becoming a doctor Mr. Ahmed started his practice in July 2021. 15 Marks Keeping in mind double entry accounting system, please record the following transactions.

1. He opened bank account in the name of Ahmed Clinic and deposited Rs 1,0000 in it. 2. He purchased Medical Equipment for Rs 6,000.

3. Purchased Office supplies for Rs. 100 on credit.

4. Received Medical fee for Rs. 1000.

5. Billed patients for Rs 1,500 as medical consultation fee.

6. Paid monthly rent of Rs. 1000.

7. With drew Rs. 500 from practice for personal use.

After recording all the transactions, Please make a summary of these transactions. Question 2. (A) What are the financial statements. Please elaborate. 10-Marks ( B) With the information given below. Please make the following Statements of accounts with the data given here. 1. Statement of account. 2. Statement of Retained earnings. 3. Balance sheet.

Cash	asset	Rs.66,800
Acco. receiveable	asset	Rs.5,000
supplies	asset	Rs.5,00
Prepaid Rent	asset	Rs.1,800
Equipment	asset	Rs.5,500
Truck	asset	Rs.8,500
Accounts payable	Liability	Rs.2,00
Common Stock	Equity	Rs.30,000
Retained Earnings	Equity	Rs.000
Service Revenue	Revenue	Rs.60,000
Utility expenses	Expense	Rs.1,200
Salary expenses	Expense	Rs.9,00

Answer rating: 100% (QA)

Recording of given transaction in Journal using Double Entry System of Accounting ... View the full answer