Prepare Accounting Equations, Journal, Ledgers and Trial Balance

Question No.3 Mahesh was a fresh MBA pass out from IIPM Batch 2007. He along with his two friends Lokesh and Boresh started a business where the investments were as follows. ash ank Others Mahesh50,00040,000Land1,00,000 Lokesh 25,000 50,000 Machinery4,00,000 Boresh 1,00,000 20,000 Furniture75,000 The other transactions were: a) Purchased stock from A for Rs. 1,50,000 for credit b) Sold 50% of the goods for cash for Rs. 1,20,000 c) Paid electricity Rs. 3,000 d) Purchased office stationery Rs. 1,500 e) Received commission Rs. 3,000 f) paid to A 1,45,000 and he gave discount Rs. 5,000 g) Profit of 20,000 distributed and withdrawn by all partners