Sherazi Enterprise carried out the following transactions during April 2020:- 01. Purchased goods at the cost...

 

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Sherazi Enterprise carried out the following transactions during April 2020:- 01. Purchased goods at the cost of Rs. 25,000 on 1/10, n/30 credit terms from Sohail Sons. 03. Purchased merchandise at the cost of Rs. 18,500 from Shah Enterprises on 60 days credit 05. Sold merchandise at the price of Rs. 8,600 on credit basis to Alam Company. 08. Sold goods at the price of Rs. 16,500 to Hamid Company on 30 days credit. 10. Purchased goods at the cost of Rs. 12,000 on 30 days credit from Nazir Sons. 12. Sold goods to Alam Company at price of Rs. 6,700 on 30 days credit. 15. Purchased merchandise from Alamgir Sons at cash price of Rs. 5,000. 18. Purchased merchandise on credit basis from Zaheer Sons at the cost of Rs. 12,500. 22. Merchandise sold to Hamid Company on credit basis amounting to Rs. 8,300. 27. Merchandise sold to Alam Company on 30 days credit at the price of Rs. 5,500. Required a) Record the above transactions in the sales and purchase journals of Sherazi Enterprise and allocate some suitable account numbers of control accounts. Post these transactions in control ledger accounts. Post these transactions in the subsidiary ledger accounts. b) c) d) Prepare schedules of accounts receivable and accounts payable and reconcile it with the balances of control accounts. e) If any of the transactions was not recorded in any of the Two Journals, explain the reasons for it. Sherazi Enterprise carried out the following transactions during April 2020:- 01. Purchased goods at the cost of Rs. 25,000 on 1/10, n/30 credit terms from Sohail Sons. 03. Purchased merchandise at the cost of Rs. 18,500 from Shah Enterprises on 60 days credit 05. Sold merchandise at the price of Rs. 8,600 on credit basis to Alam Company. 08. Sold goods at the price of Rs. 16,500 to Hamid Company on 30 days credit. 10. Purchased goods at the cost of Rs. 12,000 on 30 days credit from Nazir Sons. 12. Sold goods to Alam Company at price of Rs. 6,700 on 30 days credit. 15. Purchased merchandise from Alamgir Sons at cash price of Rs. 5,000. 18. Purchased merchandise on credit basis from Zaheer Sons at the cost of Rs. 12,500. 22. Merchandise sold to Hamid Company on credit basis amounting to Rs. 8,300. 27. Merchandise sold to Alam Company on 30 days credit at the price of Rs. 5,500. Required a) Record the above transactions in the sales and purchase journals of Sherazi Enterprise and allocate some suitable account numbers of control accounts. Post these transactions in control ledger accounts. Post these transactions in the subsidiary ledger accounts. b) c) d) Prepare schedules of accounts receivable and accounts payable and reconcile it with the balances of control accounts. e) If any of the transactions was not recorded in any of the Two Journals, explain the reasons for it.

Answer rating: 100% (QA)

Answer a Record the above transactions in the sales and purchase journals of Sherazi Enterprise and allocate some suitable account numbers of control ... View the full answer