Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. X started his business on July 1, 2021. During the first month of operations ,the following transactions occurred: Started business with cash Tk. 500,000.

Mr. X started his business on July 1, 2021. During the first month of operations ,the following transactions occurred: Started business with cash Tk. 500,000. Rent paid in advance for a year Tk. 6,000. Purchased merchandising inventory for cash Tk.80,000 and on account Tk. 20,000 from Mr. Tahir. Purchased Marketable securities for cash Tk. 100,000. Cash Sales Tk. 30,000 (cost 20,000). During the period rent expiresTk. 2,000. Commission paid during the trading was Tk. 1,000. Received cash dividend Tk. 4,000 on marketable securities. Paid Tk. 19,500 to Mr. Tahir in full settlement. Withdrew inventory for personal purpose by owner of worth Tk 6,000. Lost Tk. 2,000 in transit Discount allowed Tk. 1,000 Required Prepare a tabular summary of the transactions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Financial Accounting

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

5th Canadian edition

133472264, 978-0133446265, 133446263, 978-0133472264

More Books

Students also viewed these Accounting questions

Question

List the guidelines for effective headings.

Answered: 1 week ago

Question

What courses do your students assist with teaching this semester?

Answered: 1 week ago

Question

4. When is it appropriate to show grace toward others?

Answered: 1 week ago