Q No.1 Use following title of accounts to complete journal entries of given transactions. 1) HASF invested cash RS,100,000 furniture 200,000 and Merchandise valued 50,000 in the business 2) Paid 6-month insurance in advance Rs. 90,000 3) Purchase merchandise RS 100,000 paid 30,000 in cash and remaining amount will be paid after one month 4) Return merchandise to suppliers Rs. 5,000 5) Paid transportation on purchase Rs3,000 6) Sold merchandise Rs. 300,000 received 100,000 in cash remaining amount will be received in next month 7) Customer return merchandise RS 5000 8) Bought office equipment from B &Co. for Rs. 50,000, paid to them Rs.30,000 and promised to pay the balance after two months. 9) Rendered services to clients and received cash Rs. 10,000 10) Paid rent exp for the month Rs 10,000 11) Paid salaries to staff Rs. 20,000 12) Withdrew cash for personal use Rs. 20,000 13) Received from customer Rs.55,000 14) Paid to suppliers 20,000 15) Paid advertisement expense Rs. 5,000 INSTRUCTION 1) Pass the transactions in general journal 2) Prepare ledgers accounts 3) Prepare trial balance 4) Prepare income statement ( M. inventory ending value 40,000) 5) Balance sheet
Q No.1 Use following title of accounts to complete
1) HASF invested cash RS,100,000 furniture 200,000 and Merchandise valued 50,000 in the business
2) Paid 6-month insurance in advance Rs. 90,000
3) Purchase merchandise RS 100,000 paid 30,000 in cash and remaining amount will be paid after one month
4) Return merchandise to suppliers Rs. 5,000
5) Paid transportation on purchase Rs3,000
6) Sold merchandise Rs. 300,000 received 100,000 in cash remaining amount will be received in next month
7) Customer return merchandise RS 5000
8) Bought office equipment from B &Co. for Rs. 50,000, paid to them Rs.30,000 and promised to pay the balance after two months.
9) Rendered services to clients and received cash Rs. 10,000
10) Paid rent exp for the month Rs 10,000
11) Paid salaries to staff Rs. 20,000
12) Withdrew cash for personal use Rs. 20,000
13) Received from customer Rs.55,000
14) Paid to suppliers 20,000
15) Paid advertisement expense Rs. 5,000
INSTRUCTION
1) Pass the transactions in general journal
2) Prepare ledgers accounts
3) Prepare
4) Prepare income statement ( M. inventory ending value 40,000)
5)
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