Q No 1 Use following title of accounts to complete journal entries of given transactions Mr A deposited into bank Rs 50,000 to start a business Paid rent for three months at Rs 2500 per month Bought office equipment from B Co for Rs 10000, paid to them Rs 3000 and promised to pay the balance after two months Rendered services to clients and received cash Rs 5000 Purchase supplies for cash Rs 400 Paid salaries to staff Rs 5400 Bought furniture for Rs 3200,paid to K Co Rs 1200 and promised to pay balance after one month Withdrew cash for personal use Rs 3000 Billed to Nasir for services rendered Rs 12500 Received from Nasir Rs 5000 INSTRUCTION A Prepare journal entries Q No 2 Mr Ahmed invested cash Rs 125,000 Bought merchandise for cash Rs 20000 Paid rent for the month Rs 5000 Purchase office supplies for Rs 1500 Sold goods for cash Rs 5000 Purchase goods on credit from Nasir Ali Rs 10000 Paid salaries to office staff Rs 12500 Paid to Nasir Ali Rs 3500 Sold goods on credit to Abid Rs 15000 Merchandise return to Nasir Ali Rs 250 Goods were returned by Abid Rs 750 Withdrew cash for personal use Rs 1000 Sold old machine at Rs 500 INSTRUCTION A Prepare journal entries Q No 3 In July 2005, Nasir Jamal started business and completed following transactions July 1 He deposited $ 165,000 cash in a business bank account (use cash as title) July 2 Purchased equipment for $ 55,000 from ABC Co paid $20,000 and balance will be paid after three month July 7 Paid rent for three months $ 1500 July 12 Purchase goods on credit from Khan Co $ 1200 July 17 Paid salaries to staff $ 2500 July 20 Paid to Khan Co $ 700 July 23 Paid insurance $ 400 July 27 Nasir withdrew $ 1500 cash from the business for personal use INSTRUCTION A Prepare journal entries Q NO 4 Khalid invested in business cash Rs 40000, office equipment Rs 60,000 Purchase merchandise for cash Rs 6000 Purchase goods on credit from Zahid Rs 10000 Sold merchandise on credit to Amir Rs 10000 Paid rent expense Rs 600 Sold merchandise for cash Rs 3500 Earned commission Rs 10000 Purchase supplies on credit from Aleem Rs 800 Paid traveling expense Rs 650 Sold merchandise to Mr Kareem Rs 4000 on credit Khalid withdrew cash for personal use Rs 3000 Rendered services to client and received commission Rs 2000 Paid insurance for the month Rs 500 INSTRUCTION A Prepare journal entries Q NO 5 Khalid invested in business Rs 40000, Furniture Rs 24,000, equipment Rs 15000 Purchase merchandise for cash Rs 6000 Purchase office stationary for Rs 2000 Purchase goods on credit from Zahid Rs 10000 Sold merchandise on credit to Amir Rs 10000 Paid rent expense Rs 600 Sold merchandise for cash Rs 3500 Billed to Mr Bilal for service rendered Rs 10000 Purchase supplies on credit from Aleem Rs 800 Paid traveling expense Rs 650 Sold merchandise to Mr Kareem Rs 4000 on credit Received cash from Mr Kareem Rs 1500 Khalid withdrew cash for personal use Rs 3000 Paid insurance for the month Rs 500 Received cash from Mr Bilal Rs 8000 INSTRUCTION A Prepare journal entries Q 6 Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors The following amounts summarize the financial position of her business on August 31, 20X2 During September 20X2, the following events occurred Ingersoll inherited $20,000 and deposited the cash in the business bank account Performed services for a client and received cash of $700 Paid off the beginning balance of accounts payable Purchased supplies on account, $1,000 Collected cash from a customer on account, $1,000 Invested personal cash of $1,000 in the business Consulted on the interior design of a major office building and billed the client for services rendered, $2,400 Recorded the following business expenses for the month Paid office rent, $900 Paid advertising, $100 Sold supplies to another business for $150 cash, which was the cost of the supplies Withdrew cash of $1,100 for personal use Required Prepare General Journal entries of above transactions Q 7 Following transactions were completed by Mr khalid during the month of July,02 July 1 Khalid invested in business cash Rs 55000 , office supplies Rs 1500, office equipment Rs 45000 July3 Obtained loan from bank Rs 100,000 July 5 Purchase office equipment from Karim Co for Rs 25000 and paid Rs 12000 July 10 Paid rent for office premises in advance for three moths Rs 3000 per month July 12 Purchase goods on credit from ABC Co Rs 25000 July 15 Sold merchandise to Kashif Rs 5000 July 16 Paid salaries Rs 4500 July 20 Paid to Karim Rs 2000 July 23 Received form Kashif Rs 1500 July 25 Paid to ABC Co Rs 3000 July 27 Paid installment of bank loan Rs 5000 July 30 Paid advertising expense Rs 3000 INSTRUCTION Prepare journal entries Q 8 Recording transactions directly in the ledger, preparing a trial balance Ken Mazanec obtained a corporate charter form the state of Pennsylvania and started a cable television service During the first month of operations Mazanec completed the following selected transactions Mazanec began the business with an investment of $30,000 cash and a building valued at $50,000 The corporation issued common stock to Mazanec Borrowed $25,000 from the bank, signed a note payable Paid $32,000 for transmitting equipment Purchased office supplies on account, $400 Paid employee salary, $1,300 Received $500 for cable TV service performed for customers Sold cable service to customers on account, $2,300 Paid $100 of the account payable created in d Received a $600 bill for utility expense that will be paid in the near future Received cash on account, $1,100 Paid the following cash expense Rent on land, $1,000 Advertising, $800 Declared and paid dividends of $2,600 Required Prepare General Journal entries of above transactions

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Q No.1 Use following title of accounts to complete journal entries of given transactions. Mr.A deposited into bank Rs.50,000 to start a business Paid rent

Q No.1 Use following title of accounts to complete journal entries of given transactions.

Mr.A deposited into bank Rs.50,000 to start a business
Paid rent for three months at Rs.2500 per month
Bought office equipment from B&Co. for Rs. 10000, paid to them Rs.3000 and promised to pay the balance after two months.
Rendered services to clients and received cash Rs. 5000
Purchase supplies for cash Rs. 400
Paid salaries to staff Rs. 5400
Bought furniture for Rs. 3200,paid to K&Co. Rs.1200 and promised to pay balance after one month
Withdrew cash for personal use Rs. 3000
Billed to Nasir for services rendered Rs. 12500
Received from Nasir Rs.5000

INSTRUCTION

A: Prepare journal entries

Q No.2 Mr. Ahmed invested cash Rs. 125,000

Bought merchandise for cash Rs.20000
Paid rent for the month Rs.5000
Purchase office supplies for Rs.1500
Sold goods for cash Rs.5000
Purchase goods on credit from Nasir Ali Rs.10000
Paid salaries to office staff Rs. 12500
Paid to Nasir Ali Rs.3500
Sold goods on credit to Abid Rs.15000
Merchandise return to Nasir Ali Rs.250
Goods were returned by Abid Rs.750
Withdrew cash for personal use Rs.1000
Sold old machine at Rs.500

INSTRUCTION

A: Prepare journal entries

Q No.3

In July 2005, Nasir Jamal started business and completed following transactions.

July 1 He deposited $ 165,000 cash in a business bank account.(use cash as title)

July 2 Purchased equipment for $ 55,000 from ABC Co. paid $20,000 and

balance will be paid after three month.

July 7 Paid rent for three months $ 1500

July 12 Purchase goods on credit from Khan & Co. $ 1200

July 17 Paid salaries to staff $ 2500

July 20 Paid to Khan & Co.$ 700

July 23 Paid insurance $ 400

July 27 Nasir withdrew $ 1500 cash from the business for personal use

INSTRUCTION

A: Prepare journal entries

Q. NO. 4

Khalid invested in business cash Rs.40000, office equipment Rs.60,000
Purchase merchandise for cash Rs. 6000
Purchase goods on credit from Zahid Rs.10000
Sold merchandise on credit to Amir Rs.10000
Paid rent expense Rs.600
Sold merchandise for cash Rs. 3500
Earned commission Rs. 10000
Purchase supplies on credit from Aleem Rs. 800
Paid traveling expense Rs. 650
Sold merchandise to Mr. Kareem Rs. 4000 on credit.
Khalid withdrew cash for personal use Rs. 3000
Rendered services to client and received commission Rs. 2000
Paid insurance for the month Rs. 500

INSTRUCTION

A: Prepare journal entries

Q. NO. 5

Khalid invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000
Purchase merchandise for cash Rs. 6000
Purchase office stationary for Rs.2000
Purchase goods on credit from Zahid Rs.10000
Sold merchandise on credit to Amir Rs.10000
Paid rent expense Rs.600
Sold merchandise for cash Rs. 3500
Billed to Mr. Bilal for service rendered Rs. 10000
Purchase supplies on credit from Aleem Rs. 800
Paid traveling expense Rs. 650
Sold merchandise to Mr. Kareem Rs. 4000 on credit.
Received cash from Mr. Kareem Rs.1500
Khalid withdrew cash for personal use Rs. 3000
Paid insurance for the month Rs. 500
Received cash from Mr. Bilal Rs.8000

INSTRUCTION

A: Prepare journal entries

Q-6 Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors. The following amounts summarize the financial position of her business on August 31, 20X2:

During September 20X2, the following events occurred.

Ingersoll inherited $20,000 and deposited the cash in the business bank account.
Performed services for a client and received cash of $700.
Paid off the beginning balance of accounts payable.
Purchased supplies on account, $1,000.
Collected cash from a customer on account, $1,000.
Invested personal cash of $1,000 in the business.
Consulted on the interior design of a major office building and billed the client for services rendered, $2,400.
Recorded the following business expenses for the month:
1. Paid office rent, $900.
2. Paid advertising, $100.
Sold supplies to another business for $150 cash, which was the cost of the supplies.
Withdrew cash of $1,100 for personal use.

Required

Prepare General Journal entries of above transactions.

Q -7 Following transactions were completed by Mr.khalid during the month of July,02.

July 1: Khalid invested in business cash Rs.55000 , office supplies Rs.1500, office

equipment Rs.45000

July3: Obtained loan from bank Rs.100,000

July 5: Purchase office equipment from Karim &Co. for Rs.25000 and paid Rs.12000

July 10: Paid rent for office premises in advance for three moths Rs.3000 per month.

July 12: Purchase goods on credit from ABC & Co. Rs 25000

July 15: Sold merchandise to Kashif Rs.5000

July 16 Paid salaries Rs.4500

July 20: Paid to Karim Rs.2000

July 23: Received form Kashif Rs.1500

July 25: Paid to ABC & Co. Rs.3000

July 27: Paid installment of bank loan Rs 5000

July 30: Paid advertising expense Rs 3000

INSTRUCTION

Prepare journal entries

Q-8 Recording transactions directly in the ledger, preparing a trial balance

Ken Mazanec obtained a corporate charter form the state of Pennsylvania and started a cable television service. During the first month of operations Mazanec completed the following selected transactions:

Mazanec began the business with an investment of $30,000 cash and a building valued at $50,000. The corporation issued common stock to Mazanec.
Borrowed $25,000 from the bank, signed a note payable.
Paid $32,000 for transmitting equipment.
Purchased office supplies on account, $400.
Paid employee salary, $1,300.
Received $500 for cable TV service performed for customers.
Sold cable service to customers on account, $2,300.
Paid $100 of the account payable created in d.
Received a $600 bill for utility expense that will be paid in the near future.
Received cash on account, $1,100.
Paid the following cash expense:
1. Rent on land, $1,000
2. Advertising, $800.
Declared and paid dividends of $2,600.