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  • Accounting for business transactions and preparing trial balance

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    akyadav123
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    The document describes transactions for two businesses - a sole proprietorship that commenced operations on January 1, 2018 with cash and computer equipment, and subsequently purchased furniture, raw materials, advertising, and paid expenses. The second business, Just Rolling Along Inc., was organized on May 1, 2012 by two owners who purchased equipment and supplies to rent bicycles and skates, paid fees and wages, and received rental income in its first month of operations.

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    Lab Work Excel

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    CBFA Lab Work

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    The document describes transactions for two businesses - a sole proprietorship that commenced operations on January 1, 2018 with cash and computer equipment, and subsequently purchased furniture, raw materials, advertising, and paid expenses. The second business, Just Rolling Along Inc., was organized on May 1, 2012 by two owners who purchased equipment and supplies to rent bicycles and skates, paid fees and wages, and received rental income in its first month of operations.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    85 vizualizări1 pagină

    Accounting for business transactions and preparing trial balance

    Încărcat de

    akyadav123
    The document describes transactions for two businesses - a sole proprietorship that commenced operations on January 1, 2018 with cash and computer equipment, and subsequently purchased furniture, raw materials, advertising, and paid expenses. The second business, Just Rolling Along Inc., was organized on May 1, 2012 by two owners who purchased equipment and supplies to rent bicycles and skates, paid fees and wages, and received rental income in its first month of operations.

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 1

    1.

    Prepare necessary accounting equations of the following transactions in the given format to show
    their effect on assets, liabilities and capital.
    Jan 1,2018 Commenced business with cash Rs 60,00,000, computer Rs 5,00,000.

    Jan 3,2018 Deposited into Standard Chartered bank Rs 20,00,000 and Nepal Bank Ltd Rs 20,00,000.

    Jan 7,2018 Furniture purchased for Rs 5,00,000 and cash paid Rs 2,00,000
    Jan 10,2018 Purchased raw material for Rs 15,00,000 and cheque of standard chartered bank paid.

    Jan 15,2018 Goods sold for Rs 10,00,000.

    Jan 20,2018 Advertisement Rs 25,000, commission Rs 10,000 and internet expenses Rs 25,000 paid
    by Nepal bank Ltd. cheque.

    Jan 25,2018 Remaining balance due on computer paid by Standard bank cheque.

    Jan 30, 2018 Rent paid Rs 44,000.

    2. Just Rolling Along Inc, was organized on May 1, 2012,


    by two college students who recognized an
    opportunity to make money while spending their days at a beach Lake Michigan, The two
    entrepreneurs plan to rent bicycles and in-line skates to weekend visitors the lakefront. The
    following transactions occurred during the first month of operations.
    May 1: Received contributions of Rs 9,000 from each of the two principal owners of the new
    business in exchange for shares of stock.
    May 1: Purchased ten bicycles for Rs 300 each on an open account. The company has 30 days
    to pay for the bicycles.
    May 5: Registered as a vendor with the city and paid the Rs 15monthly fee.
    May 9: Purchased 20 pairs of in-line skates at Rs 125 per pair, 20 helmets at Rs 50 each, at 20 sets
    of protective gear (knee and elbow pads and wrist guards) at Rs 45 per set for cash.
    May 10: Purchased Rs 100 in miscellaneous supplies on account. The company has 30 days to pay
    for the supplies.
    May 15: Paid Rs 125 bill for local radio station for advertising for the last two weeks of May.
    May 17: Customers rented in-line skates and bicycles for cash of Rs 1,800.
    May 30: Customers rented in-line skates and bicycle for cash of Rs 3000.
    May 30: Paid wages of Rs 160 to a friend who helped over the weekend.
    May 31: Paid the balance due on the bicycle.

    Required
    i) Journal Entries
    ii) Necessary Ledger A/c
    iii) Trial Balance

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