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- Prepare accounting equationfor the following transactions? On April 01, 2016 Anees started business with Rs. 100000 and other transactions for the month are: 2. Purchase Furniture for Cash Rs. 7000 8. Purchase Goods for Cash Rs. 2000 and for Credit Rs. 1000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers Rs. 12000 and Cash Sales Rs. 5000 18. Owner withdrew of worth Rs. 2000for personal use 22. Paid Khalid Retail Store Rs. 500 26. Recieved Rs. 10000 from Khan Brothers 30. Paid Salaries Expense Rs. 2000On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under: 2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B. 5-1-2020, sold furniture for Rs. 22000 on cash. 10-1-2020, purchased computer for cash Rs. 30000. 10-1-2020, company purchased Rs. 450 worth of office supplies on credit. 16-1-2020, borrowed cash Rs. 50000, an interest free from HBL. 20-1-2020, make partial payment to bank of Rs.30000. 25-1-2020, An advertisement was run in the newspaper at a total cost of Rs. 250. Cash was paid when the order was placed. 31-1-2020, paid rent of the office Rs. 2000 for the month of January. Required: Make Accounting equation. Question: For each of the following items, indicate whether a debit or a credit applies. increase in retained earnings decrease in prepaid rent increase in dividends decrease…On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under:2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B.5-1-2020, sold furniture for Rs. 22000 on cash.10-1-2020, purchased computer for cash Rs. 30000.16-1-2020, borrowed cash Rs. 50000, an interest free from HBL.20-1-2020, make partial payment to bank of Rs.30000.25-1-2020, purchased TV for cash Rs. 10000..31-1-2020, paid rent of the office Rs. 2000 for the month of January.Required: Make Accounting equation.
- Prepare accounting equation for the following transactions? On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000Record the following transactions in Accounting Equation? Commence business with cash Rs. 200,000 and Land Rs. 50,000. Bought merchandising for cash Rs. 80,000. Cash sales of worth Rs. 25,000. Bought goods on credit from Salman of worth Rs. 50,000. Sales on account to Ali Raza Rs. 12,000. Purchase furniture of the value of Rs. 5,000 by cash. Received cash form Ali Raza of Rs. 10,000. Return defective furniture of worth Rs. 1,500. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,5004. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
- Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of business enterprises? Started business with cash value of Rs. 400,000. Rent paid in advance for a year Rs. 4,000. Purchased merchandising inventory for cash Rs. 70,000 and on account Rs. 30,000 from Mr. Akram. Purchased Marketable securities for cash Rs. 200,000. Cash Sales Rs. 31,000 (cost 21,000). Withdrew inventory for personal purpose by owner of worth Rs. 5,000 Requirement: Use accounting equation to show their effect on his Assets, Liabilities and Capital?Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 20204. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record the transaction in the appropriate ledger accounts and balance all the account
- On April 01, 2020 Aneesh started a business with Rs. 10,00,000; other transactions for the month are: April 2 Purchase Furniture for Cash Rs. 70,000. 8 Purchase Goods for Cash Rs. 20,000 and for Credit Rs. 40,000 from Khalid Retail Store. 14 Sold Goods to Khan Brothers Rs. 82,000 and Cash Sales Rs. 55,000. 18 Owner withdrew of worth Rs. 20,000 for personal use. 22 Paid Khalid Retail Store Rs. 15,000. 26 Received Rs. 30,000 from Khan Brothers. 30. Paid Salaries Expense Rs. 62,000. Journalise the above transactions, prepare Ledger accounts and post the balances to a Trial Balance.On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing Rs. 500000 in cash from his personal sources. The other transactions relating to first month of his business were as under:3-1-2020, borrowed an interest free loan of Rs. 50000 from MCB. 5-1-2020, purchased computer from Fine Computers for Rs. 30000 and paid cash Rs. 20000 while the balance will be paid after 10 days from now.7-1-2020, paid Rs. 50000 to MCB for settlement of their loan.31-1-2020, paid accounts payable of 5-1-2020.Required: Make Accounting equation.Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.