Q3: In July 2005, Nasir Jamal started business and completed following transactions. Prepare General Journal entries for each business transaction.

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 andbalance 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.

Required Prepaid General Journal .

Q No.4 For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: a. Increase an asset and increase a liability. b. Increase one asset and decrease another asset. c. Decrease an asset and decrease owner's equity. d. Decrease an asset and decrease a liability. e. Increase an asset and increase owner's equity

No.5 Compute the missing amount in the accounting equation for each entity:

Assets Liability Owners Equity

Company A Rs. ? Rs.61,800 Rs.34,400

Company B 65,900 ? 34,400

Company C 81,700 79,800 ?