Reference no: EM132562243

Question - Selected Transactions from Shah Transport Services began on June 1, 2019 by Fahim Shah

a. Fahim Shah invested Rs. 800,000.

b. Truck was Purchase by business for Rs. 530,000 on cash.

c. Equipment purchased on credit for Rs. 15,000.

d. A bill of Rs. 27,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer.

e. Cash of Rs. 16,000 is received from the customer who was billed in d.

f. Received Rs. 42,300 is cash for transporting goods.

g. A payment of Rs. 5,000 was made on the equipment purchased in c.

h. Paid expenses of different types for Rs. 1,700 in cash.

i. Equipment of Rs. 1,200 was withdrawn from business for Fahim Shah's personal use.

Required - Arrange the Assets, Liabilities and Owner's Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner's Equity.