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How journalize transactions in the books of huzaifa ammad

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Problem 1: Journalize the following transactions in the books of Huzaifa Ammad for the month of  March 2016 and Prepare Cash Account.

Mr. Huzaifa Ammad started business with cash Rs.100, 000 and Building Rs. 50,000. His other transaction were as follows.

1) Purchased Merchandise on credit Rs. 5,000.

2) Purchased Building for Rs. 50,000, paying Rs. 15,000 cash and incurring liability Rs, 35,000.

3) Sold Merchandise costing Rs. 5,000 for 8,000 on account.

4) Received cash against Accounts Receivable Rs. 5,000

5) Payment of creditors in full settlement of account Rs. 4,900.

6) Rs. 500 were privately used by Mr. Akbar.

7) Paid salary for the month of Rs. 500.

8) Services revenue due Rs. 50,000.

Reference no: EM132814109

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