Reference no: EM132578129
Question - On January 1, 2020, Manohar started QualPhoto Company. The following transactions took place during the first month:
2020
January 1 Manohar invested Rs. 30,000 cash in the company's share capital.
January 2 Bought supplies of photographic materials on credit, Rs. 9,000.
January 5 Bought photographic equipment for cash, Rs. 12,000.
January 7 Received fees for photographic services, Rs. 15,000.
January 13 Paid creditor for supplies, Rs. 5,000.
January 18 Took a loan, Rs. 12,000.
January 22 Billed customers for services, Rs. 19,000.
January 27 Paid office rent, Rs. 2,500, and electricity charges, Rs. 1,200.
January 31 Paid dividends, Rs. 4,000.
Required -
1. Analyze the effect of these transactions on the accounting equation.
2. Prepare;
A. Statement of profit and loss account,
B. Balance sheet,
C. Statement Cash Flow.
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