Mr. Saleem Ahmed started Computer retail business with the name of M/S Ahmed &Sonsby investing Rs. 2.5 Million cash on Jul 01, 2020. The following transactions performed during the month of July and August 2018by M/S Ahmed & Sons:

Jul 1: Open a bank account and deposit Rs. 0.5 Million into bank account Jul 1: Purchase an office at a total price of Rs. 1 Million. The terms of the purchase required a 50% cash payment and issuance of a notes payable for remaining amount. Jul 3: Purchase Office Furniture Rs. 25000/- on cash Jul 3: Order the following inventory items to Acer Corporation. (Order # PO-01) 10 LCDs at the rate of 9000/- 25 Keyboards at the rate of 300/- 25 Mouse at the rate of 150/- 10 DVD-ROMs at the rate of 1200/-

Jul 5: Paid Rs. 10,000/- to News Paper for Advertisement. Jul 6: Received the following inventory items on behalf of PO-01 from Acer Corporation on credit. (Invoice # PI-01) 5 LCDs, 15 Keyboards, 15 Mouse and 5 DVD-ROMs Jul 6: Purchase office equipment on credit with the amount of Rs. 6200/-. Jul 10: Sale the following items to Saleem Agencies on credit (Invoice # SI-01) 5 LCDs at the rate of 10200/- 10 Keyboards at the rate of 500/- 10 Mouse at the rate of 300/- 2 DVD-ROMs at the rate of 1500/- At the time of transaction Saleem Agencies paid Rs. 25000/- cash Jul 12: Order the following inventory items to Acer Corporation. (Order # PO-02) 25 LCDs at the rate of 9000/- 25 Keyboards at the rate of 300/- 25 Mouse at the rate of 150/- 25 DVD-ROMs at the rate of 1200/-

Jul 12: Order the following inventory items to Dell Corporation. (Order # PO-03) 50 LCDs at the rate of 9500/- 50 Keyboards at the rate of 350/- 50 Mouse at the rate of 150/- 50 DVD-ROMs at the rate of 1250/- Jul 15: Purchase the following inventory items from Acer Corporation. (Invoice # PI-02) 5 LCDs at the rate of 9250/- 10 Keyboards at the rate of 275/- At the time of transaction Rs 25000/- paid to Acer Corporation Jul 18: Received the remaining inventory items on behalf of PO-01. (Invoice # PI-03) Jul 20: Sale 5 LCDs to Park View Hospital on cash at the rate of 10500/-. (Invoice # SI-02) Jul 30: Paid other utilities Bill Rs. 12,000/- for the month of Jul Jul 30: Paid Salaries to Employees Rs. 50000/- for the month of Jul Aug2: 1 LCD, 1 Keyboard, 1 Mouse and 1 DVD return to Acer Corporation due to damage. (Reference: Invoice # PI-03) Aug3: Paid Rs. 6200/- for the payment of office equipment Aug4: Received Rs. 30000/- against sales invoice # SI-01 Aug6: Paid Rs. 50000/- against purchase invoice # PI-01 Aug6: Mr. Saleem Ahmed withdraw Rs 500,000/- from business Aug10: Sale the following items to Saleem Agencies on Cash (Invoice # SI-03) 5 LCDs at the rate of 10200/- 5 Keyboards at the rate of 500/- 5 Mouse at the rate of 300/- 5 DVD-ROMs at the rate of 1500/- Aug27: Paid other utilities Bill Rs. 12,000/- for the month of August Aug28: Paid Salaries to Employees Rs. 50000/- for the month of August Page 3 of 5 Requirement: I. Create a company using your student ID and Final Exam. For example (12345_FinalExam). II. Record all General Journal entries, purchase and sales entries of the above transactions for the month of July and August 2020. Select the appropriate account title from the chart of account and create a new account if required. III. Create a backup file and save it into your folder