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Friday, 25 January 2019

Practice Question 1: Prepare General Journal of Mr. Adeel a sole trader.

Difficulty level: High









Mr. Adeel a sole proprietor carrying on trading business. Deals in various products. Following are his business transaction for the month of January 20XX

January:
1. Started business with a capital of USD 10,000 in cash.
2. Paid 4000 USD in bank to open business account.
3. Purchased office furniture on cash USD 1200 from Anas woodworks.
4. Purchased Merchandise on cash USD 2000
5. Paid shop rent USD 800.
6. Sold Merchandise on account USD 1800 to Mr. Shakil.
7. Purchased good on account USD 1500 from Mr salman.
8. Received a cheque of USD 1200 and  cash USD 600 from Mr. Shakil.
9. Sold Merchandise on cash USD 900.
10. Paid cash to Mr salman USD 600.
11. Drawn Merchandise costing USD 50.
12. Purchased Merchandise on account USD 900 from Mr. Irfan.
13. Returned Merchandise costing USD 300 Mr. Irfan.
14. Sold Merchandise of USD 1800 Mr Faisal on account.
15. Merchandise return by Mr. Faisal USD 150.
16. Paid lightning and heating expense USD 180.
17. Received cash from Mr faisal USD 1600.
18. Paid USD 600 Mr Irfan.
19. Sold Merchandise on cash USD 4000.
20. Paid salaries from check USD 2000.

Required:

Prepare general journal of of Mr. Adeel for January 20XX

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