Question 3. Cargo Wings provides the following data for the month. i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000. i. Bought Goods from AR Electric store for $450 iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same month iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000. v. Purchased office furniture from Interwood by paying $2400 half of the total amount. vi. Bashir Sons returned goods worth $500 vii. Sold Good to Rashid Ltd. for $3200 viii. Zakir Ltd purchased goods from us for $2300 ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month x. Bashir sons paid the due amount on March 30. xi. Habib Sons paid $500 on March 30 xii. Gave away charity of cash Rs. 50 xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750 xiv. Commission paid as referral fee $1,300 xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due. xvi. Bad Debts during the period was $600 xvii. Received the bank loan applied for. xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above.
Question 3. Cargo Wings provides the following data for the month. i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000 & Creditors 15,000. i. Bought Goods from AR Electric store for $450 iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be made in the same month iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000. v. Purchased office furniture from Interwood by paying $2400 half of the total amount. vi. Bashir Sons returned goods worth $500 vii. Sold Good to Rashid Ltd. for $3200 viii. Zakir Ltd purchased goods from us for $2300 ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month x. Bashir sons paid the due amount on March 30. xi. Habib Sons paid $500 on March 30 xii. Gave away charity of cash Rs. 50 xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750 xiv. Commission paid as referral fee $1,300 xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due. xvi. Bad Debts during the period was $600 xvii. Received the bank loan applied for. xviii. Business has suffered a loss of $1,500 Required: Prepare Journal, Ledger & Trial Balance from the data given above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question 3.
Cargo Wings provides the following data for the month.
i. Invested in the business; Inventory 15,000; Cash 25,000; Motor Vehicle 10,000; Receivable 7,000; Machinery 8,000
& Creditors 15,000.
ii. Bought Goods from AR Electric store for $450
iii. Sales $2000 made on credit to Bashir Sons on March 15. Mr. Umair offered 5% discount if the payment will be
made in the same month
iv. Applied for Loan from Faysal Bank Ltd. of $ 15,000.
v. Purchased office furniture from Interwood by paying $2400 half of the total amount.
vi. Bashir Sons returned goods worth $500
vii. Sold Good to Rashid Ltd. for $3200
viii. Zakir Ltd purchased goods from us for $2300
ix. Habib Sons bought goods by paying $1200 cash and the remaining $800 will be paid next month
x. Bashir sons paid the due amount on March 30.
xi. Habib Sons paid $500 on March 30
xii. Gave away charity of cash Rs. 50
xiii. Omer brought his bedroom Chairs into the business worth Rs. 1,750
xiv. Commission paid as referral fee $1,300
xv. Returned Furniture of $500 purchased from Interwood and paid the remaining balance due.
xvi. Bad Debts during the period was $600
xvii. Received the bank loan applied for.
xviii. Business has suffered a loss of $1,500
Required:
Prepare Journal, Ledger & Trial Balance from the data given above.
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