aud SECTION 'CCOMPULSORY) (30 Marks) (DETAILED-ANSWER QUESTIONS) 7. Following are the Account Balances of Mr Abbas on 1-5-2017. (All amount in PKR) Opening balances of books of Abbas Traders on May 01,2017, were as follows: Account Titles Dr. Cr. Cash 250,000 Bank 100,000 Accounts Receivable 50,000 Accounts Payable 50,000 Capital 350,000 During the month of May, Abbas Traders completed the following transactions: May 3, Purchased merchandise on credit from Tahir Rs. 80,000 May 7. Received cash from customers Rs. 10,000. May 15, Issued a cheque for Rs. 25,000 to a supplier. May 20,Defective merchandise worth Rs. 5000 was returned to Tahir. May 25, The owner purchased toys for his son from business cash Rs. 1,500 May 29, Paid rent for the month Rs. 8.000, May 31, Sold goods to Khurram Rs. 50,000; received 20% cash from Khurram and remaining on credit. Required (the Record the above transactions in General Journal Post the transactions in Ledger incorporating beginning balances Prepare Trial Balance on 31-7-2020 (16) (10) (04)