Following are the transaction of a company. a. Started business with cash Rs. 100,000 and bank balance Rs. 40,000. b. Purchased office equipment for…
BBS Financial Accounting and Analysis · 2083 · Solved Question with Answer
Following are the transaction of a company.
a. Started business with cash Rs. 100,000 and bank balance Rs. 40,000.
b. Purchased office equipment for Rs. 100,000 and paid 25% cash and balance through cheque.
c. Purchased merchandise goods for Rs. 50,000 on account.
d. Sold merchandise goods on account for Rs. 170,000.
e. Received a cheque from customer Rs. 145,000 in full settlement of Rs. 150,000.
f. Paid Rs. 45,000 to supplier by issuing a cheque after deducting 10% discount.
g. Rs. 12,000 was paid for insurance premium.
h. Paid electricity bill Rs. 15,000.
i. Paid office salary Rs. 20,000.
j. Rent paid in advance Rs. 15,000 through cheque.
Additional Information
a) Ending inventory Rs. 20000.
b) Office salary due Rs. 4000
c) Depreciation on office equipment @25%
Required:
a. Journal entries.
b. Triple column cash book.
c. Accounts receivable and payable account.
d. Adjusted trial balance.