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The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018: • DEC. 01: Issued 2,000 shares of common stock at 200 per share • DEC. 03: Paid office rent for the month of December Rs 5000. • DEC. 06: Purchased office supplies Rs 2500. • DEC. 12: Purchased office equipment on account Rs45,000 • DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. • DEC. 21: Billed clients Rs 24,000 on account. • DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. • DEC. 28: Paid utility bills for the month of December Rs1800. • DEC. 29: Received Rs 20,000 cash from clients billed on December 21. • DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal

The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018: • DEC. 01: Issued 2,000 shares of common stock at 200 per share • DEC. 03: Paid office rent for the month of December Rs 5000. • DEC. 06: Purchased office supplies Rs 2500. • DEC. 12: Purchased office equipment on account Rs45,000 • DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. • DEC. 21: Billed clients Rs 24,000 on account. • DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. • DEC. 28: Paid utility bills for the month of December Rs1800. • DEC. 29: Received Rs 20,000 cash from clients billed on December 21. • DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal

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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The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:
• DEC. 01: Issued 2,000 shares of common stock at 200 per share
• DEC. 03: Paid office rent for the month of December Rs 5000.
• DEC. 06: Purchased office supplies Rs 2500.
• DEC. 12: Purchased office equipment on account Rs45,000
• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.
• DEC. 21: Billed clients Rs 24,000 on account.
• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.
• DEC. 28: Paid utility bills for the month of December Rs1800.
• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.
• DEC. 30: Paid salary for the month of December Rs 8,500
Required: Record the above transactions in a general journal.

The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018: • DEC. 01: Issued 2,000 shares of common stock at 200 per share • DEC. 03: Paid office rent for the month of December Rs 5000. • DEC. 06: Purchased office supplies Rs 2500. • DEC. 12: Purchased office equipment on account Rs45,000 • DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. • DEC. 21: Billed clients Rs 24,000 on account. • DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. • DEC. 28: Paid utility bills for the month of December Rs1800. • DEC. 29: Received Rs 20,000 cash from clients billed on December 21. • DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal
Transcribed Image Text:The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018: • DEC. 01: Issued 2,000 shares of common stock at 200 per share • DEC. 03: Paid office rent for the month of December Rs 5000. • DEC. 06: Purchased office supplies Rs 2500. • DEC. 12: Purchased office equipment on account Rs45,000 • DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. • DEC. 21: Billed clients Rs 24,000 on account. • DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. • DEC. 28: Paid utility bills for the month of December Rs1800. • DEC. 29: Received Rs 20,000 cash from clients billed on December 21. • DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal
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