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Analysing the effects of Business Transactions: Expert Consulting Inc was established on 1st...

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Accounting

Analysing the effects of Business Transactions:
Expert Consulting Inc was established on 1st January 2024 and entered into the following transactions:
Date
Details of the transaction
1st January
Started business by issuing shares worth Rs.60,00,000/- in exchange for cash.
2nd January
Purchased supplies (inventory) worth Rs.3,00,000/- on account.
7th January
Prepaid rent of Rs.1,50,000/- for the months of February, March and April.
9th January
Rs.1,75,000 paid towards the purchase of supplies made on 2nd January
13th January
Billed customers Rs.5,78,500 for services rendered.
15th January
Paid Rs.7,00,000 for January advertising.
17th January
Cash sales worth Rs.2,00,000/- made.
18th January
Received Rs.5,50,000/- from customers billed on 13th January.
30th January
Paid Rs.1,20,000 for January salaries
31st January
Paid Rs.7,60,000/- for January utilities
Required:
1. Prepare a transaction statement as discussed in class/monopoly sessions for all the transactions mentioned above. (10 marks)
2. Prepare Income Statement. (5 marks)
3. Prepare Balance Sheet. (5 marks)
PLEASE MAKE SUBMISSIONS IN EXCEL

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