Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalize the following transaction and also make ledger & trial balance account as well. 3. SL Enter the following transactions in the Journal of a
Journalize the following transaction and also make ledger & trial balance account as well.
3. SL Enter the following transactions in the Journal of a trader. Post in the Ledger and prepare a trial Balance : 1992 Feb. 1 Started business with cash Rs. 100,000. ."2 Bought goods from Mahmood & Co. worth Rs. 50,000. "2 Bought furniture for cash Rs. 8,000. "2 Sold goods to Qasim Bros. for Rs. 16,000. "3 Purchased stationery for cash Rs. 4,000. ! 1 + + "4 Paid Mahmood & Co. Rs. 30,000 in cash. "5 Sold goods to Waheed & Sons Rs. 20,000. "5 Received cash from Qasim Bros. Rs. 15,400 and discount allowed Rs. 600. "6 Paid carriage Rs. 800 "8 Bought goods for cash Rs. 6,000. "9 Sold goods to Rashid Rs. 34,000. "10 Bought goods from Faisal & Co. Rs. 26,000. "11 Paid Mahmood & Co. Rs. 19,000 in full settlement of their account. "12 Paid wages Rs. 400. "13 Paid carriage Rs. 800 "14 Purchased goods from Mahmood & Co. Rs. 30,000. "15 Purchased goods for cash Rs. 8,000. "17 Goods sold to Waheed & Sons for Rs. 36,000. "18 Cash received from Waheed & Sons Rs. 40,000. "19 Bought goods from Ahsan Rs. 15,000. "19 Sold goods for cash Rs. 16,000. "20 Paid wages in cash Rs. 800. "21 Paid to Ahsan Rs. 14,400 in full settlement of his account. "22 Sold goods to Qasim Bros. Rs. 26,000. "23 Bought' goods from Mahmood & Co. for Rs. 48,000. "24 Cash purchases Rs. 14,600. "25 Cash paid to Mahmood & Co. Rs. 40,000. "26 Cash received from Qasim Bros. Rs. 20,000. "27 Paid carriage Rs. 800. "28 Paid electricity bill Rs. 1,000. " 28 Paid rent Rs. 1600. " 29 Owner withdrew cash for personal use Rs. 3,000. " 29 Paidesalaries Rs. 2,800. Ans: [Trial Balance Total Rs. 3,13,000)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started