mc070400575
Nov 16, 2008, 01:34 AM
Sept 1, Mr. Afnan deposited Rs. 1, 00,000 cash name of Business, Tony’s
Rentals.
Sept1, Paid Rs. 9000 to Mr. Irfan as three month’s advance rent on the rental
Yard and office formerly occupied by Rent-IT.
Sept 1, Purchased for Rs. 180,000 all the equipment from Rent –IT. Paid Rs.
70,000 cash and issued a one year notes payable for Rs. 110,000,
Plus interest at the annual rate of 9%.
Sept 4, Purchased office supplies on account from Modern office Co; Rs.
1,630. Payment due in 30 days (these supplies are expected to last
For several months; so debit the office supplies asset account)
Sept 8, Received Rs. 10,000 cash from McBrayan Construction Co. as
Advance payment on rental equipment.
Sept 12, Paid salaries for the first two weeks in September Rs. 3,600
Sept15, Excluding the McBrayan Construction Co advance, equipment rental
Fees earned during the first 15 days of September amounted Rs.
6100, out of which Rs. 5,300 was received in Cash.
Sept17, Purchased on account from the Earth Movers, Inc. Rs. 340 in parts
Needed to repair a rental tractor. Payment is due in 10 days.
Sept23, Collected Rs. 210 of accounts receivable recorded on September 15.
Sept 25, Rented a backhoe (digging machine) to Mission Landscaping at a
Price of Rs. 100 per day, to be paid when the backhoe is returned.
Mission landscaping expects to keep the backhoe for about two or
Three weeks.
Sept 26, Paid biweekly salaries, Rs.3, 600.
Sept 27, Paid the account payable to the Earth Movers, Inc. Rs.340.
Sept 28, Mr. Afnan withdrew Rs. 2,000 cash from business to pay the rent on
His personal residence.
Sept 29, Purchased a 12 month public –liability insurance policy for Rs. 2,700.
The policy protects the company against the liability for injuries and
Property damage cause by its equipment. However the policy goes
Into effective on October 1.
Sept 30, Received a bill from Universal Utilities for the month of September
Rs.270. Payment is due in 30 days.
Sept 30, Equipment rental fees earned during second half of September and
Received in cash amounted to Rs. 8,450.
Rentals.
Sept1, Paid Rs. 9000 to Mr. Irfan as three month’s advance rent on the rental
Yard and office formerly occupied by Rent-IT.
Sept 1, Purchased for Rs. 180,000 all the equipment from Rent –IT. Paid Rs.
70,000 cash and issued a one year notes payable for Rs. 110,000,
Plus interest at the annual rate of 9%.
Sept 4, Purchased office supplies on account from Modern office Co; Rs.
1,630. Payment due in 30 days (these supplies are expected to last
For several months; so debit the office supplies asset account)
Sept 8, Received Rs. 10,000 cash from McBrayan Construction Co. as
Advance payment on rental equipment.
Sept 12, Paid salaries for the first two weeks in September Rs. 3,600
Sept15, Excluding the McBrayan Construction Co advance, equipment rental
Fees earned during the first 15 days of September amounted Rs.
6100, out of which Rs. 5,300 was received in Cash.
Sept17, Purchased on account from the Earth Movers, Inc. Rs. 340 in parts
Needed to repair a rental tractor. Payment is due in 10 days.
Sept23, Collected Rs. 210 of accounts receivable recorded on September 15.
Sept 25, Rented a backhoe (digging machine) to Mission Landscaping at a
Price of Rs. 100 per day, to be paid when the backhoe is returned.
Mission landscaping expects to keep the backhoe for about two or
Three weeks.
Sept 26, Paid biweekly salaries, Rs.3, 600.
Sept 27, Paid the account payable to the Earth Movers, Inc. Rs.340.
Sept 28, Mr. Afnan withdrew Rs. 2,000 cash from business to pay the rent on
His personal residence.
Sept 29, Purchased a 12 month public –liability insurance policy for Rs. 2,700.
The policy protects the company against the liability for injuries and
Property damage cause by its equipment. However the policy goes
Into effective on October 1.
Sept 30, Received a bill from Universal Utilities for the month of September
Rs.270. Payment is due in 30 days.
Sept 30, Equipment rental fees earned during second half of September and
Received in cash amounted to Rs. 8,450.