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Journalize the transactions in the books

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Question - Journalize the following transactions in the books of Mr. Maqsood & Sons, post them to the ledgers, and prepare trial balance. Mr. Maqsood started a sole proprietorship business named Mr. Maqsood & Sons, with cash Rs. 450,000 and furniture Rs. 30,000. The transactions, completed during June, 2019, the first month of operations are as under: (20)

a) Opened a bank account in the name of business with Rs. 150,000.

b) Acquired a shop on monthly rent for Rs. 3,000 after paying cash Rs. 36,000 as advance rent.

c) Purchased showcases and counters for Rs. 18,000, payment was made by cheque.

d) Purchased goods costing Rs. 50,000.

e) Bought gods from Mr. Abrar on account of Rs. 26,000.

f) Cash sale Rs. 32,000.

g) Sold goods on credit to Rahim Rs. 6,000.

h) Returned defective goods to Rauf and Co. costing Rs. 7,000.

i) A regular customer complained about the quality of goods has been granted an allowance of Rs. 1,000.

j) Received a cheque from Rahim amounting Rs. 5,000, the same day it was deposited into the Bank.

Reference no: EM132600304

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