Question
Pandora Pty Ltd completed the following transactions during the month of January: 1) On 1 January, Aiman, the owner of Pandora, contributed cash Rs 100,000
Pandora Pty Ltd completed the following transactions during the month of January:
1) On 1 January, Aiman, the owner of Pandora, contributed cash Rs100,000 to the business.
2) On 5 January, Aiman signed a note payable with the bank, granting the company an Rs50,000 loan.
3) On 10 January, Pandora paid Rs5,000 in cash for equipment.
4) On 15 January, Pandora paid the Rs2,400 rent for the office space for the month of January
5) On 18 January, Pandora completed services for customers and immediately received Rs8,000 in cash.
6) On 20 January, Pandora purchased supplies on credit for Rs2,000.
Based on the above information, you are required to:
- Show the effects of all the above transactions in the accounting equation
- Prepare the journal entries to record all the transactions
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