PRACTICE ASSIGNMENT # 15, ANSWERS TO ASSIGNMENT # 14 AND PA 1 EXAM
TASK # 1 DO THE ASSIGNMENT GIVEN BELOW FOR PRACTICE. ASSIGNMENT # 15 JOURNALISE THE FOLLOWING TRANSACTIONS: REMEMBERING THE STEPS TO JOURNALISE: 1 Received an order of goods for Rs. 50,000 from Rinku and Received 10 % as advance. 2 Rinku's order was executed and balance money received by cheque. 3 Wages of Rs. 1,000 paid by owner from his personal funds. 4 Rent of owners personal house paid from office cash Rs. 2,000. 5 Paid Rs. 250 for subscribing for newspapers. 6 Received Rs. 700 from sale of old chairs and tables. 7 Paid interest on Loan Rs. 300. 8 Goods stolen of cost price Rs. 2,000 (sales price Rs. 3,000). 9 Paid income tax Rs. 1,000 and Life Insurance Premium Rs. 4,000. 10 Paid Life In...