Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1 . Investment of funds by the proprietor into the
Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows:
Investment of funds by the proprietor into the business.
Rented a place for shop and paid refundable deposit.
Purchased furniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL
Purchased garments for sale on credit.
Bought a new computer for the use of business and paid through cheque.
Paid amount due to furniture vendor.
Availed bank loan for the business.
Received amount due from customer.
Cash withdrawn by the proprietor for personal purposes.
Received advance cash towards order of garments, to be supplied next month.
Bills raised for which amount was to be received.
Cash purchases of items of stationery.
Some chairs were found defective and returned to the vendor. Vendor returned the cash immediately.
Payment for utilities.
Placed order for purchase of new stock of garments.
Using the format given below, state weather each transaction resulted in increase or decrease or had no effect
on the companys assets, liabilities and equity. Write in detail what increases, what decreases and then the net
effect on assets, liabilities and equity..
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started