Jodi Salem opened a law office, on 1 July 2021. On July 3, the balance sheet showed cash tk. 5,000; Accounts receivable tk. 1,500; Supplies tk. 500; Equipment tk. 6,000; Accounts payable tk. 4,200; Owner's capital tk. 8,800. During the August, the following transactions occurred: August 1: Collected 1,200 as accounts receivable August 2: Paid 2,800 cash on accounts payable August 3: Earned revenue tk. 7,500 of which tk. 3,000 collected in cash and the balance due in September. August 4: Purchase additional office equipment for tk. 2,000 paying 400 cash and balance on account August 5: Paid salaries tk. 2,500; rent for August tk. 900 and advertising expense tk. 400. August 6: Withdraw tk. 700 in cash for personal use. August 7: Received tk. 2,000 from Standard Bank on a note payable August 8: Incurred utilities expense for the month on account tk. 270.

Why Journal is referred as the primary book of Accounting?

Prepare a Trial Balance in the books of Wasir Traders For the year ended December 31, 2024
Account Titles -------------------———-----  TAKA
Cash --------------------------------————--- 20,500 
Prepaid Advertising ------------——------- 10,000 
Prepaid Rent -----------------------———--- 12,000
Land ----------------------------------————- 50,000
Building -----------------------------———---- 60,000
Accum. Depreciation (Building) -------- 12,000
Equipment -------------------------———---- 12,000 
Accum. Depreciation (Equipment) ---— 2,000
Notes Payable -------------------------------- 18,000
Accounts Payable --------------------------- 15,000
Capital -----------—----------------------------- 80,000
Drawings ----------———-------------------- 10,000
Services Revenues ---------------------—-73,000
Salaries Expense ----------------——----- 20,000 
Prepaid Insurance -------------——-------- 2,000 
Office Supplies ---------------———-------- 1,000 
Electricity Expense --------————--------- 500 
Office Expense ----------———------------- 1,500
Interest Expense -------————------------- 500

Define Asset. Point out and briefly state the assumptions in Accounting.

Following entries were revealed in the books of Talha incorporation for the month ended May 31, 2025: May 01: Start their business with Cash 90,000; Furniture 10,000; and loan 10,000. May 07: Purchase on credit for Tk. 3,000. May 08: Sales of Tk. 5,000 and received cash of Tk. 2,000. May 15: Payment of Tk. 1,000 as electricity bill. May 18: Purchase of laptop for official use Tk. 20,000 May 22: Bank charges 250 as interest. May 25: Received due amount of credit sales. May 27: Service provided but not received for Tk. 3,000 May 30: Depreciation of furniture Tk. 1,000. Required: i) Prepare journal entries to record the above transactions. ii) Post the journal entries to ledger.

Mr. Rashed started his business on June 1, 2025. The balance showed cash tk. 4,800; Accounts Receivable tk. 5000, equipment tk. 10,000

June 2: Collected Tk.3,800 of Accounts Receivable.

June 4: Earned revenues of Tk. 16,000 of which Tk.6,000 is collected in cash.

June 5: Purchase office equipment for Tk. 2,000, paying Tk. 800 in cash and balance on account.

June 6: Paid salaries Tk. 6,000, rent Tk.1,500, advertisement expense Tk.800, utility bill Tk.1500

June 8: Borrowed Tk.10,000 from AB bank.

June 10: Performed Tk.10,000 of service on account.

June 11: Receive a cash payment of Tk.6,000 for service provided on June 10

June 18: Service rendered and earned Tk.9,000 but not yet received.

June 30: Paid cash for insurance premium 3 months in advance including current month Tk.1,500

Requirement: Prepare a tabular analysis.

Requirement: Prepare tabular analysis of the August transactions beginning with July 31 balances.

Requirement: Prepare an income statement and owner's equity statement for the month of August and a Balance Sheet as at 30 August 2021.