Question : 2021 Jan. 1Rs.200,000Amir started business with capital of6.Goods purchased from Rehman on credit forRs.70,0009 Cash sales to Farooq Rs.10,00013 Machinery purchased Rs.67,00025 Rent to Waris Rs.1000 for building in which business66situated.а)Make analysis of above transaction with debit and credit?b)Record the above transaction in Journal chronologically?c)Prepare the T-accounts of Journal (Question 2) and draw the TrialBalances?

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Description: Question : 2021 Jan. 1Rs.200,000Amir started business with capital of6.Goods purchased from Rehman on credit forRs.70,0009 Cash sales to Farooq Rs.10,00013 Machinery purchased Rs.67,00025 Rent to Waris Rs.1000 for building in which business66situate

Journal entry: It is the first step of recording transactions of a company. Before this, no other…

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Question : 2021 Jan. 1 Rs.200,000 6. Amir started business with capital of Goods purchased from Rehman on credit for Rs.70,000 9 Cash sales to Farooq Rs.10,000 13 Machinery purchased Rs.67,000 25 Rent to Waris Rs.1000 for building in which business situated. а) Make analysis of above transaction with debit and credit? b) Record the above transaction in Journal chronologically? c) Prepare the T-accounts of Journal (Question 2) and draw the Trial Balances?

Question : 2021 Jan. 1 Rs.200,000 6. Amir started business with capital of Goods purchased from Rehman on credit for Rs.70,000 9 Cash sales to Farooq Rs.10,000 13 Machinery purchased Rs.67,000 25 Rent to Waris Rs.1000 for building in which business situated. а) Make analysis of above transaction with debit and credit? b) Record the above transaction in Journal chronologically? c) Prepare the T-accounts of Journal (Question 2) and draw the Trial Balances?

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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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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