Q.
a) why balance sheet termed as a “balance sheet”? give your answer precisely and to the point.
b) pass the journals entries of the following transaction?
Jan01 starting business investing Rs.50.000 in cash.
Jan02 purchased furniture and fitting Rs.5000
Jan03 purchased goods Rs.35.,000
Jan05 deposited into bank Rs.10,000
Jan07 sold goods for cash Rs.12,000
Jan10 sold goods to wasim on credit.Rs.5000
Jan12 purchased goods on credit Rs.10,000 from nadim.
Jan15 purchased office stationary for Rs.500.
Jan20 received on account from wasim Rs.4000
Jan22 paid office rent Rs.1000.
Jan25 deposited into bank Rs.5000
Jan27 paid advertisement charges Rs.5000
Jan30 withdrew from bank Rs.7000