Thanks in advance Question 1 ICLO 2 For the following transa

Question 1 ICLO 2] For the following transactions pass journal entries, prepare ledger accounts and also prepare the trial balance. 2018 April 1. Saeed started business with cash $200,000, stock $70,000 and furniture $30,000 2. Purchased goods from Samer $100,000 3. Sold goods to Anas $160,000 5. Sold goods for cash $120,000 7. Purchased goods for cash $40,000 9. Paid to Samer $72,000 17. Received from Anas $80,000 25. Withdrew for personal purpose $5,000 26. Received commission $9,000 26. Paid rent $11,000 27. Sold goods to Anas $70,000 28. Purchased from Subhi $67,000

Solution

Date

Debit

Credit

April 1

Cash

200000

Stock

70000

Furniture

30000

Capital

300000

April 2

Purchase

100000

Sameer

100000

April 3

Anas

160000

Sale

160000

April 5

Cash

120000

Sale

120000

Apr 7

Purchase

40000

Cash

40000

Apr 9

Sameer

72000

Cash

72000

Apr 17

Cash

80000

Anas

80000

Apr 25

Drawings

5000

Cash

5000

Apr 26

Cash

9000

Comission

9000

Apr 26

Rent

11000

Cash

11000

Apr 27

Anas

70000

Sale

70000

Apr 28

Purchase

67000

Subhi

67000

Capital

5000

Drawings

5000

Cash A/c

Date

Amount

Date

Amount

Apr 1

To capital

200000

Apr 7

By Purchase

40000

Apr 5

To Sale

120000

Apr 9

By Sameer

72000

Apr 17

To Anas

80000

Apr 25

By Drawings

5000

Apr 26

To commission

9000

Apr 26

By Rent

11000

Apr 30

By Bal c/d

281000

409000

409000

May 1

To Bal b/d

281000

Stock A/c

Date

Amount

Date

Amount

Apr 1

To capital

70000

Apr 30

By Bal c/d

70000

70000

70000

May 1

To Bal b/d

70000

Furniture A/c

Date

Amount

Date

Amount

Apr 1

To capital

30000

Apr 30

By Bal c/d

30000

30000

30000

May 1

To Bal b/d

30000

Capital A/c

Date

Amount

Date

Amount

Apr 30

To Drawings

5000

Apr 1

By Cash

200000

Apr 1

By Stock

70000

Apr 30

To Bal c/d

295000

Apr 1

By Furniture

30000

300000

300000

May 1

By Bal b/d

295000

Purchase A/c

Date

Amount

Date

Amount

Apr2

To Sameer

100000

Apr 30

By Bal c/d

207000

Apr 7

To Cash

40000

Apr 28

To Subhi

67000

207000

207000

May 1

To Bal c/d

207000

Sameer A/c

Date

Amount

Date

Amount

Apr 9

To Cash

72000

Apr 2

By Purchase

100000

Apr 30

To Bal c/d

28000

100000

100000

May 1

By Bal b/d

28000

Anas A/c

Date

Amount

Date

Amount

Apr 3

To Sale

160000

Apr 17

By Cash

80000

Apr 27

To Sale

70000

Apr 30

By Bal c/d

150000

230000

230000

May 1

To Bal b/d

150000

Sale A/c

Date

Amount

Date

Amount

Apr 30

To Bal c/d

350000

Apr 3

By Anas

160000

Apr 5

By Cash

120000

Apr 27

By Anas

70000

350000

350000

May 1

By Bal b/d

350000

DrawingsA/c

Date

Amount

Date

Amount

Apr 25

To Cash

5000

By Capital

5000

5000

5000

Commission A/c

Date

Amount

Date

Amount

Apr 30

To Bal c/d

9000

Apr 26

By Cash

9000

9000

9000

May 1

By Bal b/d

9000

Rent A/c

Date

Amount

Date

Amount

Apr 26

To Cash

11000

Apr 30

By Bal c/d

11000

11000

11000

May 1

To Bal; b/d

11000

Subhi A/c

Date

Amount

Date

Amount

Apr 30

To Bal c/d

67000

Apr 28

By Purchase

67000

May 1

By Bal b/d

67000

Trial Balance :-

Debit

Credit

Cash

281000

Stock

70000

Furniture

30000

Capital

295000

Purchase

207000

Sameer

28000

Anas

150000

Sale

350000

Commission

9000

Rent

11000

Subhi

67000

Total

749000

749000

Date		Debit	Credit
April 1	Cash	200000
	Stock	70000
	Furniture	30000
	Capital		300000
April 2	Purchase	100000
	Sameer		100000
April 3	Anas	160000
	Sale		160000
April 5	Cash	120000
	Sale		120000
Apr 7	Purchase	40000
	Cash		40000
Apr 9	Sameer	72000
	Cash		72000
Apr 17	Cash	80000
	Anas		80000
Apr 25	Drawings	5000
	Cash		5000
Apr 26	Cash	9000
	Comission		9000
Apr 26	Rent	11000
	Cash		11000
Apr 27	Anas	70000
	Sale		70000
Apr 28	Purchase	67000
	Subhi		67000
	Capital	5000
	Drawings		5000