On November 1, 2016 Mr. Iqbal organized Continental Moving Company.

The
transactions occurring during the first month of operations were as follows.
Nov.1 Mr. Iqbal deposit Rs 400,000 cash in a bank account in the name of the
business.
Nov.2 Purchase land for Rs.170,000 and building for Rs.360,000 paying Rs.
130,000 cash and signing a Rs400,000 note payable to Secure Mortgage
Company bearing interest at 9%.
Nov.3 Purchase Six trucks from Indus Motors at a total cost of Rs. 432,000. A
cash down payment of Rs. 200,000 was made, and a note payable was
issued for the balance of the purchase price. (This note is due in 60 days
and does not call for the payment of interest.)
Nov.6 Purchased office equipment for cash, Rs. 24,000.
Nov.6 Moved furniture for Mr. and Mrs. Jamail from Karachi to Lahore Rs.
8,650. Collected Rs. 4,850 in cash, balance to be paid within 30 days
credit Moving Service Revenue.
Nov.9 Moved furniture for various clients for Rs.32,350. Collected Rs. 18,350 in
cash, balance to be paid within 30 days.
Nov.15 Paid salaried to employees for the first half of the month, Rs.17400.
Nov.25 Moved furniture for various clients for a total of Rs. 27,000. Cash
collected in full.
Nov.30 Salaries paid for the second half of November amounted to Rs.13,250.
Nov.30 Received a gasoline bill for the month of November from PSO company
in the amount of Rs.17,500, to be paid by December 10.
Nov.30 Received bill of Rs.1,250 for repair work on trucks during November by
Modren Repair company. Payment is due within 30 days.
Nov.30 Paid Rs. 5,000 to Adam Jee Mortgage company. This Rs.5,000 payment
included Rs.3,000 interest expense for November and a Rs.2,000
reduction in the balance of the note payable issued on November 2.

Nov.30 Mr. Iqbal withdrew Rs.4,000 cash from the business for his personal use.

INSTRUCTIONS:
a. Prepare journal entries.
b. Post to ledger accounts.
c. Prepare trial balance at November 30. 2016.