Question #1: Alison & Co is a car manufacturing company and has made following transactions for the Month of August 2019. Aug 1: Issued 1,000,000 shares for Rs 100 per share. Aug 2: Paid advance rent of Rs 80,000 for 4 months. Aug 3: Purchased equipment of Rs 400,000 paying half and issuing note payable for the half. Equipment is depreciated over 120 months. Aug 5: Purchased automobiles on account for Rs 1800000. Aug 9: Paid Rs 70000 for Promotion and Advertising expense. Aug 12: Purchased insurance for Rs 40000 for 2 months. Aug 15: Sold 3 cars of cost 1550000 for Rs 2100,000. The company received Rs 1400000 while another amount is due in 30days. advance Aug 20: Received payment for two cars amounting Rs 1000000. Aug 29: Paid salaries amounting Rs 450000. Aug 30: Declared and Paid dividend of Rs 20,00,000. A: Journalize, post entries to ledger accounts and make Trial Balance. 3 B: As Alison & Co passes adjusting entries after every month. Pass necessary adjusting entries for the month of August. C: Prepare Adjusted Trial Balance Dated Aug,31,2019. D:Prepare an Income Statement and Statement of Retained Earnings for the Month of Aug,2019. Also prepare company's Balance Sheet dated Aug,31,2019. E: Prepare necessary closing entries and prepare after-closing trial balance. r Z A's S