Question
1 Soban Law Associates has started the legal consultancy services during March 2023. The following transactions were occurred during the first month. You are required
1 Soban Law Associates has started the legal consultancy services during March 2023. The following transactions were occurred during the first month. You are required to present the following transactions in an accounting equation format with details of each item and indicate the balance after every transaction. 04. Mr. Soban established the firm and invested Rs. 500,000 cash. 05. Purchased office equipment at the cash price of Rs.150,000. 06. Purchased computer equipment at the cost of Rs. 165,000 on credit basis. 08. Rendered consultancy services and collected fee of Rs. 45,000 from the client. 10. Paid Rs. 16,000 for purchase of office supplies. 12. Collected consultancy fee of Rs. 30,000 from another client. 17. Paid entertainment expenses of Rs. 13,500 to the cafeteria for the clients 20. Billed a consultancy fee of Rs. 25,000 to a client. 28. Paid electricity bill of Rs. 6,000.
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