Question#1 . Dec 1. Mr. Kareem commenced business with the Capital of Rs.1000, 000/- cash. Dec 1. Business purchased equipment for Rs. 140, 000/- and made Rs. 40,000/- cash and issued 6 months notes payable for balance amount. Dec 2. Business purchased office furniture for Rs. 240,000 /- and paid Rs. 150,000/- in cash and balance to be paid in 30 days with useful life of 5 years. Dec 3. Business purchased office supplies on account from Flowers Inc., for Rs. 65000/-. Payment is due within 30 days. Dec 5. Business purchased computer systems for Rs. 100,000 from AP Computers and paid Rs. 20000 /- in cash. Balance amount to be paid in two equal installments on December 21, and January 10 next year. Dec 17. On December 17, 2020 the business found that a computer system was not working well that was purchased from AP Computer on account. Therefore, the company returned this system that costs Rs. 12500/-. Dec 21. Business paid first installment of computer system purchased from AP Computers. Dec 26. Mr. Kareem withdraws Rs. 10,000/- from business for personal use. . Dec. 29 Mr. Kareem redeposited amount Rs. 5000/- into business. Dec. 31. Paid half amount of notes payable. Required: . Make necessary Journal Entries Post entries to ledger accounts Extract a trial balance at 31st December, 2019 Prepare Balance Sheet for the month ended 31st December, 2019