Following are the transaction of a company:a. Started business with cash Rs.1,000,000.b. Deposited into bank Rs.300,000c. Paid rent in advance…
BBS Financial Accounting and Analysis · 2081 · Solved Question with Answer
Following are the transaction of a company:a. Started business with cash Rs.1,000,000.b. Deposited into bank Rs.300,000c. Paid rent in advance Rs.52,000d. Sold merchandise goods for Rs.400,000 on account.e. Purchased merchandise goods for Rs.200,000 on accountf. Pre paid insurance paid Rs.12,000g. Received Rs.380,000 after deduction of 5% discount from the customers.h. Paid Rs.190,000 in full settlement by cheque.i. Paid electricity bill Rs.8,000.j. Paid office salary Rs.36,000 by issuing cheque.Additional Informationa) Unsold stock recorded at Rs.20,000.b) Salary remain unpaid Rs.4,000.c) Insurance premium expired Rs.8,000Required:a. Journal entries for above transactions [6]b. T accounts (ledger) for accounts receivable and accounts payable [2]c. Triple column cash book [4]d. Adjusted Trial balance [3]