Following transactions are related to the business of Mr. Ameer during March 2002. 1. Purchased Merchandise on credit from Mr. Zaheer for Rs. 100000. 3. Paid Carriage – in Rs. 5000.

4. Purchased Goods from Mr. Ali for Rs. 50000 and paid Carriage – in Rs. 5000. 10. Returned Goods to Mr. Ali Rs. 10000.

12. Paid Cash to Mr. Ali in full settlement Rs. 38000.

15. Sold goods for Cash Rs. 40000.

16. Sold merchandise on credit to Mr. Bashir for Rs. 75000.

20. Goods Returned by Mr. Bashir Rs. 5000.

21. Received Cash from Mr. Bashir in full settlement Rs. 64000.

Required:

Give necessary Journal Entries.

Question 2:

Following are the selected transactions related to the business of Aslam Stores during January 2002.

1. Purchased merchandise for Cash and on credit from Mr. Ali for Rs. 40000 and Rs. 60000 respectively.

2. Paid Carriage – in Rs. 10000.

4. Sold goods for cash and an account to Mr. Nasir for Rs. 30000 and Rs. 70000. 10. Merchandise returned to Mr. Ali costing Rs. 5000.

12. Merchandise returned by Mr. Nasir Rs. 10000.

15. Paid Cash to Mr. Ali Rs. 15000.

20. Received Cash from Mr. Nasir Rs. 20000.

22. Purchased goods for Cash Rs. 40000.

23. Sold goods for Cash Rs. 50000.

25. Merchandise returned to suppliers for Cash Rs. 1500.

26. Paid Cash to Mr. Ali Rs. 10000.

27. Received Cash from Mr. Nasir Rs. 36500 in full settlement.

28. Merchandise returned by customer for Cash Rs. 2500.

30. Paid Cash to Mr. Ali 28000 in full settlement.

Required:

Give necessary Journal Entries.