Transactions relating to Goods Transa
2018 2018
Mar 01 Owner started business with cash $7 000, Bank $8 000 Jan 01
Mar 01 Purchased goods for cash $5 000 (cash purchases) Jan 02
Mar 02 Purchased goods on credit from David $3 000 Jan 02
Mar 02 Sold goods for cash to Ahmad $2 000
Mar 03 Sold goods on credit to Kashif $ 1 500 Jan 03
Mar 04 Goods returned to David $400 Jan 03
Mar 05 Goods returned from Kashif $ 300
Mar 06 Kashif returned goods to us $100 Jan 04
Mar 06 Goods taken away by the owner for his personal use $400 Jan 06
Mar 07 Goods lost by fire/theft costing $600 Jan 06
Transactions relating to Owner
2018 2018
Sept 01 Owner started business with cash 4000, building 8000 Bank 6000 July 01
Sept 02 Furniture costing $5 000 purchased for the business and paid July 02
from the owner’s personal bank account. July 02
Sept 03 Cash withdrawn by the owner for his personal use $100 July 04
Sept 04 A table purchased for business purposes for $500 taken away by July 05
the owner for his private use. July 06
Sept 05 Owner paid a business loan of $1 000 from his personal bank a/c. July 06
Sept 06 A business customer Martin paid $500 by transferring the July 07
amount directly to the owner’s personal account.
Sept 07 Owner paid a trade payable $800 from his personal bank a/c. July 07
Miscellaneous Transactions
2018 2018
Aug 01 Owner started business with Bank $15 000 out of which $8 000 Sept 01
was Withdrawn for office use.
Aug 01 Purchased Building for $20 000 from XYZ & Co. one fourth was Sept 01
paid immediately by cheque. Sept 02
Aug 02 Order received from Mr. Marshall for sale of goods of $500 Sept 03
Aug 03 Life insurance of owner paid $400 Sept 04
Aug 04 Cash withdrawn from the bank for office use $600 Sept 05
Aug 04 Cash withdrawn from the bank for owner’s personal use $700 Sept 06
Transactions related to Assets
Started business with cash $30 000, bank $20 000
Purchased furniture for cash $8 000
Purchased a vehicle for $10 000, 4/5 was settled by cheque and
remainder paid in cash.
Bought building on credit from XY & Co. $10 000
Purchased vehicles costing $18 000 from ABC motors, one third
of the payment was made as down payment.
Sold furniture & payment received by cheque $3 000
A van of $2 000 withdrawn by the owner for his personal use.
Sold van on credit for $5 500 to Ali and received $1 500 on spot.
Transactions relating to Incomes and Expenses
Received rent by cash $2 600
Paid insurance by cheque $300
Paid wages $400
Received interest by cheque $300
Interest paid for June 2018 on loan of $12 000 taken at 8% p.a.
Rent paid for building for May and June 2018 @ $400 p.a.
Commission received of $300 on providing services for Mr. B
Rented a building for $600 p.a. on 1 st June 2018, & receipt of 1st
month’s rent by cheque
Rent paid for owner’s house $250
Transactions relating to Liabilities
Owner started business with cash $10 000 out of which $4 000
was deposited into the bank
Borrowed a loan from bank of $30 000
Received $20 000 from Mr. X as loan to be paid after two years
Lent $10 000 to Mr. C
Repaid part of the loan taken from bank $5 000
Received $4 000 from Mr. C as part payment of the loan
Received a cheque from Mr. C in full settlement of the loan
