1.SL. Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 and Building Rs. 1,00,000 on Ist January, 1990. His transaction during the month were as follows : 1990 Jan. 1 Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goods for cash Rs. 22,000. "5 Sold goods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. " 10 Bought an iron safe for Rs. 4,000. " 12 Made purchases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs. 20,000. " 16 Received a cheque from Shahid & Sons for Rs. 9,000. " 18 Issued a cheque in favour of Asif for Rs. 8,000. " 20 Cheque recelved from Shahid & Sons paid into the bank. " 22 Goods sold for cash Rs. 19,000 and paid into the bank. " 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account. " 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account. " 28 Withdrew cash for personal use Rs. 3,000. " 30 Paid electricity bill Rs. 1,000. " 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000. Req: Journalise the above transactions and post them into the ledger.

1.SL. Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 and Building Rs. 1,00,000 on Ist January, 1990. His transaction during the month were as follows : 1990 Jan. 1 Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goods for cash Rs. 22,000. "5 Sold goods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. " 10 Bought an iron safe for Rs. 4,000. " 12 Made purchases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs. 20,000. " 16 Received a cheque from Shahid & Sons for Rs. 9,000. " 18 Issued a cheque in favour of Asif for Rs. 8,000. " 20 Cheque recelved from Shahid & Sons paid into the bank. " 22 Goods sold for cash Rs. 19,000 and paid into the bank. " 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account. " 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account. " 28 Withdrew cash for personal use Rs. 3,000. " 30 Paid electricity bill Rs. 1,000. " 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000. Req: Journalise the above transactions and post them into the ledger.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 1CP

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