Q.1 GENERAL-JOURNAL
The following transaction were completed by Mr. Shahid and a sole trader during the month of January 1988. January 01: Invest Cash Rs. 80,000 in the business. 05: Purchased shop from Mr. Qazi for Rs. 40,000 paying him Rs. 15,000 cash and the balance on credit. 12: Purchased on land for cash Rs. 25,000. 15: Sold part of land costing Rs. 10,000 to Mr. Wazir on account. 20: Purchased Office Equipment for Rs. 7,500 from fine Equipment on account. 28: Received the above transactions in the General Journal giving explanation below each entry. Q.2 GENERAL-JOURNAL
The following transactions were completed by Jan and Company a sole so le trader,during the month of January 1996: January: 1: Commenced business with an investment invest ment of cash Rs. 50,000 and merchandise worth Rs. 40,000. 2: Purchased merchandise on account from Naeem and Co. for Rs. 30,000 and paid carriage thereon Rs. 400. 4: Purchased Shop Furniture for Cash Rs. 4,000. 5: Withdrew merchandise worth Rs. 400 and cash Rs. 500 for personal use. 8: Cash sales for the day Rs. 6,000. 15: Purchased Sales Supplies for cash Rs. 800. 20: Paid insurance expense in cash Rs. 1,000. 22: Sold merchandise on account to Munim Rs. 8,000. 23: Munim returned defective goods worth Rs. 700. 24: Paid Rent expense in cash Rs. 1,000. 29: Paid to Naeem on account cash Rs. 15,000. 30: Received cash from Munim on account Rs. 4,000. 31: Paid for salaries expense Rs. 1,000 cash. Q.3 GENERAL-JOURNA GENERAL-JOURNAL L
The following are some of the transactions of Haqqani Store for the month of January 1998: January 01: Haqqani invested Rs. 2,80,000 cash for his business. Jan 01: purchased shop building for cash Rs. 1,00,000. Jan 02: Purchased shop furniture for cash Rs. 20,000. Jan 04: Purchased merchandise for cash Rs. 15,000. Jan 05: Paid transporting expense Rs. 150. Jan 07: Purchased merchandise on account from (Jamali and Sons) Rs. 17,800 and paid transport Rs. 160. Jan 10: Sold merchandise for cash Rs. 14,350. Jan 13: Sold merchandise on account to (Patel and Co.) Rs. 8,500. Jan 16: Purchased shop equipment for cash Rs. 8,000.
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Jan 19: Paid for merchandise purchased Rs. 13,600. Jan 22: Received on account of cash sales Rs. 4,500. Jan 26: Paid for transporting Rs. 120. Jan 27: Received cash from (Patel and Co.) Rs. 5,000. Jan 28: Paid cash to (Jamali and Sons) Rs. 15,000. Jan 30: Paid salaries to employees for the month Rs. 4,500. Q.4 GENERAL-JOURNAL
business was started on March 1, 2001 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. March 12: Purchased furniture on acco unt Rs. 5,000. March 18: Sold merchandise for cash Rs. 20,000. March 20: Paid to suppliers Rs. 10,000. March 25: Sold merchandise on account Rs. 5,000. March 30: Paid rent for the month Rs. 1,500. A
REQUIRED a) Record the above transactions in the General Journal. Q.5 GENERAL-JOURNAL During
the month of March of the current Year Mr.Zia,a bussiness consultant completed the following transactions: (20) March 1. Zia started his business with the cash investment of Rs. 25,000. March 2. Bought Rs. 6,000 supplies for his office. March 3. Paid Rs. 6,000 supplies for his office. March 5. Purchased office equipment for Rs. 12,000.This amount was to be paid in three equal installments at the end of March,April, and May. March 16. Receipt from consultation service was Rs. 8,250. March 30. Payment of salary to t he assistant was Rs. 3,600. March 31. Paid the first installments on equipment. March 31. Receipt from the service rendered d uring the last two weeks ended March 31,amounted to Rs. 9,300. March 31. Zia withdrew Rs. 8,000 cash for his personal use. Required Prepare General Journal entries to record the above transactions ,giving explanation below each entry.
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