Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q 1 Following are the transactions related to M / s Iqra Traders for the month of June 2 0 2 4 June 1 s

Q1 Following are the transactions related to M/s Iqra Traders for the month of June 2024
June 1st Started business with cash of Rs 100000 and merchandise costing Rs 30000
June 5th Paid rent in advance for the current month of Rs 20000 June10?th He purchased furniture for this office on credit from
Rizwan costing Rs 40000
June 12th He opened an account in bank with Rs 40000
June 16th He sold merchandise Rs 35000 of which Rs 15000 is on cash
June 18th Payment made to Rizwan in half settlement of his account
June 20th Customer has cleared his remaining balance by paying Rs 18000 in full settlement
June 22nd Purchase goods costing Rs 15000 on cash
June 25th Drawings for personal use of Rs 5000
June 28th Paid Rs 10000 for salary by check
Required: Prepare general journal for the above transactions.
image text in transcribed

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

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

15th Edition

978-0840037039, 0840037031

More Books

Students also viewed these Accounting questions