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Journal On April 01, 2016 Anees Started Business With Rs. 100,000 and Other Transactions For The Month Are

- Anees started a business in April 2016 with Rs. 100,000. Transactions included purchasing and selling goods, withdrawing cash, and paying salaries. - In August, Hashim Khan invested cash and equipment into a photography business. Transactions included paying insurance, billing clients, purchasing supplies, and acquiring new equipment by paying part cash and financing the balance. - In March 2017, Farhan Rahim started a wholesaling business with cash and land. Transactions included buying and selling goods, paying bills, and giving charity.

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138 views10 pages

Journal On April 01, 2016 Anees Started Business With Rs. 100,000 and Other Transactions For The Month Are

- Anees started a business in April 2016 with Rs. 100,000. Transactions included purchasing and selling goods, withdrawing cash, and paying salaries. - In August, Hashim Khan invested cash and equipment into a photography business. Transactions included paying insurance, billing clients, purchasing supplies, and acquiring new equipment by paying part cash and financing the balance. - In March 2017, Farhan Rahim started a wholesaling business with cash and land. Transactions included buying and selling goods, paying bills, and giving charity.

Uploaded by

VICKY AZVIR
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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– Journal

On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the
month are:
2. Purchase Furniture for Cash Rs. 7,000.
8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
18. Owner withdrew of worth Rs. 2,000 for personal use.
22. Paid Khalid Retail Store Rs. 500.
26. Received Rs. 10,000 from Khan Brothers.
30. Paid Salaries Expense Rs. 2,000
Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography
equipment in the business.
      04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months.
      07: Services are performed and clients are billed for Rs. 10,000.
      13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining
outstanding.
      20: Received Rs. 2,000 cash in photography fees earned previously.
      24: The client immediately pays Rs. 15,000 for services to be performed at a later date.
     29: The business acquires photography equipment. The purchase price is Rs. 100,000,
pays Rs. 25,000 cash and signs a note for the balance.
On March 2017, Farhan Rahim, starts wholesaling business. Following transactions as
follows:
1. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000.
8. Bought goods from Bilal and Friends Rs. 1,000 and by cash from XYZ Co. Rs 2,000.
13. Sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs. 5,000.
17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30.
21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25.
28. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs. 50.
Shah Sauood Marine is a boat repair yard. During August 2016, its transactions included the
following:
03. Loan taken from Habib Bank Ltd. of Rs. 25,000. Rs. 20,000 withdrawn for business and
remaining in the bank a/c.
06. Paid rent for the month of August Rs. 4,400 and accrued rent expenses was Rs. 600.
12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon Seaways. Sent bill for Rs.
5,620 for services rendered to Kiwi Insurance Inc. (credit Repair Service Revenue).
18. Made repairs to boat of Dennis Copper and collected in full the charge of Rs. 2,830.
20. Placed Advertisement in The Dawn of Rs. 165, payment to be made within 30 days.
25. Received a check for 5,620 from Kiwi Insurance Inc representing collection of the
receivable of August 12.
30. Sent check to The Dawn in payment of the liability incurred on August 20.
1st January, 2017, Saeed Ahmad started business other transactions for the month of June
as follows:
02. Purchased from Kareem goods of list price of Rs. 6,000 subject to 10% trade discount by
cash.
04. Sold goods to Din Muhammad Rs. 800 and cash sales of Rs. 200.
10. Distributed goods worth Rs. 200 as free samples and goods taken away by the proprietor
for personal use Rs. 100.
12. Received discount Rs 20 and Commission Rs 500.
17. Goods returned by Din Muhammad Rs. 200 and payment other outstanding amount.
24. Furniture lost by fire of worth Rs. 500.
30. Bad Debts during the period was Rs.100.
In the table below, indicate the accounts that would be debited and credited for each of
the transactions?
. Provide services to customers on account.
. Purchase land by paying cash.
. Purchase an insurance policy that will provide coverage for a two-year period.
. Acquire cash by issuing common stock.
. Receive payment from a customer for services that will be provided over the next six
months.
. Cash deposited into bank.
. Purchased goods by cheque.
. Drew cash from bank for office use.
. Purchased goods from Miss Noreen.
. Cash sales made.
. Paid cash to Miss Noreen.
. Recognize expense for amount of office supplies already in stock, that had been used
during the period.
. Discount Received by cash.
. Drew cash from bank for personal use of proprietor.
. Received cash from credit customer.
. Paid rent by cash.
. Furniture lost by fire.
 

S.no Account Debited Account Credited


1 Account Receivable Service Revenue
2 Land Cash
3 Prepaid Insurance Cash
4 Cash Common stock
5 Cash Unearned Services
6 Bank Cash
7 Purchases Bank
8 Cash Bank
9 Purchases Account Payable_
Miss Noreen
10 Cash Sales
11 Account Payable_ Cash
Miss Noreen
12 Supplies Expense Supplies
13 Cash Discount
14 Drawing Bank
15 Cash Account Receivable
16 Rent Cash
17 Lost by Fire Furniture

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