MGT101 Assignment 1 Solution Spring 2017

2017 April 01 Mr. Aslam started his business with: Cash balance Machinery Furniture 400,000 700,000 300,000 „‟ 02 Purchased merchandises for cash 250,000 „‟ 10 Goods purchased on credit basis from Mr. Akram & Sons 85,000 „‟ 12 Machinery sold for cash 400,000 „‟ 14 Merchandises sold for cash 350,000 „‟ 18 Sold goods on credit basis to Farhan Brothers 280,000 „‟ 26 Furniture purchased for cash 200,000 „‟ 29 Paid rent for the month 90,000

Required: On the following pages, you would find an incomplete journal, a ledger and the corresponding trial balance based on transactions given on the previous page. You are required to: 1. Pass the missing journal entries in General Journal of April 18, 2017 and April 26, 2017 2. Prepare the complete Cash account 3. Prepare the complete Trial balance

Solution :

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