Cargo Wings provides the following data for the month. i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000. ii. Bought Goods from AR Electric store for $450 iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same month iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000. v. Purchased office furniture from Interwood by paying $2400 half of the total amount. vi. Bashir Sons returned goods worth $500 vii. Sold Good to Rashid Ltd. for $3200 viii. Zakir Ltd purchased goods from us for $2300 ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month x. Bashir sons paid the due amount on March 30. xi. Habib Sons paid $500 on March 30 xii. Gave away charity of cash Rs. 50 xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750 xiv. Commission paid as referral fee $1,300 xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due. xvi. Bad Debts during the period was $600 xvii. Received the bank loan applied for. xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

See similar textbooks

Related questions

Concept explainers

Question

Cargo Wings provides the following data for the month. i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000. ii. Bought Goods from AR Electric store for $450 iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same month iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000. v. Purchased office furniture from Interwood by paying $2400 half of the total amount. vi. Bashir Sons returned goods worth $500 vii. Sold Good to Rashid Ltd. for $3200 viii. Zakir Ltd purchased goods from us for $2300 ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month x. Bashir sons paid the due amount on March 30. xi. Habib Sons paid $500 on March 30 xii. Gave away charity of cash Rs. 50 xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750 xiv. Commission paid as referral fee $1,300 xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due. xvi. Bad Debts during the period was $600 xvii. Received the bank loan applied for. xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above.

Expert Solution

Step by step

Solved in 2 steps with 24 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions