Case 2. The following transactions are given from books of K.M.Hyper Market for the year 2019. You are requested to create ledgers and record the journal entries in the company which you created in Case 1and generate the following reports. 1-Trial Balance 2. Day Book 3. Income Statement. (15 Marks)

Date

Amount (in RO)

2019

Jan 1 Opening Balances : Buildings A/C 50,000

Furniture A/C 5,000

Cash A/C 25,000

Bank A/C 27,500

Al Mumtaj Product Company A/C ( Dr. Balance) 8,000

Bank loan 17,500

Capital A/C ?

Jan 2 Brought additional capital into the business 30,000

Jan 31 Deposited into bank 12,000

Feb 1 Purchased goods and paid by cheque 3,000

Feb 2 Purchased goods from Ahmed Industrial Company and got 5% trade discount 15,000

Mar 1 Cash Sales 15,000

Mar 2 Goods returned to Ahmed Industrial Company 2,000

Mar 31 Purchased Equipment from ABC Engineering Company 25,000

Apr 1 Withdrew from bank for office use 3,000

Apr 2 Sold goods to Alkhwair Industries 15,000

May 1 Paid Wages and Salaries 3,000

May 2 Goods returned by Alkhwair Industries 1,500

May 31 Furniture worth RO. 3200 sold for RO.2900

June 1 Received Commission 2,000

June 2 Received from Alkhwair Industries 8,000

July 1 Paid to Ahmed Industrial Company 6,000

July 2 Received from Al Mumtaj Product Company in full settlement 7,800

July 31 Paid to Ahmed Industrial Company in full settlement 6,100

Aug 1 Goods Distributed as free samples 5,000

Aug 2 Received a cheque from Alkhwair Industries in full settlement 5,300

Aug 31 Goods taken by proprietor for personal use 2,000

Sep 1 Paid Telephone charges by cheque 200

Sep 2 Paid Rent through bank transfer 1,000

Oct 1 Paid for Fuel and Power 500