Q1: Aslam & Co. is the famous dealer in the Wrist watches and Wall clocks. It deals in all type of imported and local products. The company started operating in August 2020. The transactions till September 30 are as follows: August 02: Business was commenced with initial capital of PKR.1, 000,000 and a Shop building worth PKR.500, 000. August 03: Bought furniture and fittings for the shop of PKR.250,000 from W manufacturers on account. August 04: Opened a bank account for business and deposited 800,000 rupees out of business cash. August 05: Ordered goods from Casio Co. worth PKR.200, 000. Title will be transferred when goods are received. August 07: Purchased Goods from C.K PKR.625, 000 and Rolex PKR.250, 000 on credit. August 08: Goods received from Citizen Co. and payment was made through cheque. Delivery charges PKR.2, 000 were also paid by cash. August 09: Sold goods on cash PKR. 15,000. August 10: Goods costing PKR.10, 000 returned to Calvin Klein. August 11: Purchased goods from: Chopard PKR.250, 000; Panera PKR. 305,000. On credit terms of 2, 20/n, 30. August 12: Paid insurance through cheque PKR. 25,000. August 14: Sold goods on credit to Mr.Waseem PKR.50, 000; Hussain & Co. PKR.70, 000. August 15: Paid advertising expenses through cheque PKR.20, 000. August 16: Purchased goods on credit from Omega PKR. 300,000; Bell & Ross PKR. 320,000; Zenith PKR.250, 000. August 20: Sold goods on cash PKR.220, 000. August 21: Cash deposited into bank PKR.200, 000. August 22: goods returned from Hussain & Co. PKR.5, 000. August 23: Purchased office supplies PKR.2,500 on cash. August 24: Received payment from Mr. Waseem and allowed 2% cash discount. August 25: Sold goods on credit to Mr. Waseem PKR.100, 000; Naveed dealers PKR. 150,000.

August 26: Sold goods on cash PKR. 120,000. And cheque was received. The same was deposited into bank on the same day. August 27: Goods returned to Zenith PKR.12, 500. August 29: Paid amount due from Panera by online transfer after deducting 2% discount. August 31: Paid utilities expenses PKR. 4,200 by cash. Required: 1. Record the transactions in respective books of prime entry. 2. Post in relevant ledgers. 3. Prepare trial balance as on August 31, 2020.