Question
A Construction Company started a new business following transactions held in the month of October 2020. Show the effect of each business transaction on Balance
A Construction Company started a new business following transactions held in the month of October 2020. Show the effect of each business transaction on Balance Sheet and Income Statement.
1st oct : the owner of business deposited Rs. 5 million in company's bank account.
Oct 5: Paid 6 months Purchas advance rent for office building .@ 10,000$ permonth.
Oct 10: Purchased fixtures for the plant for 5,000$.
Oct 15: Paid 3,000$ for the repair and maintenance of plant.
Oct 20: Consulting Fees received from the clients for the services rendered 5,000$.
Oct 22: A credit customer of made IBFT for the services rendered 10,000 $.
Oct 25: Payment made to the foreign consultant hired for the project 6,000 $. Oct 26: Fixture Costing .20,000$ Having a book value 5,000& were sold for 4,000$.
Oct 27: Paid monthly utility bill of 1500$
Oct 28: Amount paid for the major hauling of the equipment 5000$.
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