Answer to Question #178358 in Economics for Tayyaba

Question

A business was started on March 1, 2020 with the investment of cash Rs. 50,000

and office equipment worth Rs. 50,000 and the following transactions were completed

during the month:

March 2 : Purchased merchandise for cash Rs. 25,000 and on account Rs. 15,000.

March 3 : Purchased office supplies for cash Rs. 2,000 and on account Rs. 7,000

March 12: Purchased furniture on account Rs. 5,000.

March 18: Sold merchandise for cash Rs. 20,000 and on account Rs. 15,000

March 20: Paid to suppliers Rs. 10,000 after discount Rs. 1,000

March 30: Paid rent for the month Rs. 1,500.

REQUIRED:

a) Record the above transactions in the General Journal.

b) Post the transactions to "T" accounts.

c) Balance the accounts and prepare a trial balance

Answer 1

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