Solution-Prepare the transactions in the general journal

Prepare the transactions in the general journal

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Reference no: EM132531900

Transactions of Nasir & Company are listed below:

a) Nasir the proprietor invested into the business cash Rs.10,000 and Furniture valued at Rs.6,000.

b) Purchased merchandise for cash Rs.6,000.

c) Purchased merchandise on credit from Khalid Rs.2,000.

d) Sold merchandise for cash Rs.8,000.

e) Sold merchandise on credit to Rashid Rs.4,000.

f) Returned merchandise to Khalid Rs.300.

g) Merchandise returned by Rashid Rs.200.

h) Paid shop rent Rs.150 in cash.

i) Opened current account with the bank with Rs.10,000.

j) Withdrew from the bank Rs.4,000 for private expenses of the proprietor.

REQUIRED

Question a) Record the above transactions in the General Journal.

Question b) Post the entries from General Journal into the ledger using T-accounts.

Question c) Balance the accounts and prepare pre-closing trial balance in proper form with complete title and column headings.

Reference no: EM132531900

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Prepare the transactions in the general journal

Reference no: EM132531900

Reference no: EM132531900

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