Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirementsTransactions of Mr. Akram travel world businessMr Akram started business with cash for rs 400,000.Paid wages rs 20,000.Paid office rent in advance 2000.Paid rs 10000 for insurance in advance. Babar and sons paid 2500 for goods on advance.Purchased office equipment on credit rs 5000.Paid 7000 for advertising expenses.Paid 3000 to accounts payable.Provided services worth 7000 on credit. Paid salaries rs 3500.Services provided to customers 8000.Purchased furniture rs 4000.Paid 1000 to accounts payables. Rs 5000 received from accounts receivables.Sold furniture rs 2000.Paid 500 for telephone expense.Paid 1000 for utility expense.Sold goods for rs 1500.Issued shares at par value worth 1000.Salaries are due but not paid rs 2000.Interest payable on loan rs 3000.Sold old machinery rs 2000.Withdrew 2000 for personal use. Issued preferred shares at par value worth 2500.Purchased office supplies rs 1000.Received dividend rs 2000.Adjustments Rs 10,000 which were paid in advance are fully consumed at the year end.Depreciation is calculated rs 500.Rent which was paid in advanced has been consumed fully at year end.Paid outstanding salaries.

Accounting cycle is a systematic recording, processing, analysis and interpretation of business…

Answered: 1. Record those transactions in…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E: Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet...

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Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.
1. Record those transactions in journal,
2. post them to ledger,
3. Transfer the balances in trail balance,
4. Prepare income statement and balance sheet.
5. Follow the proper format considering IAS-1.
6. Explanation: At the end, apply the concepts such as long term assets, capital or revenue
incomes or expenses and their treatment involved in your above requirements

Transactions of Mr. Akram travel world business

Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided services worth 7000 on credit.
Paid salaries rs 3500.
Services provided to customers 8000.
Purchased furniture rs 4000.
Paid 1000 to accounts payables.
Rs 5000 received from accounts receivables.
Sold furniture rs 2000.
Paid 500 for telephone expense.
Paid 1000 for utility expense.
Sold goods for rs 1500.
Issued shares at par value worth 1000.
Salaries are due but not paid rs 2000.
Interest payable on loan rs 3000.
Sold old machinery rs 2000.
Withdrew 2000 for personal use.
Issued preferred shares at par value worth 2500.
Purchased office supplies rs 1000.
Received dividend rs 2000.

Adjustments

Rs 10,000 which were paid in advance are fully consumed at the year end.
Depreciation is calculated rs 500.
Rent which was paid in advanced has been consumed fully at year end.
Paid outstanding salaries.

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