07-23-2014, 05:38 PM
Further activities have been carried in July 2013:
1. Received Rs.300, 000 in cash against 3,000 shares
2. Local bank has approved a loan worth Rs.15, 000 that is payable on June 30, 2014
3. Paid Rs.33, 000 in cash and signed a one-year note for the balance against purchase of factory
Building worth Rs.83, 000
4. An equipment has been purchased on cash that costs Rs.45, 000
5. Purchased supplies on account worth Rs.45, 000
Required:
1. Analyze each transaction of July in order to determine its effect on the accounting equation.
2. Prepare T- Accounts and find ending balance
3. Prepare Balance Sheet using T account format at July 31, 2013
1. Received Rs.300, 000 in cash against 3,000 shares
2. Local bank has approved a loan worth Rs.15, 000 that is payable on June 30, 2014
3. Paid Rs.33, 000 in cash and signed a one-year note for the balance against purchase of factory
Building worth Rs.83, 000
4. An equipment has been purchased on cash that costs Rs.45, 000
5. Purchased supplies on account worth Rs.45, 000
Required:
1. Analyze each transaction of July in order to determine its effect on the accounting equation.
2. Prepare T- Accounts and find ending balance
3. Prepare Balance Sheet using T account format at July 31, 2013