PROBLEMS Mr. Saeed started his business with cash Rs. 130.0o0, Furniture Rs. 40,000 Building Rs. 2,00,000 on Ist January, 2017. His transaction during the month were as follows : 2017 Jan. 1 Purchased goods on account from Asif worth Rs. 30,000. "2 Purchased goods for cash Rs. 60,000. "3 Sold goods for cash Rs. 44,000. "5 Sold goods to Shahid & Sons for Rs. 28,000. "8 Purchased a typewriter for Rs. 16,000. " 10 Bought an iron safe for Rs. 8,000. " 12 Made purchases from Salman Rs. 36,000. " 14 Opened Bank Account with Rs. 40,000. " 16 Received a cheque from Shahid & Sons for Rs. 18,000. " 18 Issued a cheque in favour of Asif for Rs. 16,000. " 20 Cheque received from Shahid & Sons paid into the bank. '22 Goods sold for cash Rs. 38,000 and paid into the bank. 24 Paid a cheque to Salman for Rs. 35,600 in full settlement of his account. '26 Received cash from Shahid & Sons Rs. 9,800 in full settlement of their account. "28 Withdrew cash for personal use Rs. 6,000. "30 Paid electricify bill Rs. 2,000. "31 Paid the following expenses by cheques: Salaries Rs. 4,000, insurance Rs. 2,000 Journalise the above transactions and post them into the ledger. Journalise the following transactions, post in the ledger and prepare balance: %3D
PROBLEMS Mr. Saeed started his business with cash Rs. 130.0o0, Furniture Rs. 40,000 Building Rs. 2,00,000 on Ist January, 2017. His transaction during the month were as follows : 2017 Jan. 1 Purchased goods on account from Asif worth Rs. 30,000. "2 Purchased goods for cash Rs. 60,000. "3 Sold goods for cash Rs. 44,000. "5 Sold goods to Shahid & Sons for Rs. 28,000. "8 Purchased a typewriter for Rs. 16,000. " 10 Bought an iron safe for Rs. 8,000. " 12 Made purchases from Salman Rs. 36,000. " 14 Opened Bank Account with Rs. 40,000. " 16 Received a cheque from Shahid & Sons for Rs. 18,000. " 18 Issued a cheque in favour of Asif for Rs. 16,000. " 20 Cheque received from Shahid & Sons paid into the bank. '22 Goods sold for cash Rs. 38,000 and paid into the bank. 24 Paid a cheque to Salman for Rs. 35,600 in full settlement of his account. '26 Received cash from Shahid & Sons Rs. 9,800 in full settlement of their account. "28 Withdrew cash for personal use Rs. 6,000. "30 Paid electricify bill Rs. 2,000. "31 Paid the following expenses by cheques: Salaries Rs. 4,000, insurance Rs. 2,000 Journalise the above transactions and post them into the ledger. Journalise the following transactions, post in the ledger and prepare balance: %3D
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Enter five imaginary transactions in journal, post them in ledger and prepare trial balance.
"3 Deposited into Bank Rs. 76,000.
THE MAIN BOOK OF ACCOUNTS
105
THEORETICAL QUESTIONS
What is Ledger? Why it is called "King of all Books"? What are its advantages?
How is an account balanced? What do you understand by the "debit balance" and "creait
balance"?
Explain the term "Balancing of Account".
Distinguish between Journal and Ledger.
Enter five imaginary transactions in journal, post them in ledger and prepare trial balance,
PROBLEMS
Mr. Saeed started his business with cash Rs. 130.000, Furniture Rs. 40,000 a
Building Rs. 2,00,000 on Ist January, 2017.
His transaction during the month were as follows:
2017
Jan. 1 Purchased goods on account from Asif worth Rs. 30,000.
"2 Purchased goods for cash Rs. 60,000.
"3 Sold goods for cash Rs. 44,000.
"5 Sold goods to Shahid & Sons for Rs. 28,000.
"8 Purchased a typewriter for Rs. 16,000.
" 10 Bought an iron safe for Rs. 8,000.
" 12 Made purchases from Salman Rs. 36,000.
"14 Opened Bank Account with Rs. 40,000.
" 16 Received a cheque from Shahid & Sons for Rs. 18,000.
" 18 Issued a cheque in favour of Asif for Rs. 16,000.
" 20 Cheque received from Shahid & Sons paid into the bank.
22 Goods sold for cash Rs. 38,000 and paid into the bank.
" 24 Paid a cheque to Salman for Rs. 35,600 in full settlement of his account.
" 26 Received cash from Shahid & Sons Rs. 9,800 in full settlement of their account.
" 28 Withdrew cash for personal use Rs. 6,000.
" 30 Paid electricity bill Rs. 2,000.
"31 Paid the following expenses by cheques: Salaries Rs. 4,000, insurance Rs. 2,000
Journalise the above transactions and post them into the ledger.
Journalise the following transactions, post in the ledger and prepare
balance:
%3D
%3D
%3D
2017
an. 1 Mr. Nadeem commenced business with Rs. 80,000 cash, furniture worth R
motor-car valued at Rs. 24,000 and stock worth Rs. 40,000,
'5
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