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In: Accounting

Q. NO. 18 1. Khalid invested in business cash Rs.40000, office equipment Rs.60,000 2. Purchase merchandise...

Q. NO. 18
1. Khalid invested in business cash Rs.40000, office equipment Rs.60,000
2. Purchase merchandise for cash Rs. 6000
3. Purchase goods on credit from Zahid Rs.10000
4. Sold merchandise on credit to Amir Rs.10000
5. Paid rent expense Rs.600
6. Sold merchandise for cash Rs. 3500
7. Earned commission Rs. 10000
8. Purchase supplies on credit from AleemRs. 800
9. Paid traveling expense Rs. 650
10. Sold merchandise to Mr. Kareem Rs. 4000 on credit.
11. Khalid withdrew cash for personal use Rs. 3000
12. Rendered services to client and received commission Rs. 2000
13. Paid insurance for the month Rs. 500

INSTRUCTION
a. Prepare journal entries
b. Post to ledger accounts
c. Prepare a trial balance at July 31,2015

Q. NO. 19
1. Khalid invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000
2. Purchase merchandise for cash Rs. 6000
3. Purchase office stationary for Rs.2000
4. Purchase goods on credit from Zahid Rs.10000
5. Sold merchandise on credit to Amir Rs.10000
6. Paid rent expense Rs.600
7. Sold merchandise for cash Rs. 3500
8. Billed to Mr. Bilal for service rendered Rs. 10000
9. Purchase supplies on credit from Aleem Rs. 800
10. Paid traveling expense Rs. 650
11. Sold merchandise to Mr. Kareem Rs. 4000 on credit.
12. Received cash from Mr. Kareem Rs.1500
13. Khalid withdrew cash for personal use Rs. 3000
14. Paid insurance for the month Rs. 500
15. Received cash from Mr. Bilal Rs.8000

INSTRUCTION
a. Prepare journal entries
b. Post to ledger accounts
c. Prepare a trial balance at July 31,2015

Solutions

Expert Solution

THANK YOU :)

ekkarill92 answered 1 year ago
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