Comprehensive Question Business Cycle (On Jan 1. 20-2008 Me. Arshad organized a business a business Call Stars Renal forthe umes of oneratiny an equipment renal yard, The new business was able wo buyin operations jinatiately by purchasing the assets und aking over the lotion of Rent lan quparene ‘ental company that was going out of business the end of 2018 the Balance sheet of Stars Rem shown below joa ea : is aa oe ae |e =~ —— | a as es enn a noe stom | ome sareay | (9m ‘curse Dept by | mosey (sa | aoa aa76000| gues [3,575,000 | {ic company closes its accounts and prepare financial statement at the end of each month «luring September the company-eenered into the fellowing transactions Sanassey.t sha deposited Rs, 100,000 cash in a bank acount in the name of the busines, Stars Renal Junuary.t {aid Rs 9.000 to Sony Trader as theee mnths advance rent on the rental yard and ottice fonnerly gecupied by Rent Januaey.t Parcs For Rs-180,000 al the equipment formerly owned by Rentit Paid Rs.70,000 Cash ‘and issued a one yeur note payable for Rs.110,000 plus interest atthe annual nae op doe Januaryt Purchased office supplies on account fiom Mabikah Company Rs 1 stays, January 8 {facited Rs. 10,000 ash from Indus Motors as avane payment on rental eyuipment January. 12 Pid salaries for the first two weeks in September, Rs3,600) January.t3 I eaang the Indus Motors advance, equipment renal fees earned during the fst 1S days ot September amounted to Rs6,100 of which Rs. 5,300 was recived in Cag January.) jafchasel on account form Tala enterprise R340 i pats needed repair Payment is due in 1 days. January.23 Collected 88.210 ofthe accounts receivable recorded on September 15 Juauury 25 tejatl teklioe to National company aa prge of Rs. 10000 per day to he paid when the eciloe is retuned. National Lid Company expects to keep the backhoe foratous to ihre