Q#$3.$ Mr$.$ Rashid is involved in the business of shoes trading. Following are few of the transactions conducted by him in the month of April,$2011.$

$\backslash$table$[[2^{nd}$ April,Opened a bank account in MCB by depositing cash Rs$\mathrm{.}500,000$ in bank.$],[4^{th}$ April,Purchased Computers of Rs$\mathrm{.}50,000.],[5^{th}$ April,Purchased merchandise in cash Rs$\mathrm{.}54,000.],[6^{th}$ April,Purchased shoes on credit from Kamran of $35,000$ with terms $3/10,$ n$/30.],[6^{th}$ April,Sold merchandise on cash of Rs$\mathrm{.}50,000.],[8^{th}$ April,Sold goods to Atif on credit worth, Rs$\mathrm{.}25,000$ with credit terms $2/10,\frac{n}{20}.],[{10}^{th}$ April,Merchandise returned to Kamran $,$ amounting Rs$\mathrm{.}2,500.],[{11}^{th}$ April,Issued a cheque to Kamran for the outstanding amount and availed discount.$],[{14}^{th}$ April,Goods returned by Atif of Rs$\mathrm{.}2,000.],[{19}^{th}$ April,Received a cheque from Atif for the outstanding amount.$],[{20}^{th}$ April,$\backslash$table$[[$Purchased shoe rack from Habitt of Rs$\mathrm{.}10,000.$ Issued a cheque of Rs$\mathrm{.}4,000$ to Habitt.$],[$Outstanding amount will be paid in $3$ monthly installments of Rs$\mathrm{.}2,000$ each.$]]],[{23}^{rd}$ April,Withdraw cash from bank of Rs$\mathrm{.}55,000.],[{25}^{th}$ April,Purchased merchandise of Rs$\mathrm{.}25,000$ & issued a cheque for the purchase.$],[{28}^{th}$ April,Sold goods of Rs$\mathrm{.}30,000$ & received a cheque for the said amount.$],[{29}^{th}$ April,$\backslash$table$[[$Mr$.$ Rashid purchased a cell phone of Rs$\mathrm{.}15,000.$ He intends to present this cell phone to$],[$his son for his birthday on $1^{st}$ of May, $2011.]]],[{30}^{th}$ April,Paid salaries for office staff, Rs$\mathrm{.}35,000.],[{31}^{st}$ April,Paid rent for office, Rs$\mathrm{.}25,000.],[{31}^{st}$ April,Paid Insurance expense for April, Rs$\mathrm{.}20,000.],[{31}^{st}$ April,Invested additional cash in business Rs$\mathrm{.}10,000$ and machinery Rs$\mathrm{.}15,000.]]$

REQUIRED:

Prepare necessary General Journal entries of the transactions conducted by Mr$.$Rashid during month of April,$2011.$

Post necessary postings to General Ledger.

Prepare Trial Balance as on ${30}^{th}$ April, $2011.$

Prepare Income Statement

Prepare Balance Sheet