Miss Abida Masood Case Study, Accounts Payable, Ledger Account, Trial Balance, Journal Entries - Accounting Assignment Help

Assignment Task -                 

Problem No. 1.
Creative Advertising, owned by Miss Abida Masood, provides advertising consulting services.
During January 2011, the following events occurred:
Jan. 2 Owner contributed Rs. 50,000 and a new computer costing Rs. 20,500 to start her business.
Jan.4 Office supplies were purchased on account for Rs. 4,000.
Jan.10 Creative Advertising obtained a 12% 5-year loan of Rs. 20,000 from the bank.
Jan.12 Creative Advertising paid the utility bills for Rs. 2,750.
Jan.15 Paid the Rs. 3,000 in Accounts Payable from the purchase of office supplies on Jan. 4.
Jan.24 Advertising services completed in January were billed to clients Annies’ Flowers at Rs.
18,300.
Jan.27 Creative Advertising received Rs. 5,500 from Annies’ Flowers, a client, as payment on account.
Jan.30 Miss Abida Masood withdrew Rs. 6,000 of cash for personal use.

Instructions:
1.Analyze the above transactions.
2.Pass Journal Entries for the above transactions.
3.After preparing journal entries post them to the proper ledger account.
4.Prepare a Trial balance from ledger accounts at the end of Jan 30.

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