs. 19,000 'and paid into the bank. " 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account. " 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account. " 28 Withdrew cash for personal use Rs. 3,000. " 30 Paid electricity bill Rs. 1,000. " 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000. Req: Journalise the above transactions and post them into the ledger.

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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