. ted during the Problem-37: Expended Accounting Equation-Service Concern. and the balan 5). ane. 1, 2016 Amanullah formed a business. The following transaction Occurred during the June. ransactions: ne " " F 1. Amanullah invested Tk. 15,000 cash in business. 287 ( 4. A horse stable and riding equipment were rented and paid for the month at a cost of Tk. 1.200. 8. Horse feed for the month was purchased for the month on credit Tk. 800. 22, Miscellaneous expenses of Tk. 600 for June were paid (to the supplier of various items and services). 24, The owner withdraw Tk. 500 for cash. 29, Land was purchased for use in the business by borrowing Tk. 40,000 by signing a note, the note is due to be repaid infive years with no interest. 30, Paid Salary Expenses Tk. 700. for the Month of June, 2016 30, Riding and lesson fees were billed in the amount of Tk. 2,400 to a riding Club. Whose members used the stable facilities. (This bill is due on July 10.) 30, Fees of Tk. 3,000 for the month were billed to the riding club, whose members were bounding their horses at the stable (This amount is due on July, 10.) Required: (a) Prepare a summary showing balance after each of the above transactions: Use columns headed cash. Accounts Receivable, Land, Account Payable, Notes Payable and Amanullah's Capital Determine balances after each transaction to show that basic equation is in balance. column Prepare a Income Statement Capital (c) Prepare a Balance Sheet as of June 30, 2016. anuary. Req: (a) Amanullah Summary of Transaction Tabular analysis of transaction = Liabilities Account +Notes +Amanullah + Revenue Payable Payable Capital Assets Date Cash +Accounts Receivable Land 2016 15.000 June 01 India v 4 15,000 -1.200 8 13.800 22 13.800 MO 800 800 Ab 600 24 13,200 800 -500 29 12,700 800 +40.000 40.000 Servia 30 12.700 -700 30 12.000 +40,000 +40,000 800 800 2.400 30 -2.400 12,000 +40.000 " 800 12.000 3.000 5.400 40.000 800 +40,000 -40,000 -40,000 40.000 Total 57,400 Amanullah Owner's Equity - Expense -Drawings Remarks 15.000 Initial investment -1200 Rent Expense -1.200 -800 Feed Expense -2.000 -600 M -2,600 -500 Drawings -2.600 -500 -2,600