Solve this questionThe Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:• DEC. 01: Issued 2,000 shares of common stock at 200 per share• DEC. 03: Paid office rent for the month of December Rs 5000.• DEC. 06: Purchased office supplies Rs 2500.• DEC. 12: Purchased office equipment on account Rs45,000• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.• DEC. 21: Billed clients Rs 24,000 on account.• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.• DEC. 28: Paid utility bills for the month of December Rs1800.• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.• DEC. 30: Paid salary for the month of December Rs 8,500Required: Record the above transactions in a general journal. The Kamran Steel Ltd. engaged in the followingtransactions during the month of December 2018:• DEC. 01: Issued 2,000 shares of common stock at 200per share• DEC. 03: Paid office rent for the month of DecemberRs 5000.• DEC. 06: Purchased office supplies Rs 2500.• DEC. 12: Purchased office equipment on accountRs45,000• DEC. 16: Purchased business car for Rs 50,000. PaidRs200,000 cash and issued a note for the balance.• DEC. 21: Billed clients Rs 24,000 on account.• DEC. 25: Declared dividends Rs 30,000. The amountof dividends will be distributed in December.• DEC. 28: Paid utility bills for the month of DecemberRs1800.• DEC. 29: Received Rs 20,000 cash from clients billedon December 21.• DEC. 30: Paid salary for the month of December Rs8,500Required: Record the above transactions in a generaljournal

Journal entries Dec 01 Cash (2000*200) Dr. 400000 Common Capital Cr. 400000 ( being capital…

Answered: The Kamran Steel Ltd. engaged in the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:
• DEC. 01: Issued 2,000 shares of common stock at 200 per share
• DEC. 03: Paid office rent for the month of December Rs 5000.
• DEC. 06: Purchased office supplies Rs 2500.
• DEC. 12: Purchased office equipment on account Rs45,000
• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.
• DEC. 21: Billed clients Rs 24,000 on account.
• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.
• DEC. 28: Paid utility bills for the month of December Rs1800.
• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.
• DEC. 30: Paid salary for the month of December Rs 8,500
Required: Record the above transactions in a general journal.

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