Question 1:The following transactions are related to Cargo Wings private limited for the year 2020.Aug. 01Aug. 01Aug. 02Aug. 03Aug. 04Aug. 04Owner started business with cash $12 000, building $10 000 and Bank $8 000Bought Machinery on credit from XY & Co. $10 000Borrowed $12 000 from bank.Repaid part of the loan taken from bank $5 000 by cheque.Owner paid párt of bank loan of $2 000 from his personal bank accountPurchased two vehicles for $10 000, "/s was settled by cheque and remainder paid in coatCash amounting to $2 000 deposited into bankSold one vehicle for $5 000 on cashCash withdrawn by the owner for his personal use $800Aug. 05Aug. 05Aug. 07Sep. 02 Purchased equipment for $5 000 and paid by chequeSep. 03 Purchased Building for $20 000 from ABC & Co. one fourth was paid immediately by cheque.Sep. 04Sep. 05Sep. 06Sep. 06 Sold some equipment for cash $500'Sep. 06Sep. 07Cash withdrawn from the bank for office use $2 000Purchased a vehicle costing $2 000 and paid by the owner from his personal resources.Lent $2 000 cash to Mr. C.Owner withdrew cash for his personal use $400Received a cheque of $500 from Mr. C as part payment of the loanRequired: Pass the journal entries (double entries) of above transactions (according to the properformat as shown in lecture)

Name: Question 1:The following transactions are related to Cargo Wings priv
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Question 1:The following transactions are related to Cargo Wings private limited for the year 2020.Aug. 01Aug. 01Aug. 02Aug. 03Aug. 04Aug. 04Owner started business with cash $12 000, building $10 000 and Bank $8 000Bought Machinery on credit from XY