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
Related questions
Topic Video
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education