COMPREHENSIVE PROBLEM On September 1, 2007, Mr. Afnan organized a business called Afnan's Rentals for the purchase of operating an equipment rental yard. Mr. Afnan's new business was able to begin operations immediately by purchasing the assets and taking over the location of Rent-IT, an equipment rental company that was going out of business. The company closes its accounts and prepares financial statements at the end of each month. During September, company entered into the following business transactions/events: Sept 1, Sept 1, Sept 1, Sept 4, Sept 8, Mr. Afnan deposited Rs. 1,00,000 cash name of Business, Afnan's Rentals. Paid Rs. 9000 to Mr. Irfan as three month's advance rent on the rental yard and office formerly occupied by Rent-IT. Purchased for Rs. 180,000 all the equipment from Rent -IT. Paid Rs. 70,000 cash and issued a one year notes payable for Rs. 110,000, plus interest at the annual rate of 9%. Purchased office supplies on account from Modern office Co; Rs. 1,630. Payment due in 30 days (these supplies are expected to last for several months; so debit the office supplies asset account). Received Rs. 10,000 cash from McBrayan Construction Co. as advance payment on rental equipment. Paid salaries for the first two weeks in September Rs. 3,600. Excluding the McBrayan Construction Co advance, equipment rental fees earned during the first 15 days of September amounted Rs. 6100, out of which Rs. 5,300 was received in Cash Purchased on account from the Earth Movers, Inc., Rs. 340 in parts needed to repair a rental tractor. Payment is due in 10 days. Collected Rs. 210 of accounts receivable recorded on September 15. Rented a backhoe (digging machine) to Mission Landscaping at a price of Rs. 100 per day, to be paid when the backhoe is returned. Mission landscaping expects to keep the backhoe for about two or three weeks. Sept 12, Sept 15, Sept 17, Sept 23, Sept 25, Sept 26, Paid biweekly salaries, Rs.3, 600. Sept 27, Sept 28, Sept 29, Sept 30, Sept 30, Paid the account payable to the Earth Movers, Inc., Rs.340. Mr. Afnan withdrew Rs. 2,000 cash from business to pay the rent on his personal residence. Purchased a 12-month public-liability insurance policy for Rs. 2,700. The policy protects the company against the liability for injuries and property damage cause by its equipment. However the policy goes into effective on October 1. Received a bill from Universal Utilities for the month of September Rs.270. Payment is due in 30 days. Equipment rental fees earned during second half of September and received in cash amounted to Rs. 8,450. 1. Make General Journal, Ledger and Trial Balance 2. Prepare Income statement, Retained Earnings and Balance Sheet for the month ended