Question

Following are the transactions of Arman & Co a networking company for the month of July 2020.

1. Mr. Arman deposited into bank Rs.50,000 to start a business
2. Purchased office supplies worth Rs.20,000 on account
3. Bought office equipment from B&Co. for Rs. 10000, paid to them Rs.3000 and promised to pay the balance after two months.
4. Collected $10,000 from customer
5. Purchase supplies for cash Rs. 4000
6. Purchased 2 units of computer with printer for Rs. 50,000, payable in 30 days.
7. Bought furniture for Rs. 3200,paid to K&Co. Rs.1200 and promised to pay balance after one month
8. Withdrew cash for personal use Rs. 3000
9. Sold some office supplies to client amount $5,000 who issued promissory note
10. Received from Nasir Rs.5000
Required:
a) Prepare journal entries
b) Post to ledger accounts
c) Prepare a trial balance at July 31,20
d) Show the effect of above transactions on accounting equation.

Answer 1

Answer:

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