Homework

Question # 01:
Following transactions took place during the first month of operations of the business started
by Mr. Aslam on November 01, 2015.
Nov. 1 Started business with cash Rs. 500,000
Nov. 2 Owner invested Rs. 100,000 in cheque.
Nov. 3 Purchased furniture for Rs. 50,000 in cash.
Nov. 4 New furniture purchased through cheque costing Rs. 4,000
Nov. 5 New machinery purchased through cash costing Rs. 2,000
Nov. 6 Owner withdrew Rs. 5,000 in cash for his personal use.
Nov. 7 Owner withdrew Rs. 4,000 in cheque for his personal use.
Nov. 8 Purchased goods through cash Rs. 1,000.
Nov. 9 Goods costing Rs. 8,000 were purchased on credit.
Nov. 10 A payment of Rs. 2,500 was made in cash for goods purchased on credit.
Nov. 11 Goods returned of Rs. 500 which were purchased on credit.
Nov. 14 Purchased goods costing Rs. 400 through cheque.
Nov. 16 Sold goods through Cash Rs. 20,000.
Nov. 17 Sold goods through Cheque Rs. 10,000
Nov. 18 Sales returns amounting Rs. 2,000 of goods which were sold through Cash
Nov. 19 Sold goods on credit amounting Rs. 4,000.
Nov. 20 Business received Rs. 500 in cash from Debtors
Nov. 22 Business paid Rs. 2,000 through cheque to the Creditor of business
Nov. 23 A long-term loan of Rs. 1,000 was taken from HBL through cheque.
Nov. 24 Rs. 250 of loan amount repaid though cash.
Nov. 25 Other income received in cash Rs. 4,000.
Required:
(a) Analyse the business transactions.
(b) Identify the movement of accounting Heads.