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The following transactions are for the Sun’s Corporation, December, 2018.   12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for Rs. 9000. 12 Sep. Paid salary for Rs. 17000 30 Dec. Declared and paid dividend to shareholders 40000.   Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.

The following transactions are for the Sun’s Corporation, December, 2018.   12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for Rs. 9000. 12 Sep. Paid salary for Rs. 17000 30 Dec. Declared and paid dividend to shareholders 40000.   Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.

FINANCIAL ACCOUNTING
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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Q.1 The following transactions are for the Sun’s Corporation, December, 2018.

 

  1. 12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56.

  2. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash.

  3. 17 Mar. Sold goods on credit for Rs. 90000.

  4. 21 Apr. Account receivable collected for Rs 10000, made on 17 March.

  5. 21 Apr Sun’s Corporation purchased computer 30000 on account payable.

  6. 23 Jun. Paid advertising expense for Rs. 9000.

  7. 12 Sep. Paid salary for Rs. 17000

  8. 30 Dec. Declared and paid dividend to shareholders 40000.

 

Required:

  1. Pass Journal entries.

  2. Post each of the above transactions in the Ledger

  3. Prepare Trial Balance.

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