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Showing posts from October, 2015

partnership Formation Exercise three 2015

Shamim collegiate LA 54 block 15 gulshan e Mustafa 2 st year commerce group Weekly test Q1) Jan 1,2014  Abdul Rehman And Abdul Aziz  form a partnership by merging business. On this date their balance sheet items were as under :-  Abdul Rehman Abdul Aziz Cash 13,000 8,000 Account receivable 20,000 15,000 Merchandise inventory 21,000 26,000 Furniture 20,000 10,000 Allowance for depreciation -Furniture 5000 1000 Allowance for bad debt 1000 500 Account Payable 8,000 20,000 Abdul rehman Account receivable be valued at 18,000.Firmiture be valued at 12,000 Merchandise inventory be valued 22,000 and one half of the account payable be accepted Abdul aziz   Account receivable be valued at 14,000.Firmiture be valued at 5,000 Merchandise inventory be valued 20,000 a

General Journal Exercise One 2015

Shamim collegiate LA 54 block 15 gulshan e Mustafa 1 st year commerce group Weekly test Mr tariq commenced business with cash 20,000.00 and Bank 40,000.00 1.     Purchase sale supplies Rs 50,000.00 for cash 2.     Purchase two machines @ Rs 10,000.00 each on Credit from shamim collegiate 3.     Cash sale 200.00 4.     Cash was found short by Rs 50.00 5.     Owner add additional investment cash 40,000.00 , office furniture rs 50,000.00 , photostate machine rs 90,000.00 and a computer rs 10,000.00 6.     purchase merchandise from khalid and sons rs 20,00.26 7.     sold merchandise on cash rs 2000.00 8.     purchase sale equipment on account rs 2000.00 and on cash 3000.00 9.     purchase merchandise from Tariq 90,000.00 and paid cash 40,000.00 10.                        cash purchase Rs  20.00 11.                        mr tariq withdrew cash for his personal use 2000.00 12.                        mr tariq withdrew cash for office use 3000.00 13.