question archive How to prepare a journal, ledger and trial balance from the following ? 1st Quarter (July-September) On 1st July cash invested into the business for Rs 3,000,000
How to prepare a journal, ledger and trial balance from the following ? 1st Quarter (July-September) On 1st July cash invested into the business for Rs 3,000,000
Subject:AccountingPrice: Bought3
How to prepare a journal, ledger and trial balance from the following ?
1st Quarter (July-September)
On 1st July cash invested into the business for Rs 3,000,000. On 10th July rent paid for Rs 30,000. On 15th July rent of workshop paid Rs 45,000. On 18th July machinery was purchased from Mr. Bilal & Company for Rs 100,000 in which 50,000 paid. On 25th July cloth and other raw material was purchased for Rs 50,000. On 7th August, Salaries paid to workers for Rs 20,000. On 18th August, furniture was purchased for Rs 50,000 from Mr. Tufail & Sons on credit basis. On 9th August dresses sold for Rs 70,000. On 26th September, telephone bill paid for Rs 5,000. On 30th September, electricity bill paid Rs 20,000.
2nd Quarter (October-December)
On 5th October, Bank account was opened for Rs 40,000. On 15th October, salaries paid for Rs 20,000. On 23rd October, Sales return of Rs 15,000. On 30th October, raw material was purchased from Mr. Ali for Rs 30,000 in which 20,000 paid. On 5th November, purchase return of Rs 5,000. On 13th November, Sales were made for Rs 100,000. On 20th November, dresses sold to Mr. Munir of Rs 30,000 on credit basis. On 8th December, rent of boutique was paid for Rs 30,000. On 15th December, rent of workshop paid for Rs 45,000. On 25th December, Rs 21,000 electricity bill paid. On 30th December, telephone bill paid Rs 3,000.
3rd Quarter (January-March)
On 7th January, Rs 15,000 sold on credit basis to Mr. Mohib. On 17th January, cheque of Rs 28,000 received from Mr. Munir in full settlement of their account. On 30th January, salaries paid for Rs 20,000. On 12th February, cheque paid of Rs 9,000 to Mr. Ali in full settlement of his account. On 26th February sales was made for Rs 200,000. On 15th March, rent of workshop paid Rs 45,000. On 20th March, rent of boutique paid Rs 30,000. On 25th March, electricity bill paid for Rs 25,000. On 30th March, telephone bill paid for Rs 4,000.
4th Quarter (April-June)
On 5th April, raw material was purchased for Rs 80,000. On 19th April, sales were made for 250,000. On 30th April, salaries paid for Rs 20,000. On 7th May, Rs 45,000 paid to Bilal & Sons in full settlement of their account. On 17th May, sales return of Rs 9,000. On 9th June, rent of boutique paid Rs 30,000. On 19th June, rent of workshop paid Rs 45,000. On 25th June electricity bill paid Rs 35,000. On 30th June telephone bill paid Rs 3,500.
