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    General Journal Practice

    Uploaded by

    Ahmed
    Mr. Saleem incorporated a business in March 2019 and made various transactions throughout the month involving purchases, sales, expenses and withdrawals. He invested Rs. 1,000,000 initially and made purchases using both cash and credit. Transactions included buying assets like furniture, a computer and car, selling goods to customers for cash and credit, paying expenses such as wages and rent, and withdrawing cash and funds from the business bank account.

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    General Journal Practice

    Uploaded by

    Ahmed
    155 views5 pages
    Mr. Saleem incorporated a business in March 2019 and made various transactions throughout the month involving purchases, sales, expenses and withdrawals. He invested Rs. 1,000,000 initially and made purchases using both cash and credit. Transactions included buying assets like furniture, a computer and car, selling goods to customers for cash and credit, paying expenses such as wages and rent, and withdrawing cash and funds from the business bank account.

    Original Description:

    GJ PRACTICE

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    Mr. Saleem incorporated a business in March 2019 and made various transactions throughout the month involving purchases, sales, expenses and withdrawals. He invested Rs. 1,000,000 initially and made purchases using both cash and credit. Transactions included buying assets like furniture, a computer and car, selling goods to customers for cash and credit, paying expenses such as wages and rent, and withdrawing cash and funds from the business bank account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    155 views5 pages

    General Journal Practice

    Uploaded by

    Ahmed
    Mr. Saleem incorporated a business in March 2019 and made various transactions throughout the month involving purchases, sales, expenses and withdrawals. He invested Rs. 1,000,000 initially and made purchases using both cash and credit. Transactions included buying assets like furniture, a computer and car, selling goods to customers for cash and credit, paying expenses such as wages and rent, and withdrawing cash and funds from the business bank account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    In March 2019, Mr. Saleem incorporated his business.

    You are required to make General Journal Entries of the


    following transactions.

    01, March: Mr. Saleem invested Rs. 1,000,000/- cash in


    business.

    02 March: On the very next day of investment, Mr. Saleem


    decided to buy Furniture worth Rs. 80,000/- by paying
    cash.

    02 March: On the same day Mr. Saleem also bought


    Computer on Credit from Mr. Asad for Rs. 55,000/-.

    04 March: After acquiring Furniture and Computer, Mr.


    Saleem bought Office Supplies by paying 10,000/- cash.

    05 March: Due to security issues, Mr. Saleem decided to


    deposit cash worth Rs. 500,000/- into bank account.

    06 March: Mr. Saleem sold goods for Rs. 25,000/- cash.


    07 March: Mr. Saleem paid Rs. 55,000/- Cash to Mr. Asad
    for the Computer he bought on 02 March.

    08 March: For providing good ambiance to customers, Mr.


    Saleem decided to buy Air Conditioner by paying Rs.
    50,000/- from Bank Account.

    09 March: Due to conveyance problem of staff, Mr.


    Saleem decided to buy a car for Rs. 400,000/- by paying
    from Bank Account.

    10 March: Mr. Saleem sold goods of worth Rs. 25,000/.


    Customer Paid Cash to Saleem.

    10 March: Mr. Saleem sold goods of worth Rs. 50,000/-.


    Client transferred the money directly in Bank Account.

    11 March: Due to reckless driving, Mr. Saleem paid


    Repairs expense of car worth Rs. 8,000/- cash.

    12 March: Mr. Saleem paid Wages Rs. 5,000/- cash.


    13 March: Mr. Saleem sold goods to Mr. Khan for Rs.
    45,000/- on credit.

    15 March: Mr. Khan paid cash Rs. 45,000/-.

    16 March: Mr. Saleem bought inventory from Mr. Adnan


    worth Rs. 200,000/- on credit.

    18 March: Mr. Saleem paid transportation expense Rs.


    10,000/- cash.

    19 March: Due to late delivery of goods, Mr. Saleem paid


    Warehousing expense Rs. 20,000 from Bank Account.

    21 March: Paid Mr. Adnan Rs. 100,000/- cash.

    22 March: Mr. Saleem paid Rs. 12,000/- for utilities


    expense by cash.
    24 March: Due to limited cash available, Bank gave loan to
    Mr. Saleem of Rs. 200,000/- in cash.

    25 March: Sold goods to Mr. Das of worth Rs. 150,000/-


    cash.

    26 March: Paid Salaries to employees Rs. 75,000/- cash.

    27 March: Bank deducted Rs. 800 from bank account as


    Service Charges.

    28 March: Paid Rs. 5,000/- cash for miscellaneous


    expenses.

    29 March: Mr. Saleem paid Fuel Expenses of Rs. 20,000/-


    by cash.

    31 March: Mr. Saleem paid Rent for the month of march


    Rs. 20,000/- cash.
    31 March: Mr. Saleem bought Machine for Rs. 75,000/-.
    Out of this amount Rs. 25,000/- was paid cash and the rest
    50,000/- was paid by Bank Account.

    31 March: Mr. Saleem paid advance Rent for the month of


    April and May amounting Rs. 40,000/-

    31 March: Bought Furniture worth Rs. 60,000/- and paid


    Rs. 20,000/- cash while balance amount to be paid by Bank
    Account.

    31 March: Mr. Saleem withdraw cash Rs. 50,000/- from


    business for personal use.

    31 March: Mr. Saleem withdraw Rs. 25,000/- for personal


    use through Bank Account.

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