The following transactions relate to the first month's operation of Cristiano Corporation. July 01: Started business with an investment of cash Rs. 40,000, building valued at Rs. 60,000 and land valued at Rs. 13,000 July 04: Purchased a delivery truck from MR Autos, Rs. 25,000 issued a promissory note for the full amount July 06: Merchandise purchased on account for Rs. 15,000 July 08: Sold merchandise on account for Rs. 4,000 July 11: Purchase two plots for cash Rs. 20,000 July 14: Cash sales Rs. 18,000 July 17: Paid balance due for merchandise purchased July 20: Withdrew cash Rs. 500 for personal used July 23: Paid rent expense Rs. 1,000 July 25: Made an additional investment of Rs. 15,000 July 28: Collected one half of the amount due for the sales of July 08 July 31: Paid salary of Rs. 2,300 Required: Prepare journal entries. Prepare general ledger accounts. Prepare Trial Balance.
The following transactions relate to the first month's operation of Cristiano Corporation. July 01: Started business with an investment of cash Rs. 40,000, building valued at Rs. 60,000 and land valued at Rs. 13,000 July 04: Purchased a delivery truck from MR Autos, Rs. 25,000 issued a promissory note for the full amount July 06: Merchandise purchased on account for Rs. 15,000 July 08: Sold merchandise on account for Rs. 4,000 July 11: Purchase two plots for cash Rs. 20,000 July 14: Cash sales Rs. 18,000 July 17: Paid balance due for merchandise purchased July 20: Withdrew cash Rs. 500 for personal used July 23: Paid rent expense Rs. 1,000 July 25: Made an additional investment of Rs. 15,000 July 28: Collected one half of the amount due for the sales of July 08 July 31: Paid salary of Rs. 2,300 Required: Prepare journal entries. Prepare general ledger accounts. Prepare Trial Balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following transactions relate to the first month’s operation of Cristiano Corporation.
July 01: Started business with an investment of cash Rs. 40,000, building valued at Rs. 60,000
and land valued at Rs. 13,000
July 04: Purchased a delivery truck from MR Autos, Rs. 25,000 issued a promissory note for the
full amount
July 06: Merchandise purchased on account for Rs. 15,000
July 08: Sold merchandise on account for Rs. 4,000
July 11: Purchase two plots for cash Rs. 20,000
July 14: Cash sales Rs. 18,000
July 17: Paid balance due for merchandise purchased
July 20: Withdrew cash Rs. 500 for personal used
July 23: Paid rent expense Rs. 1,000
July 25: Made an additional investment of Rs. 15,000
July 28: Collected one half of the amount due for the sales of July 08
July 31: Paid salary of Rs. 2,300
Required:
Prepare journal entries.
Prepare general ledger accounts.
Prepare Trial Balance.
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