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Question no. 2 Mr. Abid Raihan started his own business on January 1, 2021. The following transactions occurred during January - January 1 Mr. Abid
Question no. 2 Mr. Abid Raihan started his own business on January 1, 2021. The following transactions occurred during January - January 1 Mr. Abid invested Tk. 80,000 cash in the business. 3 Purchased supplies for Tk. 20,000, paying Tk. 15,000 in cash and the balance on Account. 10 Earned Tk. 35,000 for services performed: Tk. 22,000 cash received from customers and the balance is billed to customers. 15 Withdrew Tk. 4,800 cash for personal use. 17 Purchased equipment for cash Tk.46, 000. 22 Received Tk. 50,000 from City Bank Ltd. -money borrowed on a note payable. 30 Paid salaries Tk.3,200, advertising expense Tk. 800 and rent for January Tk. 5,300. 31 Received Tk.11,000 cash from customers previously billed on January 10. Instructions: i. Prepare a tabular analysis of the transactions for the month of January. [08] ii. Prepare an income statement for the month of January and a balance sheet for January 31, 2021. [02]
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