On 1-1-2012, Mr. A started business (named as A. Enterprises) of dealing in electric fans by investing Rs. 800000 from…
On 1-1-2012, Mr. A started business (named as A. Enterprises) of dealing in electric fans by investing Rs. 800000 from his personal estate. The other transactions of business for the first month/Accounting period were as under:
1-1-2012 paid rent of office Rs. 20000.
2-1-2012, purchased furniture from Bhatti Furniture’s for cash Rs.100000.
3-1-2012, purchased 2 computers from Chishti Computers @ Rs. 30000 and paid cash Rs. 50000.
5-1-2012, borrowed from MCB Rs. 100000 at 40paisa/day/Rs.1000 outstanding loan where interest is to be paid annually while principal is payable in lump-sum after 3 years from now.
10-1-2012, purchased office supplies for cash Rs. 2000..
22-1-2012, purchased 20 electric fans from National Electronics @ Rs. 1000 each for cash, paid Rs. 200 transportation and Rs. 100 tax/duty on such fans.
24-1-2012, sold 15 fans to Data Fans @ Rs. 1500 each for cash.
25-1-2012, purchased TV from ABC Brothers for Rs. 10000 and paid Rs. 2000 cash..
26-1-2012, paid accounts payable of 25-1-2002..
31-1-2012, paid telephone charges Rs. 2000 and petty cash charges Rs. 1000 for this month..
1-1-2012 paid rent of office Rs. 20000.
2-1-2012, purchased furniture from Bhatti Furniture’s for cash Rs.100000.
3-1-2012, purchased 2 computers from Chishti Computers @ Rs. 30000 and paid cash Rs. 50000.
5-1-2012, borrowed from MCB Rs. 100000 at 40paisa/day/Rs.1000 outstanding loan where interest is to be paid annually while principal is payable in lump-sum after 3 years from now.
10-1-2012, purchased office supplies for cash Rs. 2000..
22-1-2012, purchased 20 electric fans from National Electronics @ Rs. 1000 each for cash, paid Rs. 200 transportation and Rs. 100 tax/duty on such fans.
24-1-2012, sold 15 fans to Data Fans @ Rs. 1500 each for cash.
25-1-2012, purchased TV from ABC Brothers for Rs. 10000 and paid Rs. 2000 cash..
26-1-2012, paid accounts payable of 25-1-2002..
31-1-2012, paid telephone charges Rs. 2000 and petty cash charges Rs. 1000 for this month..
Following were the adjustments for this month:
1. Un-expired rent = Rs. 15000 2- Supplies expired = Rs. 1200 3. Accrued electricity bill Rs. 1400, 4. Salary outstanding = Rs. 1000 5. Depreciate furniture for Rs. 200 and TV for Rs. 50.
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Order Paper NowRequired: Make journal, ledger, un-adjusted trial balance, adjusting entries, adjusted trial balance, income statement, balance sheet, closing entries, post-closing trial balance and work sheet for case no.1.
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