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  • FA 1 Journal

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    Ali
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    The document records various business transactions from June 1-23 including starting the business with cash and furniture, purchasing goods and machinery, selling goods to customers, returning defective goods, and paying various expenses like transportation, commission, advertisement, and rent. It provides the information needed to prepare the journal, ledger, trial balance, income statement, and balance sheet for the business over that period.

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    The document records various business transactions from June 1-23 including starting the business with cash and furniture, purchasing goods and machinery, selling goods to customers, returning defective goods, and paying various expenses like transportation, commission, advertisement, and rent. It provides the information needed to prepare the journal, ledger, trial balance, income statement, and balance sheet for the business over that period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views1 page

    FA 1 Journal

    Uploaded by

    Ali
    The document records various business transactions from June 1-23 including starting the business with cash and furniture, purchasing goods and machinery, selling goods to customers, returning defective goods, and paying various expenses like transportation, commission, advertisement, and rent. It provides the information needed to prepare the journal, ledger, trial balance, income statement, and balance sheet for the business over that period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Enter the following in the Journal, Make ledger, and prepare Trial Balance, Income Statement and

    Balance sheet.

    June 01.Started business with cash $250,000 and Furniture $3,000

    June 02.Purchased goods of $100,000 from Mr. Akram on account with 2/10-n/30.

    June 03. Purchased Machinery on Cash $10,000.

    June 05. Paid cash $500 for transportation expenses

    June 10. Defective goods returned to Mr. Akram of $10,000

    June 11. Paid cash to Mr. Akram for the goods purchased on June 02.

    June 12. Sold goods to Mr. Ali of 20,000 on cash

    June 13. Defective goods returned by Mr. Ali

    June 15. Sold goods to Mr. Mahmood of $60,000 on 2/10-n/30

    June 20. Received cash from Mr. Mahmood for the goods sold

    June 21. Paid cash for commission expenses $800

    June 22. Paid cash for advertisement expenses $1500

    June 23. Paid cash for rent expenses $500

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