saad abbas
Feb 11, 2013, 12:15 PM
Mr Stern started business on may 2012 with cash investment of $1,500,000.During the month of may... following transactions were incurred:
1 Purchased building of $1,000,000 from Mr.Sam out of which 70% was paid on the same.
2 Purchased office equipment of $150,000 on cash
3 Purchased merchandise inventory of $150,000 from which 60% was paid in cash and the reamaining balance will be paid later.
4 sold mercahndise inventory for @75,000 on cash and $60,000 on credit.
5 received $30,000 from different debtors.
6 paid $ 100,000 to Mr. Sam as 1st installment.
7 owner withdrew cash $10,000 for his personal use.
8 paid salaries for the month $200,000.
9 paid $10,000 as advertisement for the month.
1 Purchased building of $1,000,000 from Mr.Sam out of which 70% was paid on the same.
2 Purchased office equipment of $150,000 on cash
3 Purchased merchandise inventory of $150,000 from which 60% was paid in cash and the reamaining balance will be paid later.
4 sold mercahndise inventory for @75,000 on cash and $60,000 on credit.
5 received $30,000 from different debtors.
6 paid $ 100,000 to Mr. Sam as 1st installment.
7 owner withdrew cash $10,000 for his personal use.
8 paid salaries for the month $200,000.
9 paid $10,000 as advertisement for the month.