Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ING 3 . Record the following transactions in various accounts by applying the rules of debiting and crediting and make the totals of debit and

image text in transcribed

ING 3 . Record the following transactions in various accounts by applying the rules of debiting and crediting and make the totals of debit and credit amounts. 1. Mr. Khurshid started business with Rs. 40,000. 2. Bought Office Furniture from B on credit for Rs. 4,000. 3. Bought Office Equipment of Rs. 2,000. 4. Bought Goods worth Rs. 10,000 for cash from X. 5. Sold Goods to Y for Cash Rs. 5,000. 6. Bought Goods from B on credit for Rs. 3,000. 7. Sold Goods on credit to Ali for Rs. 1,110. 8. Paid X Rs. 6,000 on account. 9. Received from Ali Rs. 850 on account. 10. Received interest from Y Rs. 500. 11. Paid salaries Rs. 1,750. 12. Paid Rs. 1,000 into Bank from Office Cash. Paid Office Rent, Rs. 900. 14. Paid for Office Stationery, Rs. 100. 15. Bought Office Stationery on credit from Alam' & Co. Rs. 150. 16. Received Interest on Investments, Rs. 400. 17. Paid Electric charges, Rs. 110. 13

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics Informed Decisions Using Data

Authors: Michael Sullivan III

5th Edition

978-0134135373, 134133536, 134135377, 978-0134133539

Students also viewed these Finance questions

Question

Describe the criteria for an effective budget.

Answered: 1 week ago