The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal started business with a Cash investment of Rs.5000. 2. Purchased Office Supplies for Cash Rs.300. 3. Purchased Furniture for Cash Rs.4000. 4. Paid Office Rent Rs.350. 5. Commission earned for Cash Rs.4000. 6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay the balance of Rs.3500 after a week. 7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay the balance of Rs.700 after two weeks. You are required to make Journal Entries, Ledger and Trial Balance in proper format.
The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal started business with a Cash investment of Rs.5000. 2. Purchased Office Supplies for Cash Rs.300. 3. Purchased Furniture for Cash Rs.4000. 4. Paid Office Rent Rs.350. 5. Commission earned for Cash Rs.4000. 6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay the balance of Rs.3500 after a week. 7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay the balance of Rs.700 after two weeks. You are required to make Journal Entries, Ledger and Trial Balance in proper format.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions related to the business of Iqbal & Sons (Broker).
1. Iqbal started business with a Cash investment of Rs.5000.
2. Purchased Office Supplies for Cash Rs.300.
3. Purchased Furniture for Cash Rs.4000.
4. Paid Office Rent Rs.350.
5. Commission earned for Cash Rs.4000.
6. Rendered Services to Kamal & Co. who paid Rs.500 in Cash and promising to pay the
balance of Rs.3500 after a week.
7. Purchased Furniture from Hilal & Co. by paying Cash Rs.300 and promising to pay the
balance of Rs.700 after two weeks.
You are required to make
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