Principles of Accounting

Assignment Question(s): (20 Marks)                                    

Q.1 On behalf of your assumption amount make Accounting equation and pass journal entry of all below given transaction in the books of Mushrif and also make balance sheet on the basis of the last equation.

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  1. Mushrif start business with investment of cash assume amount yourself and put in equation and pass journal entry.
  2. Mushrif purchase furniture with cash assume amount yourself and put in equation and pass journal entry.
  3. Mushrif purchase Goods with cash assume amount yourself and put in equation and pass journal entry.
  4. Mushrif purchase Equipment on Account assume amount yourself and put in equation and pass journal entry.
  5. Mushrif receive consulting fees Cash assume amount yourself and put in equation and pass journal entry.

 (7 marks)

 

Q2. From the following adjusted Trail Balance Prepare the 3 financial statements, Income statement, Retained Earnings Statement and Balance sheet. (5 marks)

Debit Credit
Cash

Accounts receivable

Equipment

Supplies Expenses

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Salaries

Rent

Dividend

Insurance

72400

1500

150000

5000

5000

6000

4000

1000

1200

Common Stock

Accounts Payable

Car Revenues

 

 

 

 

 

 

 

 

200000

5000

41100

Total 246100 Total 246100

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