Recording of Transactions

For the General understanding of

Debit and Credit Rules
 Record the above transactions in Ledger
Accounts
• Mr. Ghazanfar Started Business with cash Rs
800,000 , office equipment worth Rs 400,000
and Furniture at the value of Rs 250,000
• Taken office building for business and paid
advance rent of Rs 165,000 for eleven months
the payment has been made in Feb 2020
• Paid advance insurance for office on Feb
15,2020 for further 12 months of Rs 60,000
• Provided service to M/s Saleem & Co for the
repair of Server Room and received Rs 50,000
• Purchased office supplies of Rs 8,000 paid Rs
5,000 and promise to pay the balance in next
month
• Paid utilities of Rs 15,000
• Paid staff salaries of Rs 80,000
• Made an agreement with M/s Jaffar Systems
for the work of Hardware care for the next
one year and received 180,000 in advance,
date of agreement is March 15
• Paid balance of office supplies account
• M/s Jaffar Systems called for the service of
computers on April 15 and Adjusted Rs 20,000
• Recorded Accrued Salaries Rs 165,000
• Taken loan from the Commercial Bank of Rs
1,200,000 for the extension of business for
two years in May 15 at the rate of KIBOR plus
2%
• Purchased Service van worth Rs 800,000
• Paid fuel charges of Rs 20,000 during the
month of May
• Paid salaries of staff for two months Rs
165,000 in the month of May
• Paid utilities Rs 45,000
• Provided service to Wateen Corp. Rs 195,000
• Provided services to Jaffar worth Rs 75,000
• Ahmed withdrew Rs 200,000 for his personal
expenses