Q.1.Karim start a merchandising business in Riyadh Kingdom of Saudi Arabia as on 1^st April 2017. Form the following information, find out net income for Karim merchandising Company as on 31 march 2018.

Net sales during the period= 1275455

Cost of goods sold= 945276

Operating Expenses 111875

Other expenses during the period = 24536

Q2. Journalize the following transactions in the books of. Abrar & Com ltd

2017, Oct. 1Received cash from Maben 75,000 S.R.

2017, Oct .7Paid cash to Saeed 45,000 S.R.

2017, Oct. 10 Bought goods for cash 27,000 S.R.

2017, Oct. 12 Bought goods on credit from David 48,000 S.R.

2017, Oct. 15 Sold goods for cash 70,000 S.R.

Ans.....

Q.3. Show the accounting equation on the basis of the following transactions.

SR.

i. Rahim started business with cash25,000

ii. Purchased goods from Shoeb on credit20,000

iii. Sold goods to Amla costing SR.18, 00025,000

iv. Rahim withdrew from business5,000