Cargo Wings provides the following data for the month.i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000.ii. Bought Goods from AR Electric store for $450iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same monthiv. Applied for Loan from Faysal Bank Ltd. of $ 15,000.v. Purchased office furniture from Interwood by paying $2400 half of the total amount.vi. Bashir Sons returned goods worth $500vii. Sold Good to Rashid Ltd. for $3200viii. Zakir Ltd purchased goods from us for $2300ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next monthx. Bashir sons paid the due amount on March 30.xi. Habib Sons paid $500 on March 30xii. Gave away charity of cash Rs. 50xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750xiv. Commission paid as referral fee $1,300xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due.xvi. Bad Debts during the period was $600xvii. Received the bank loan applied for.xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above. Question 3.Cargo Wings provides the following data for the month.i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000& Creditors 15,000.ii. Bought Goods from AR Electric store for $450iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will bemade in the same monthiv. Applied for Loan from Faysal Bank Ltd. of $ 15,000.v. Purchased office furniture from Interwood by paying $2400 half of the total amount.vi. Bashir Sons returned goods worth $500vii. Sold Good to Rashid Ltd. for $3200viii. Zakir Ltd purchased goods from us for $2300ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next monthx. Bashir sons paid the due amount on March 30.xi. Habib Sons paid $500 on March 30xii. Gave away charity of cash Rs. 50xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750xiv. Commission paid as referral fee $1,300xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due.xvi. Bad Debts during the period was $600xvii. Received the bank loan applied for.xviii. Business has suffered a loss of $1,500Required:Prepare Journal, Ledger & Trial Balance from the data given above.

NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Answered: Question 3. Cargo Wings provides the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Cargo Wings provides the following data for the month. i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000. ii. Bought Goods from AR Electric store for $450 iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same month iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000. v. Purchased office furniture from Interwood by paying $2400 half of the total amount. vi. Bashir Sons returned goods worth $500 vii. Sold Good to Rashid Ltd. for $3200 viii. Zakir Ltd purchased goods from us for $2300 ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month x. Bashir sons paid the due amount on March 30. xi. Habib Sons paid $500 on March 30 xii. Gave away charity of cash Rs. 50 xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750 xiv. Commission paid as referral fee $1,300 xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due. xvi. Bad Debts during the period was $600 xvii. Received the bank loan applied for. xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.