1 Jan, 2019 Purchased Ladies shoes from supplier on account. The Total cost of purchase amounted to Rs.200,000. 3 Jan Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash. Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs. 50,000. 6 Jan Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of 10 Jan home appliances was Rs. 200,000. 15 Jan Paid Rs. 200,000 accounts payable to supplier. 20 Jan Collected Rs. 400,000 accounts receivables from the distributor. Required: a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.
1 Jan, 2019 Purchased Ladies shoes from supplier on account. The Total cost of purchase amounted to Rs.200,000. 3 Jan Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash. Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs. 50,000. 6 Jan Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of 10 Jan home appliances was Rs. 200,000. 15 Jan Paid Rs. 200,000 accounts payable to supplier. 20 Jan Collected Rs. 400,000 accounts receivables from the distributor. Required: a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- Prepare
Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. - . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.Solutions needed of the attached image immediately thanks.
Transcribed Image Text:1 Jan, 2019
Purchased Ladies shoes from supplier on account. The Total cost of
purchase amounted to Rs.200,000.
3 Jan
Purchased Furniture Items for outlet form Inter wood for Rs.100,000 Cash.
Sold shoes to customers for Rs. 150,000 cash, which had a total cost of Rs.
50,000.
6 Jan
Sold shoe stock to a distributor on account for Rs. 400,000. The Cost of
10 Jan
home appliances was Rs. 200,000.
15 Jan
Paid Rs. 200,000 accounts payable to supplier.
20 Jan
Collected Rs. 400,000 accounts receivables from the distributor.
Required:
a. Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual
inventory system.
b. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic
inventory system.
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