Q#06: Ôn March 2017, Farhan Rahim, starts wholesaling business. Following transactions as follows 1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000 2. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000 3. Sold goods to Rehman & Sons Rs. 1,500 and sale by cash Rs. 5,000 4. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30 5. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25 6. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs. 50 From above data prepare journal, ledger & trial balance and identify assets, liabilities & owner's equity

Q#06: Ôn March 2017, Farhan Rahim, starts wholesaling business. Following transactions as follows 1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000 2. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000 3. Sold goods to Rehman & Sons Rs. 1,500 and sale by cash Rs. 5,000 4. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30 5. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25 6. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs. 50 From above data prepare journal, ledger & trial balance and identify assets, liabilities & owner's equity

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Description: Q#06: On March 2017, Farhan Rahim, starts wholesaling business.Following transactions as follows1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,0002. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2

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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Do an income statement.
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Strictly follow the table’s format
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