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mubasil · Jul 12, 2012, 02:38 PM

Journalize the following transaction in the book of maqsood started asole proprietorship business named mr.maqsood & son with cash rs.450,000&furniturers.30,000the transaction,completed during 2011 the first month of operation,are as under.
Opened a bank account in the name of business with rs.150,000.
Accquired a shop monthly rent for rs.3,000 after paying cash rs.36,000as advance rent
Purchased showcase &counters for rs.18,000,payment made by cheaque
Purchased goods costing rs.50,000
Bought goods from mr.abrar on account of 26,000
Cash sales rz.32,000
Sold goods on credit to rahimrs,6,000
Returned defective goods to rauf& co.. Costing rs.7,000
A regular customer complained about the quality of goods has been granted an allowance of rs1,ooo
Received a cheaque from rahim amounting rs.5,000 the same day it was deposited into the bank

paraclete · Jul 12, 2012, 04:51 PM

Originally Posted by mubasil

journalize the following transaction in the book of maqsood started asole proprietorship bussiness named mr.maqsood & son with cash rs.450,000&furniturers.30,000the transaction,completed during 2011 the first month of operation,are as under.
opened a bank account in the name of bussiness with rs.150,000.
accquired a shop monthly rent for rs.3,000 after paying cash rs.36,000as advance rent
purchased showcase &counters for rs.18,000,payment made by cheaque
purchased goods costing rs.50,000
bought goods from mr.abrar on account of 26,000
cash sales rz.32,000
sold goods on credit to rahimrs,6,000
returned defective goods to rauf& co.. costing rs.7,000
a regular customer complained about the quality of goods has been granted an allowance of rs1,ooo
received a cheaque from rahim amounting rs.5,000 the same day it was deposited into the bank

Basic accounting if you can't do this read a text book or find another course