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a. Adnan has started as a sole trader on 1 March 2018. The following transactions and events of trading for his first month are as
a. Adnan has started as a sole trader on 1 March 2018. The following transactions and events of trading for his first month are as follows: Date Transaction 1 He started the business by depositing a cheque for $250,000 into the business bank account. 2 He purchases machinery worth $20,000 by cheque. 8 He purchases inventory on credit for $6,000. 10 He sells good for $8,000 in cash. 12 He pays $3,000 to the supplier of the goods purchased on 8th March. This is the part of \&. Adnan has started as a sole trader on 1 March 2018. The following transactions and events of trading for his first month are as follows: Transaction Date He started the business by depositing a cheque for $250,000 into the business bank account. 2 He purchases machinery worth $20,000 by cheque. He purchases inventory on credit for $6,000. 10 He sells good for $8,000 in cash. 12 He pays $3,000 to the supplier of the goods purchased on 8th March. This is the part of payment of the total amount due. 15 He sells goods on credit for $17,000. 24 Owner withdrew of worth $2,000 for personal use. 25 He borrows money from his friend of $100,000. Required: 1- Post the transactions directly to the appropriate nominal ledger accounts. 2- Prepare the trial balance as at March 31, 2018. [Marks: (18+6)=24]
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