[Solution]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…

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.

Mushrif start business with investment of cash assume amount yourself and put in equation and pass journal entry.
Mushrif purchase furniture with cash assume amount yourself and put in equation and pass journal entry.
Mushrif purchase Goods with cash assume amount yourself and put in equation and pass journal entry.
Mushrif purchase Equipment on Account assume amount yourself and put in equation and pass journal entry.
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

Assignment status: Solved by our experts

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