Q No.14 In July 2005, Nasir Jamal started business and completed following transactions

July 1 He deposited Rs. 165,000 cash in a business bank account.(use cash as title) July 2 Purchased equipment for Rs. 55,000 from ABC Co. paid Rs.20,000 and balance will be paid after three month July 7 Paid rent for three months Rs. 1500 July 12 Purchase goods on credit from Khan & Co. Rs. 1200 July 17 Paid salaries to staff Rs. 2500 July 20 Paid to Khan &Co.Rs. 700 July 23 Paid insurance Rs. 400 July 27 Nasir withdrew Rs. 1500 cash from the business for personal use

INSTRUCTION a. Prepare journal entries b. Post to ledger accounts c. Prepare trial balance at July 31,2015