The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the business with a capital of 200,000. Purchase Goods costed 10,000. 12th May 13th May Sold goods for 3,000 on account. 17th May Purchase Machine costed 20,000 on account 18th May Withdraw an amount of 50,000 for personal use. 19th May Received 3,000 from the client for goods sold on 13th May. Bought computer for 3,000. 20th May 21th May Paid 2,000 for Machine purchased. 22th May Paid 5,000 for the goods purchased on 12th May. 23th May Sold goods for 5,000.

The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the business with a capital of 200,000. Purchase Goods costed 10,000. 12th May 13th May Sold goods for 3,000 on account. 17th May Purchase Machine costed 20,000 on account 18th May Withdraw an amount of 50,000 for personal use. 19th May Received 3,000 from the client for goods sold on 13th May. Bought computer for 3,000. 20th May 21th May Paid 2,000 for Machine purchased. 22th May Paid 5,000 for the goods purchased on 12th May. 23th May Sold goods for 5,000.

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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