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Transactions on the assets-liabilities

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Reference no: EM13145002

Required: Show the effects of the below transactions on the assets, liabilities and owner's equity.

1995

Jan

1. Ali started a business with cash Rs. 50000.

5. Purchased office furniture for cash Rs. 2,000.

7. Purchased merchandise for cash Rs. 9,000.

10. Paid carriage on purchase of merchandise Rs. 250.

12. Purchased merchandise from Hassan for Rs. 7,000.

13. Sold merchandise for cash Rs. 12,000 costing Rs. 6,500.

15. Sold merchandise to Omar for Rs. 15,000 costing Rs. 9,500.

21. Received cash from Omar Rs. 13,000.

27. Paid cash to Ali Rs. 3000.

31. Paid salaries for the month Rs. 2,500.

Reference no: EM13145002

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