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Please explain the august 12 transaction (b) Mr. X started a bakery shop. It has the following events for August, 2013: August 1: Mr.
Please explain the august 12 transaction
(b) Mr. "X" started a bakery shop. It has the following events for August, 2013: August 1: Mr. " X " invested Tk. 1,100,000 cash in his business. August 2: Bought some furnitures from Navana Furniture for interior decoration for Tk. 200,000 in cash. August 5: Paid advertisement expense in cash for Tk. 40,000. August 7: Received an electricity bill for the month Tk. 6,000 but it will not be paid until next month. August 10: Provide services to a client for Tk. 50,000 in cash. August 12: Hired a manager at a salary Tk. 10,000 per month. August 15: Earned revenue for Tk. 20,000 by providing services. Tk. 10,000 is received in cash and the amount is due for next month. August 20: Took a loan from "NCC Bank" for Tk. 500,000 in cash by signing a 3 years notes payable. August 22: Received Tk. 10,000 in cash from the client related to transaction 15. August 28: Mr. "X" withdrew Tk. 20,000 cash from the business. Required: (i) Journalize the above transactions. (b) Mr. "X" started a bakery shop. It has the following events for August, 2013: August 1: Mr. " X " invested Tk. 1,100,000 cash in his business. August 2: Bought some furnitures from Navana Furniture for interior decoration for Tk. 200,000 in cash. August 5: Paid advertisement expense in cash for Tk. 40,000. August 7: Received an electricity bill for the month Tk. 6,000 but it will not be paid until next month. August 10: Provide services to a client for Tk. 50,000 in cash. August 12: Hired a manager at a salary Tk. 10,000 per month. August 15: Earned revenue for Tk. 20,000 by providing services. Tk. 10,000 is received in cash and the amount is due for next month. August 20: Took a loan from "NCC Bank" for Tk. 500,000 in cash by signing a 3 years notes payable. August 22: Received Tk. 10,000 in cash from the client related to transaction 15. August 28: Mr. "X" withdrew Tk. 20,000 cash from the business. Required: (i) Journalize the above transactionsStep by Step Solution
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