PROBLEMS 1.5L. 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 purehases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs. 20,000. www.paksights.com LEDGER: THE MAIN BOOK OF ACCOUNTS 105 " 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 received from Shahid & Sons paid into the bank. " 22 Goods sold for eash 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.

PROBLEMS 1.5L. 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 purehases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs. 20,000. www.paksights.com LEDGER: THE MAIN BOOK OF ACCOUNTS 105 " 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 received from Shahid & Sons paid into the bank. " 22 Goods sold for eash 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.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required:• Prepare journal entries.• Prepare general ledger accounts.• Test the accuracy of your posting by taking out a pre-closing Trial Balance having complete titleand column headings.
The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare general ledger acounts with balancing and trial balance.
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The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare journal entries. Prepare general ledger accounts. Prepare Trial Balance having complete title and column headings.