Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The below information is related to the business of Abbas Traders during the month of March Dates 1 Started business with Rs. 30,000 through cash
The below information is related to the business of Abbas Traders during the month of March Dates 1 Started business with Rs. 30,000 through cash 2 Borrowed Rs.40,000 from bank to purchase a van. 5 Buys office equipment for Rs. 5,000 in cash. 6 Purchases inventory for Rs.18,000 on credit. 7 Pays Rs.10,000 to Supplier for inventory purchases 9 Sells inventory for cash of Rs.12,000 10 Sells inventory on credit for Rs. 9,000 12 Repays loan of Rs. 10,000 13 Pays Rs.6,000 to supplier 15 Receives Rs.8,000 from customer against credit sales made on 10th March. a) Prepare Journal entries for the above transactions (5) b) Prepare ( T-accounts)
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