Reference no: EM132838382
Question - a) Describe the activities of Accounting.
b) Mr. Jordan has started a new business on March 1, 2019. During the first month of the operation of his business, the following events and transactions occurred:
1. The owner invested Tk. 100,000 in cash in the business.
2. Purchase of equipment for Tk. 18,000 on account and paid Tk. 5,000 in cash.
3. Advertising expense of Tk. 1,200 from the News Today on credit.
4. Purchased of Tk. 9,500 supplies and 60% paid in cash.
5. Service performed for Tk. 22,000 and billed to the customers for Tk. 12,000.
6. Expenses on account as follows: Advertising expenses Tk. 1,000 & salaries Tk. 2,500.
7. Receipt of Tk. 7,000 cash from the customers on account.
8. Borrowed Tk. 12,000 from bank on a note payable.
9. Mr. Jordan withdrew Tk. 1,200 for personal use.
Required -
1) Prepare a tabular summary of the transactions for March, 2019.
2) Show Income Statement for March, 2019.
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