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Question 1: 01 March 2021: BBA first semester students (total 20 students) decided to invest in a business of buying and selling Motor Cycles. 02 March 2021: Each student signed a mutual agreement to invest 30000 PKR each. 03 March 2021: Business was incorporate with the name of Laptop Solutions Pvt. Ltd. On same day company bank account was opened and total money was transferred to company bank account. 04 March 2021: The furniture for shop was purchased for PKR 300,000 from one of directors' friend Hameed. Cash of PKR 200,000 was paid from bank account and remaining amount was promised to be paid after 10 days. 07 March 2021: Motorcycles worth PKR 300,000 were purchased and payment was made from bank. 09 March 2021: The business bought office equipment for PKR 100,000 on credit from Raza Pvt. Itd. 15 March 2021: All the Motorcycles purchased were sold for PKR 750000 on credit. 16 March 2021: The business paid amount from bank to settle 50% of Raza Pvt. Itd account. 18 March 2021: The business received full amount for sales made on credit and transferred it to bank account. 19 March 2021: Received 100,000 PKR in bank account for performing some specific on off services from Raja G Pvt Ltd. 20 March 2021: Hameed account is settled in full. 24 March 2021: Business paid Petrol Expense worth 10000 PKR from bank and on same date also paid rent of shop for PKR 40000 from bank. 26 March 2021: Insurance premium was paid worth 30000 PKR from bank. 28 March 2021: Director of business signed a contract to rent a new shop at monthly rent of 50000 per month starting from mid of next month. Other Information: 1. Insurance premium paid was for the month of April 2021 and May 2021. 2. Rent of shop paid was for March 2021 and April 2021. 3. Services to Raja G Pvt. Ltd were not rendered till 31 March 2021. 4. Staff salaries worth 50000 PKR for month of March are still to be paid. 5. Deprecation for Office equipment and Furniture to be charged for March 2021 is 1000 PKR and 3000 respectively. Required: 1. Record the above transaction using journal entries 2. Post the above transaction in relevant T-accounts 3. Extract the trial balance for the period ended 31 March 2021. 4. Adjust accounts by entering adjustments. 5. Extract Adjusting Trial Balance 6. Prepare Profit and Loss A/c for Period Ended March 2021

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