Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. course financial principal accounting q # 1: trans

Course financial principal accounting Q # 1: Transactions for Trading Business i. Mr. Khizer...

50.1K

Verified Solution

Question

Accounting

Course financial principal accounting

Q # 1: Transactions for Trading Business

i. Mr. Khizer started Business with Cash Rs. 180,000 & Equipment worth Rs. 250,000

ii. Opened a Bank Account with Rs. 130,000 of invested Cash.

iii. Rented a place for Office for Rs. 25,000 per month by paying Rent of 3 Month in advance by Cheque.

iv. Khizer purchased inventory for Rs. 50,000 paying Rs. 20,000 cash and balance on credit.

v. Khizer sold inventory for Rs. 80,000 Cash and deposited Rs. 50,000 in Bank on Same day.

vi. Khizer bought Furniture of Rs. 30,000 paying Rs. 5,000 cash and issued a cheque for Balance

vii. Khizer sold goods of Rs. 70,000 on credit to Shadab. viii. Mr. Khizer return defective goods of Rs. 5,000 to supplier

ix. Goods were return by Shadab of Rs. 8,000

x. Shadab paid Rs. 58,000 in settlement of his accounts

xi. Khizer withdrew Rs. 10,000 from bank for his personal use. Required: Identify Debit and Credit, Journalize them in SKELETON Form and also Prepare General Ledger and Trial Balance.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students