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Q1. Following are some of the transactions of Ali Store for the months of March...

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Accounting

Q1. Following are some of the transactions of Ali Store for the months of March and April.

March

01. Ali invested Rs. 550,000 in cash for his business Ali Store.

01 Purchased Shop building on cash worth Rs. 320,000.

02 Purchased Shop furniture on credit from Stylish Furniture Rs. 80,000.

03 Purchased Shop equipment on credit from 1.B.M.Rs. 90,000

05 Purchased merchandise on cash Rs. l25,500.

05 Paid transporting expenses Rs.580.

07 Purchased merchandise on credit from K. & Sons Rs 86,500.

08 Returned merchandise to K & Sons Rs. 5,000

10 Sold merchandise on cash Rs. 43,500.

15 Sold merchandise on credit to B. & Co. Rs. 84,250.

16 Returned merchandise from B & Co. Rs. 4,000

17 Received commission revenue Rs. 16,600.

20 Purchased shop furniture on cash Rs. 75,000.

20 Paid for merchandise purchased Rs. 28,700.

22 Received on account of cash sales Rs. 46,600.

25 Paid for transporting merchandise purchased on Mar, 20 Rs.300.

26 Paid to Stylish Furniture, Rs. 30,000 availing a discount of 2,000.

. 27 Received cash from B. & Co Rs. 66,250, allowing a discount of 2,500.

28 Paid cash to K. & Sons Rs. 36,500.

31 Paid salaries to employees for the month Rs. 24,500.

Required: Prepare General Journal, General Ledger T

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