Q. No. 3 Max Marks - 10 Mr. Rahim, a sole owner and a founder of Perfect Portraits, a photographic studio. A few of the company's business transactions occurring during January 2015 are described below: On January 01, Mr. Rahim commenced business with the investment of cash Rs. 500,000 On January 05, Purchased photographic equipment and a building costing Rs. 100,000 and Rs. 200,000 respectively. Paid cash Rs. 150,000 and singed a 60-days note for the balance On January 08, Bought a Camera on credit from Modern Equipment at Rs. 70.000 On January 11, Office supplies were also acquired at cash Rs. 10,000 On January 15, Part of Equipment was returned to Modern Equipment worth Rs. 2,000. On January 18, Paid a liability to Modern Equipment Rs. 50,000 in cash. On January 20, Paid salaries to staff cash Rs. 50,000 On January 23, Received cash Rs. 300,000 for services rendered to a client at a wedding reception On January 25, Paid utility expense Rs. 45,000 On January 26, Part of the Camera was taken up by Proprietor for his private use worth Rs. 5,000 On January 27, Services rendered to a client at a birthday party for 50,000 who paid cash Rs.20,000 and made a promise to pay the balance within 15 days. Required a. Prepare General journal entries in the register of Modern Sports Club for the month of January, 2015. 6. Post the journal entries to ledger accounts and thereafter prepare a trial balance at January 31, 2015. Q. No. 3 Max Marks - 10 Mr. Rahim, a sole owner and a founder of Perfect Portraits, a photographic studio. A few of the company's business transactions occurring during January 2015 are described below: On January 01, Mr. Rahim commenced business with the investment of cash Rs. 500,000 On January 05, Purchased photographic equipment and a building costing Rs. 100,000 and Rs. 200,000 respectively. Paid cash Rs. 150,000 and singed a 60-days note for the balance On January 08, Bought a Camera on credit from Modern Equipment at Rs. 70.000 On January 11, Office supplies were also acquired at cash Rs. 10,000 On January 15, Part of Equipment was returned to Modern Equipment worth Rs. 2,000. On January 18, Paid a liability to Modern Equipment Rs. 50,000 in cash. On January 20, Paid salaries to staff cash Rs. 50,000 On January 23, Received cash Rs. 300,000 for services rendered to a client at a wedding reception On January 25, Paid utility expense Rs. 45,000 On January 26, Part of the Camera was taken up by Proprietor for his private use worth Rs. 5,000 On January 27, Services rendered to a client at a birthday party for 50,000 who paid cash Rs.20,000 and made a promise to pay the balance within 15 days. Required a. Prepare General journal entries in the register of Modern Sports Club for the month of January, 2015. 6. Post the journal entries to ledger accounts and thereafter prepare a trial balance at January 31, 2015