Record the fallowing transactions for the month of January of a small finishing retailer, prepare and...

 

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Record the fallowing transactions for the month of January of a small finishing retailer, prepare and balance off all the accounts, then extract a trlal balance as at 31 January 20X8, prepare statement of comprehenslve Income for the 31 January 20x8 and statement of financlal posltlon as at 31 January 20X8: Jan 1 Started in business with RS10,500 cash. == 2 Put RS9,000 of the cash into a bank account. == 3 Bought goods for cash RS550. == 4 Bought goods on credit from: Ali RS800; Basit RS930; Salman RS160; Ayan RS510. == 5 Bought stationery on crecit from Buttons Ltd RS89. == 6 Sold goods on credit to: Faris RS170; Bilal RS240; Subhan RS326; Qasim RS204. == 8 Paid rent by cheque RS220. == 10 Bough: fixtures on credit from Chiefs Ltd RS610. == 11 Faid salaries in cash RS790. == 14 Returned goods to: Basit RS30; Salman RS42. == 15 Bought van by cheque RS6,500. == 16 Received loan from Faiza by cheque RS2,000. == 18 Goods returned to us by: Haris RS5; Subhan RS20. = 21 Cash sales RS145. =24 Sold goods on credit to: Bilal RS130; Qasim RS410; Kiran RS158. == 26 We paid the following by cheque: Basit RS900; Salmar RS118. == 29 Received cheques from: Kiran RS158: Bilal RS370. == 30 Received a further loan from Faiza by cash RS500. == 30 Received RS614 cash from Qasim. Record the fallowing transactions for the month of January of a small finishing retailer, prepare and balance off all the accounts, then extract a trlal balance as at 31 January 20X8, prepare statement of comprehenslve Income for the 31 January 20x8 and statement of financlal posltlon as at 31 January 20X8: Jan 1 Started in business with RS10,500 cash. == 2 Put RS9,000 of the cash into a bank account. == 3 Bought goods for cash RS550. == 4 Bought goods on credit from: Ali RS800; Basit RS930; Salman RS160; Ayan RS510. == 5 Bought stationery on crecit from Buttons Ltd RS89. == 6 Sold goods on credit to: Faris RS170; Bilal RS240; Subhan RS326; Qasim RS204. == 8 Paid rent by cheque RS220. == 10 Bough: fixtures on credit from Chiefs Ltd RS610. == 11 Faid salaries in cash RS790. == 14 Returned goods to: Basit RS30; Salman RS42. == 15 Bought van by cheque RS6,500. == 16 Received loan from Faiza by cheque RS2,000. == 18 Goods returned to us by: Haris RS5; Subhan RS20. = 21 Cash sales RS145. =24 Sold goods on credit to: Bilal RS130; Qasim RS410; Kiran RS158. == 26 We paid the following by cheque: Basit RS900; Salmar RS118. == 29 Received cheques from: Kiran RS158: Bilal RS370. == 30 Received a further loan from Faiza by cash RS500. == 30 Received RS614 cash from Qasim.

Answer rating: 100% (QA)

6 Haris Ac Bilal Ac Subham Ac Qasim Ac To sales Ac Being sales made on ... View the full answer