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
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Assignment Questions:
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.
20th May
Bought computer for 3,000.
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.
Write (1)Journal Entries, (2)ledgers and (3)Trial balance
for the transactions.
Transcribed Image Text:Assignment Questions: 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. 20th May Bought computer for 3,000. 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. Write (1)Journal Entries, (2)ledgers and (3)Trial balance for the transactions.
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