Problem 1: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: 2. Purchase Furniture for Cash Rs. 7,000. 8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. 18. Owner withdrew of worth Rs. 2,000 for personal use. 22. Paid Khalid Retail Store Rs. 500. 26. Received Rs. 10,000 from Khan Brothers. 30. Paid Salaries Expense Rs. 2,000 Required: Prepared general journal

General Journal

April 01

Cash Rs. 100,000 (debit)

Capital Rs. 100,000 (credit)

Owner invest cash in the business

April 02

Furniture Rs. 7,000 (debit)

Cash Rs. 7,000 (credit)

Cash Purchase of Furniture

April 08

Merchandise Rs. 3,000 (debit)

Cash Rs. 2,000 (credit)

Accounts Payable : Khalid Retail Store  Rs. 1,000 (credit)

Cash and credit purchases made

April 14

Accounts Receivables : Khan Brothers  Rs. 12,000 (debit)

Cash Rs. 5,000 (credit)

Sales Revenue Rs. 17,000(credit)

Cash and credit sales

April 18

Drawings Rs. 2,000 (debit)

Cash Rs. 2,000 (credit)

Owner withdraws cash from business for personal use

April 22

Accounts Payable : Khalid Retail Store  Rs. 500 (debit)

Cash Rs. 500 (credit)

Payment made to supplier Khalid Retail Store

April 26

Cash Rs. 10,000 (debit)

Accounts Receivables : Khan Brothers  Rs. 10,000 (credit)

Receipts from customer Khan Brothers

April 30

Salaries Expense  Rs. 2,000  (debit)

Cash  Rs. 2,000  (credit)

Salaries paid

Explanation:

See the journals and their narrations prepared above for Anees` business.

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