Q.2.1 Following transactions took place during the first month of operations of the business started by...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Q.2.1 Following transactions took place during the first month of operations of the business started by Mr. Aslam on November 01, 2015. Nov 1 Started business with cash Rs.50,000 and through cheque Rs.100,000. Purchased furniture for Rs.5,000 in cash. Nov 2 Nov 2 Purchased machinery through cheque for Rs.6,000. Nov 3 An item of furniture was defective and returned to supplier costing Rs.500. Nov 3 Nov 4 Nov 5 Nov 6 Nov 7 Nov 8 Nov 9 Nov 10 Nov 11 Nov 12 Nov 13 Nov 14 Nov 15 Nov 16 Nov 17 Nov 18 Nov 19 An item of machinery casting Rs.2,000 was of wrong specification and was returned. New furniture and machinery purchased on credit costing Rs.400 and Rs.200 respectively. 50% of cost was paid by cheque for purchases of Nov 4. Owner withdrew Rs.500 in cash and Rs.250 through cheque for his personal use.. Purchased goods for cash Rs.1,000 and through cheque Rs.800. Goods costing Rs.800 were purchased on credit.. A payment of Rs.270 was made in cash to the supplier of goods. "Goods returned of Rs.50 which were purchased on credit. New furniture purchased costing Rs.600 on credit. Owner has taken goods of worth Rs.80 for his personal use. Furniture purchased costing Rs.800 in cash. Purchased goods costing Rs.400 through cheque. Returned goods costing Rs.100 which were purchased on credit. Cash sales Rs.20,000. Sales of Rs.10,000 received through cheque. Sales returns of Rs. 1,200 which were received through cash. Nov 20 Nov 21 Nov 22 Nov 23 Nov 24 Nov 25 Required: Credit sales made Rs.4,000. Debtor paid us Rs.500 in cash. Business received Rs.400 in cash from a customer owing to business. Business paid Rs.200 through cheque owing to supplier of goods. A long term loan of Rs. 1000 was taken from HBL through cheque, 25% of loan amount repaid though cash. Other income received in cash Rs.400. Record the business transactions in journal. Q.2.1 Following transactions took place during the first month of operations of the business started by Mr. Aslam on November 01, 2015. Nov 1 Started business with cash Rs.50,000 and through cheque Rs.100,000. Purchased furniture for Rs.5,000 in cash. Nov 2 Nov 2 Purchased machinery through cheque for Rs.6,000. Nov 3 An item of furniture was defective and returned to supplier costing Rs.500. Nov 3 Nov 4 Nov 5 Nov 6 Nov 7 Nov 8 Nov 9 Nov 10 Nov 11 Nov 12 Nov 13 Nov 14 Nov 15 Nov 16 Nov 17 Nov 18 Nov 19 An item of machinery casting Rs.2,000 was of wrong specification and was returned. New furniture and machinery purchased on credit costing Rs.400 and Rs.200 respectively. 50% of cost was paid by cheque for purchases of Nov 4. Owner withdrew Rs.500 in cash and Rs.250 through cheque for his personal use.. Purchased goods for cash Rs.1,000 and through cheque Rs.800. Goods costing Rs.800 were purchased on credit.. A payment of Rs.270 was made in cash to the supplier of goods. "Goods returned of Rs.50 which were purchased on credit. New furniture purchased costing Rs.600 on credit. Owner has taken goods of worth Rs.80 for his personal use. Furniture purchased costing Rs.800 in cash. Purchased goods costing Rs.400 through cheque. Returned goods costing Rs.100 which were purchased on credit. Cash sales Rs.20,000. Sales of Rs.10,000 received through cheque. Sales returns of Rs. 1,200 which were received through cash. Nov 20 Nov 21 Nov 22 Nov 23 Nov 24 Nov 25 Required: Credit sales made Rs.4,000. Debtor paid us Rs.500 in cash. Business received Rs.400 in cash from a customer owing to business. Business paid Rs.200 through cheque owing to supplier of goods. A long term loan of Rs. 1000 was taken from HBL through cheque, 25% of loan amount repaid though cash. Other income received in cash Rs.400. Record the business transactions in journal.
Expert Answer:
Answer rating: 100% (QA)
Date Nov 9 Nov 2 Nov Date 3 Nov 3 Nov 4 Nov 5 Noy Dabe 6 Nov 7 Nov 8 Nov 9 Nov Bate 10 Nov 11 Nov 12 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
prepare journal entries . G lollowing transact Bb 3011269 96x625) x ecures - FIMAND Ten Sports Live x Ho...
-
a. Formulate and solve a binary integer programming problem to maximize the total number of kitchen sets (and thus the number of customer orders) Furniture City stocks in the local warehouse. Assume...
-
Table B.4 presents data for 27 houses sold in Erie, Pennsylvania. a. Fit a simple linear regression model relating selling price of the house to the current taxes ( x1 ). b. Test for signifi cance of...
-
Write a program, in Java, to convert from binary to decimal andfrom from binary to hexadecimal. Please use instance variables,preferably strings. The program must do the conversion withoutusing any...
-
The accounting records of Made from Clay Ceramics included the following balances at the end of the period: In the past, Made from Clays warranty expense has been 4% of sales. During 2010 the...
-
The field work for the June 30, 2011, audit of Tracy Brewing Company was finished August 19, 2011, and the completed financial statements, accompanied by the signed audit reports, were mailed...
-
How would you explain the difference between present value and net present value?
-
Citizens Produce Co-op is one of the biggest produce operations in northern Texas. Credit sales to retailers in the area constitute 80 percent of Citizens Produces business; cash sales to customers...
-
. An auditor vouched data for a sample of employees in a payroll register to approved time card data to provide audit evidence about whether 0 A. Payroll accrued expense exist and is properly ...
-
Computers R Us, is a manufacturer of computer keyboards. The requirements over a typical six-month period are as follows; Demand per month. 1: 600 2: 600 3: 450 4: 750 5: 900 6: 300 The current...
-
please solve asap C) Total costs are \( \$ 210,000 \) when 15,000 units are produced; of this amount, variable costs are \( \$ 68,000 \). What are the total costs when 21,000 units are produced? a....
-
What are the consequences of non-registration of a partnership firm? Differentia partnership from a company.
-
Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent monthly contribution format income statement follows: Sales Variable expenses Contribution margin...
-
when creating a virtual network with 7 virtual machines and no capital expenditure(Capex) costs. what would you recommend?
-
In case of Initial Public Offering how the offering price is fixed under 'Book Building Method' as per provision of the Bangladesh Securities and Exchange Commission (Public Issue) Rules.
-
Assume a 220 ton engine is pulling 18 cars that weigh 110 tons each at 55 mph for 2000 miles. The average rolling resistance coefficient is 0.005 for the train. The diesel locomotive is 34% efficient...
-
In Part One Analyze the advantages and disadvantages of using tests of general cognitive ability to determine which individuals are better suited for a particular job or specific types of leadership...
-
Privitera and Freeman (2012) constructed a scale to measure or estimate the daily fat intake of participants; the scale was called the estimated daily intake scale for fat (EDIS-F). To validate the...
-
Identify and discuss the determinants of the accounting framework of three countries in Europe and explain why these might present barriers to the harmonisation of accounting across Europe.
-
The following adjustments need to be made in the accounts of Ricksu at the year-end 31.03.03. (a) Bad debts of £3,000 are to be written off against total trade receivables balance of...
-
Highway Ltd bought 80% of the share capital in Sideway Ltd for £260,000, some time ago when reserves in Sideway were £40,000. At acquisition the non-current assets of Sideway were...
-
From the following balance sheets and further information you are to draw up a consolidated balance sheet as at 31 December \(19 \times 8\). P Balance Sheet as at 31 December 19X8 Fixed assets...
-
A From the following balance sheets and supplementary information you are to draw up a consolidated balance sheet as at 31 December 19X5. P Consolidated Balance Sheet as at 31 December 19X5...
-
\(\quad\) B Balance Sheet as at 31 December \(19 \times 7\) Investment in S: 60,000 shares bought on 31.12.19X6 121,000 Fixed assets 90,000 Less Depreciation for year 24,000 66,000 Current assets...
Study smarter with the SolutionInn App