Mr Shomoy started his own consulting firm, Tax Consulting, on January 01, 2022. The following transactions...

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Mr Shomoy started his own consulting firm, Tax Consulting, on January 01, 2022. The following transactions occurred during the month of January. Sept.01 Mr Shomoy invested taka 1,50,000 cash in the business. 03 Purchased supplies for taka 5000 in cash. 05 Incurred advertising expense on account taka 4,000. 09 Borrowed taka 80,000 from a bank on a note payable. 12 Purchased computer for taka 60,000 on account. 15 Performed services for customers of which received taka 70,000 in cash and rest of taka 30,000 ORY of services for customers, on credit. 20 Paid taka 40,000 for the computer purchased on account on Sept 12. 23 Received taka 20,000 cash from customers who had been billed for services on Sept 15. 26 Withdrew taka 10,000 cash from the business for personal use. 30 Paid taka 8,000 for office rent; taka 12,500 for employee salaries; and taka 4,000 for utilities. Requirements: (a) Prepare a tabular analysis of the September transactions. Assets Liabilities Owner's Equity Date Cash Accounts Receivable Supplies Equipment Notes Accounts Owner's Owner's Revenues Expenses Capital Drawings Payable Payable (b) Prepare the following Financial Statements of Tax Consulting: i. Income Statement for the month of January 31, 2022 for Tax Consulting Firm. ii. Owner's Equity Statement for the month of January 31, 2022 for Tax Consulting Firm. iii. Financial Position Statement as at January 31, 2022 for Tax Consulting Firm. Mr Shomoy started his own consulting firm, Tax Consulting, on January 01, 2022. The following transactions occurred during the month of January. Sept.01 Mr Shomoy invested taka 1,50,000 cash in the business. 03 Purchased supplies for taka 5000 in cash. 05 Incurred advertising expense on account taka 4,000. 09 Borrowed taka 80,000 from a bank on a note payable. 12 Purchased computer for taka 60,000 on account. 15 Performed services for customers of which received taka 70,000 in cash and rest of taka 30,000 ORY of services for customers, on credit. 20 Paid taka 40,000 for the computer purchased on account on Sept 12. 23 Received taka 20,000 cash from customers who had been billed for services on Sept 15. 26 Withdrew taka 10,000 cash from the business for personal use. 30 Paid taka 8,000 for office rent; taka 12,500 for employee salaries; and taka 4,000 for utilities. Requirements: (a) Prepare a tabular analysis of the September transactions. Assets Liabilities Owner's Equity Date Cash Accounts Receivable Supplies Equipment Notes Accounts Owner's Owner's Revenues Expenses Capital Drawings Payable Payable (b) Prepare the following Financial Statements of Tax Consulting: i. Income Statement for the month of January 31, 2022 for Tax Consulting Firm. ii. Owner's Equity Statement for the month of January 31, 2022 for Tax Consulting Firm. iii. Financial Position Statement as at January 31, 2022 for Tax Consulting Firm.

Answer rating: 100% (QA)

Explanation Assets Liabilities Owners Equity Accounts Accounts Owners Cash Supplies Equ... View the full answer