Q1. Divya got tired of teaching accountancy as the job was very strenuous. She decided to start her own venture named Spiritual Art Company. It was her childhood dream to finally start her own venture. However, she was lazy in maintaining a detailed accounting record and scribbled her activities in a rough notebook. The following are the entries for April 2022. Date April 1 April 4 April 5 April 7 April 10 April 14 April 17 April 23 April 25 April 28 April 29 April 30 Transaction Invested cash in share capital INR 10,000 Paid two month's rent in advance for a shop INR 20,000 Bough equipment for cash, INR 1,200 Bought supplies on credit, INR 700 Received payment for remodeling assignment, INR 8,600 Paid for an advertisement, INR 1,400 Received payment for furnishing an office, INR 11,200 Billed customers for work done, INR 13,100 Paid assistant's wages, INR 1,500 Paid electricity charges, INR 240 Received payment from customers billed on April 23, INR 4,800 Paid a dividend, INR 2,500 Required: 1. Prepare journal entries for the above transactions. 2. Post journal entries to a ledger 3. Prepare a trial balance

Q1. Divya got tired of teaching accountancy as the job was very strenuous. She decided to start her own venture named Spiritual Art Company. It was her childhood dream to finally start her own venture. However, she was lazy in maintaining a detailed accounting record and scribbled her activities in a rough notebook. The following are the entries for April 2022. Date April 1 April 4 April 5 April 7 April 10 April 14 April 17 April 23 April 25 April 28 April 29 April 30 Transaction Invested cash in share capital INR 10,000 Paid two month's rent in advance for a shop INR 20,000 Bough equipment for cash, INR 1,200 Bought supplies on credit, INR 700 Received payment for remodeling assignment, INR 8,600 Paid for an advertisement, INR 1,400 Received payment for furnishing an office, INR 11,200 Billed customers for work done, INR 13,100 Paid assistant's wages, INR 1,500 Paid electricity charges, INR 240 Received payment from customers billed on April 23, INR 4,800 Paid a dividend, INR 2,500 Required: 1. Prepare journal entries for the above transactions. 2. Post journal entries to a ledger 3. Prepare a trial balance

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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