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Description:
Assume that you are starting a new business on 1st Jan 2021. Illustrate fifteen financial transactions of the business for the first three months. Journalise these transactions, Post them to Ledger & prepare Trial Balance. Explain the effect on Trial Balance if any two entries were posted wrongly. Highlight the wrong entries and its effect in the Trial balance. No repetition in transaction.
Question 1: Illustrate financial transactions in an ordinary course of business.
Question 2: Demonstrate the effect of wrong entries on the financial position of a business organisation.
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