5. Mr. Hasan invested TK. 15,000 cash in the business on June, 1. Actually he started...

 

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5. Mr. Hasan invested TK. 15,000 cash in the business on June, 1. Actually he started his own delivery service "Ajanta "on June 1,2011.The following transactions occurred during the month of June : 2 purchased a used van for deliveries for TK 10,000. Rahim tk. 2, 000 cash and signed a note payable for the remaining balance. paid TK. 500 for wages. Borrowed TK. 700 cash from a bank on a note payable. Performed TK. 1000 of services on account. viMT IN ONS! 5 12 15 17 20 25 30 Rahim withdrew TK. 200 cash for personal use. purchased supplies for Tk 150 on account. Received a cash payment of tk.750 for services provided on June 5. purchased gasoline for TK100 on account. Received a cash payment of TK.1500 for services provided. Made a cash payment of TK.500 on a note payable. paid monthly salaries TK.500. L Required: (a)Show the effect of the transactions on the accounting equation (b) Prepare an income statement of the June 2011. 5. Mr. Hasan invested TK. 15,000 cash in the business on June, 1. Actually he started his own delivery service "Ajanta "on June 1,2011.The following transactions occurred during the month of June : 2 purchased a used van for deliveries for TK 10,000. Rahim tk. 2, 000 cash and signed a note payable for the remaining balance. paid TK. 500 for wages. Borrowed TK. 700 cash from a bank on a note payable. Performed TK. 1000 of services on account. viMT IN ONS! 5 12 15 17 20 25 30 Rahim withdrew TK. 200 cash for personal use. purchased supplies for Tk 150 on account. Received a cash payment of tk.750 for services provided on June 5. purchased gasoline for TK100 on account. Received a cash payment of TK.1500 for services provided. Made a cash payment of TK.500 on a note payable. paid monthly salaries TK.500. L Required: (a)Show the effect of the transactions on the accounting equation (b) Prepare an income statement of the June 2011.

Answer rating: 100% (QA)

SOLUTION a Effect of the transactions on the accounting equation The accounting equation is Assets L... View the full answer