Rahim Ali owns and operates the Car Repair Shop. A list of the transactions that took place in August 2002 follows:

August 1	Rahim began the business by depositing Tk. 50,000 of his personal funds in the business bank account.
August 2	Rahim rented space for the shop and paid August rent of Tk. 8,000.
August 3	The shop purchased supplies for cash, Tk. 30,000.
August 4	The shop paid ‘Daily News’, a local newspaper, Tk. 3,000 for an advertisement.
August 5	Rahim repaired a car for a customer. The customer paid cash of Tk. 13,000 for services rendered.
August 11	Car Repair Shop repaired a car for a customer, Mr. Nazrul Islam, on credit, Tk. 5,000.
August 13	The shop purchased supplies for Tk. 9,000 by paying cash of Tk. 2,000 and charging the rest on account.
August 14	The shop repaired a car for Zonab Ali, for Tk. 19,000. Rahim collected Tk. 10,000 in cash and put the rest on account.
August 22	Rahim took home supplies from the shop that had cost Tk. 1,000 when purchased on August 3.
August 24	The shop collected cash of Tk. 4,000 from Mr. Nazrul Islam.
August 26	The shop paid of Tk. 2000 for clearing expense.
August 29	Rahim repaired a car for Abul Kashem for Tk. 12,000 on account.
August 31	Rahim transferred Tk. 5,000 from the business bank account to his Personal bank account.

Instructions:

1. Prepare a tabular analysis of the transactions.
2. Prepare an income statement for the month of August, 2002.
3. Prepare a statement of owner’s equity for the month of August, 2002.
4. Prepare a balance sheet on August 31, 2002.

Answer rating: 100% (QA)

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