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becoming a doctor Mr. Ahmed started his practice in July 2021. 15 Marks Keeping in mind double entry accounting system, please record the following transactions.

becoming a doctor Mr. Ahmed started his practice in July 2021. 15 Marks Keeping in mind double entry accounting system, please record the following transactions.

1. He opened bank account in the name of Ahmed Clinic and deposited Rs 1,0000 in it. 2. He purchased Medical Equipment for Rs 6,000.

3. Purchased Office supplies for Rs. 100 on credit.

4. Received Medical fee for Rs. 1000.

5. Billed patients for Rs 1,500 as medical consultation fee.

6. Paid monthly rent of Rs. 1000.

7. With drew Rs. 500 from practice for personal use.

After recording all the transactions, Please make a summary of these transactions. Question 2. (A) What are the financial statements. Please elaborate. 10-Marks ( B) With the information given below. Please make the following Statements of accounts with the data given here. 1. Statement of account. 2. Statement of Retained earnings. 3. Balance sheet.

Cash

asset

Rs.66,800

Acco. receiveable

asset

Rs.5,000

supplies

asset

Rs.5,00

Prepaid Rent

asset

Rs.1,800

Equipment

asset

Rs.5,500

Truck

asset

Rs.8,500

Accounts payable

Liability

Rs.2,00

Common Stock

Equity

Rs.30,000

Retained Earnings

Equity

Rs.000

Service Revenue

Revenue

Rs.60,000

Utility expenses

Expense

Rs.1,200

Salary expenses

Expense

Rs.9,00

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