Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit. 1- Usama commenced business with cash Rs. 600,000, building Rs. 80,000 2- Purchased goods for cash Rs. 160,000 subject to trade discount @10% 3- Purchased office furniture for cash Rs. 30,000 4- Paid advertising expenses Rs. 3000 5- Purchased goods from Ali and Sons Rs. 15000 6- Sold goods for cash Rs. 37,000 7- Sold goods to Faisal and Sons Rs. 30,000 8- Received cash from Faisal and Sons Rs. 28000 and Discount allowed Rs. 2,000 9- Paid cash to Ali and Sons Rs. 12,000 10- Goods distributed as free sample Rs. 2,000
Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit. 1- Usama commenced business with cash Rs. 600,000, building Rs. 80,000 2- Purchased goods for cash Rs. 160,000 subject to trade discount @10% 3- Purchased office furniture for cash Rs. 30,000 4- Paid advertising expenses Rs. 3000 5- Purchased goods from Ali and Sons Rs. 15000 6- Sold goods for cash Rs. 37,000 7- Sold goods to Faisal and Sons Rs. 30,000 8- Received cash from Faisal and Sons Rs. 28000 and Discount allowed Rs. 2,000 9- Paid cash to Ali and Sons Rs. 12,000 10- Goods distributed as free sample Rs. 2,000
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during...
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Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit.
1- Usama commenced business with cash Rs. 600,000, building Rs. 80,000
2- Purchased goods for cash Rs. 160,000 subject to trade discount @10%
3- Purchased office furniture for cash Rs. 30,000
4- Paid advertising expenses Rs. 3000
5- Purchased goods from Ali and Sons Rs. 15000
6- Sold goods for cash Rs. 37,000
7- Sold goods to Faisal and Sons Rs. 30,000
8- Received cash from Faisal and Sons Rs. 28000 and Discount allowed Rs. 2,000
9- Paid cash to Ali and Sons Rs. 12,000
10- Goods distributed as free sample Rs. 2,000
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