1. Mr. Musfig is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021. During the first month of operations the following transactions occurred: July. 1; He invested $ 5,50,000 cash in the firm to start the firm. 10; Paid $ 15,000 cash for 3 years insurance policy starting from the current month. , 15; Purchased furniture for $ 50,000 paying $ 35,000 in cash and for remaining he signed on a 1- month, 12% Notes Payable. 17; Paid $ 7,000 for office rent. „ 21; Performed service for a client and received cash of $ 45,000. “ 26; Performed service for a client but yet to receive $ 15,000. „ 30; Withdrew $ 2,500 cash for personal use. „ 31; Received telephone bill from BICL amounted to $ 2,000. Required: a) Journalize the transactions for the month of July 2021.| b) Prepare necessary T accounts c) Prepare a trail balance on July 30, 2021 and prove the arithmetical accuracy of the accounts.

1. Mr. Musfig is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021. During the first month of operations the following transactions occurred: July. 1; He invested $ 5,50,000 cash in the firm to start the firm. 10; Paid $ 15,000 cash for 3 years insurance policy starting from the current month. , 15; Purchased furniture for $ 50,000 paying $ 35,000 in cash and for remaining he signed on a 1- month, 12% Notes Payable. 17; Paid $ 7,000 for office rent. „ 21; Performed service for a client and received cash of $ 45,000. “ 26; Performed service for a client but yet to receive $ 15,000. „ 30; Withdrew $ 2,500 cash for personal use. „ 31; Received telephone bill from BICL amounted to $ 2,000. Required: a) Journalize the transactions for the month of July 2021.| b) Prepare necessary T accounts c) Prepare a trail balance on July 30, 2021 and prove the arithmetical accuracy of the accounts.

Name: Please answer the last parts of the question only. 1. Mr. Musfig is a
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Description: Please answer the last parts of the question only. 1. Mr. Musfig is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021.During the first month of operations the following transactions occurred:July. 1;He invested $ 5,50,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 55P

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