Q2: Perform the whole accounting cycle for the year of 2019 for Junaid Ltd. 1 Jan: Junaid places Rs 150,000 of his own money into the cash register for business use. 1 Jan: Junaid rents a small manufacturing facility for the whole year & pays Rs. 60,000 as 6 months of rent in advance 2 Feb: Junaid buys business insurance for the whole year & pays Rs. 30,000 as 6 months of insurance in advance 3 March: Junaid buys office supplies for Rs. 9,000 on term n/30 5 April: Junaid buys Rs. 15,000 of machinery, paying by cheque, & buys furniture for Rs. 10,000 on credit from Ammar & Sons. 6 May: PEL company pays Junaid Rs. 15,000 in advance for him to provide them with refrigeration repairing service for the next 3 months (providing service for each month costs Rs. 5,000) Q2 Continues 15 June: Junaid gets a bank loan for the amount of Rs 50,000, payable in 1 year, with an annual interest rate of 12%. 16 June: Junaid issue bonds to Kashif, Ahmed & Arif of Rs. 0.4 million, 0.5 million & 0.1 million respectively for 2 years with interest rate of 3% quarterly. Payment term of interest was once a year. 16 July: Junaid buys computer & printer at the sale price of Rs. 40,000, but paid only half in cash. 20 August: Junaid provided services for Rs. 20,000 for cash, & Rs. 25,000 on credit. 25 September: Junaid paid salary of Rs. 20,000 to his store worker on the last Friday of the month (his store worker earns Rs. 1,000 per day & does not work on Saturday & Sunday). 28 Oct: Junaid pays Ammar & Sons for the outstanding credit from March 5th. 30 Nov: Junaid draws Rs. 30,000 for himself 31 Dec: Junaid provided the repairing service for one month to PEL company 31 Dec: Few customers who bought on credit on August 20th sent in a cheque for Rs. 3,000 Q2 Continues Adjusting Entries Junaid had to provide some repairing service on Dec 30th. Those customers had not been billed for his service, yet. Junaid estimates his service will be billed for Rs. 10,000. Junaid estimates that he will get the following utilities bills for the utilities used in the year of 2019: Electricity bill for Rs. 14,000, Water bill for Rs. 12,000, & Natural gas bill for Rs. 7,500. Junaid counted his office supplies & figured out that he has Rs. 2,000 of supplies on hand. Junaid has opted to use straight-line depreciation method for all of his depreciating assets. He estimates that machinery & furniture will last for 10 years & office equipment will last for 5 years. Complete Accounting Cycle

Complete Accounting Cycle Solve in excel