Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10 12 14 16 18 20 22 24 26 28 30 1 Jan 2017 - The Company started its business by issuing 10,000 share for
10 12 14 16 18 20 22 24 26 28 30 1 Jan 2017 - The Company started its business by issuing 10,000 share for 5 each. The share money received were deposited into the bank account. 2 Jan 2017 The Company hired a staff with the following salary package : Accountant: 1500/- a month, Operational Staff 5000/- a month (5 persons, 1,000 each), Helping Staff 2000/- a month (4 [persons, 500, each person) 4 Jan 2017 The company purchased inventory for 10,000 paying 5,000 in cash and and remaining 5,000 on credit from Fulton Ltd. 8 Jan 2017 The Company purchased Office Equipments for 15,000/- on credit from Index Furniture. 10 Jan 2017 - The Company purchased Computers for its employees costing 5000 and paid through cheque. 11 Jan 2017 - The Company Leased a delivery van from the bank, the market value of the car is 20,000 and company paid 20% down payment. Monthly instalment are 1,000 a month to be paid at the end of the month, 5% interest is included in the instalment payment 12 Jan 2017 - The company received its first order from the client BZD Ltd. for 2,500, goods delivered to the client and received a cheque and banked it. The company sells its goods at a profit margin of 40% 15 Jan 2017 - The Company paid 500 for the fuel and repair and maintenance of the delivery van. 18 Jan 2017 - The Company received another order for 1500 from Zayab Ltd. Goods delivered and cheque received and banked. 25 Jan 2017 - Cheque paid to Index Furniture for 10,000 31 Jan 2017 - Accrued Office Rent 1,000 31 Jan 2017 Paid monthly instalment of the delivery van, 31 Jan 2017 Accrued utilities for the month of Jan for 1,000 31 Jan 2017 - Accrued Salaries & Wages for the month. You are required to: 1. Record journal entries to appropriate chart of accounts 2. Prepare trial balance as at 31 Jan 2017
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started