Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PART-1 Mr. Dipon started a financial consultancy firm on June 1, 2021. The following transaction occurred during the month of June. 1. Invested Tk. 92,000
PART-1 Mr. Dipon started a financial consultancy firm on June 1, 2021. The following transaction occurred during the month of June. 1. Invested Tk. 92,000 cash to start the firm. 2. Paid Tk. 15,000 for office rent and Tk. 13,500 for employee's salaries. 3. Purchased office equipment for Tk. 31,000 on account. 4. Incurred Tk. 8,000 of advertising costs on account. 5. Earned Tk. 30,000 for services rendered of which Tk. 10,000 cash was received from customers and for the balance of Tk. 20,000 was billed the customer. 6. Withdrew Tk. 10,000 cash for personal use. 7. Received Tk. 25,000 from Bank-money borrowed on a note payable. 8. Received Tk. 13,000 in cash from customers who have previously been billed in transaction (5). Requirements: i. Prepare a tabular analysis of the transactions. 11. Prepare an income statement for the month ended June 30, 2021
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