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    Practice Question 2

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    arshadbinmuhammad76

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    Practice Question 2

    Uploaded by

    arshadbinmuhammad76
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    5 views1 page

    Practice Question 2

    Uploaded by

    arshadbinmuhammad76

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Practice Question-2

    1st March Ali started the business of rent a car and introduced capital worth Rs.700,000
    2nd March Borrowed Rs. 30,000 from HBL
    3rd March Purchased 10 motor cars on credit at a price of 20,000/car
    4th March A customer got 3 cars on rent and paid Rs. 5,000 rent /car
    5th March Business paid rent worth Rs. 50,000 out of which 20% related to owner’s residence
    6th March We return 2 cars to the seller
    7th March We paid Rs. 150,000 to the supplier of motor cars a full settlement
    8th March Withdrawn Rs. 20,000 from Bank
    9th March We decide to purchase 12 further motor cars at a price of 30,000/car

    Required:

    Make entries for the above transactions

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