Question

Exercise 1 journal entries

On April 01, 2020 Anees started business with Rs. 100,000 and other transactions for the month are: 2. Purchase Furniture for Cash Rs. 7,000. 8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. 18. Owner withdrew of worth Rs. 2,000 for personal use. 22. Paid Khalid Retail Store Rs. 500. 26. Received Rs. 10,000 from Khan Brothers. 30. Paid Salaries Expense Rs. 2,000 Rs Brazilian Reais - Please use CAD for Canadian dollars Prepare Journal entries

Answer 1

Date	Accounts Title and Explanation	Debit	Credit
Apr-01	Cash	100,000
	Anees Capital		100,000
	(To record cash invested in business)
Apr-02	Furniture	7,000
	Cash		7,000
	(To record purchase of furniture)
Apr-08	Inventory	3,000
	Cash		2,000
	accounts payable-Khalid Retail Store		1,000
	(To record purchase of inventory)
Apr-14	Accounts Receivable-Khan Brothers	12,000
	Cash	5,000
	Sales revenue		17,000
	(To record sales revenue)
Apr-18	Drawing, Anees	2,000
	Cash		2,000
	(To record personal drawing
Apr-22	accounts payable-Khalid Retail Store	500
	Cash		500
	(To record payment)
Apr-26	Cash	10,000
	Accounts Receivable-Khan Brothers		10,000
	(To record cash Collecetion)
Apr-30	SALARIES Expense	2,000
	Cash		2,000
	(To record salary expense)