Homework Answers
(a) . Cash a/c Dr. 15000
Law Library (Asset) a/c Dr. 6000
. To Mary (Capital Account) a/c Cr 21000
(being investment made by Mary)
(b) Office equipment a/c Dr. 7500
. To Account Payable a/c Cr 7500
(being office equipment purchased)
(c) Cash a/c Dr 1500
To Income / Revenue a/c Cr 1500
( being amount received for legal work)
(d) Account Payable a/c Dr 3500
To Cash a/c Cr 3500
( being amount paid)
(e) Account Receivable a/c Dr 4000
To Income / Revenue a/c Cr 4000
(being amount received for work done for client)
(f) Marry (Capital Account) a/c Dr 2000
To Cash a/c Cr 2000
(being amount paid as dividend)
g. ) Cash a/c Dr 2500
To Account Receivable a/c Cr 2500
( being amount received for work done for client)
h.) Salary Expense a/c Dr 2500
To Cash a/c Cr 2500
(being amount paid for legal secretary salary)
Trial Balance
| Trial Balance | |||
| Particular | Amount | Particular | Amount |
| Cash | 11,000 | Account Payable | 4,000 |
| Library | 6,000 | Marry (Capital Account) | 19,000 |
| Account Receivable | 1,500 | Income/revenue | 5,500 |
| Office Equipment | 7,500 | ||
| Salary (Expense) | 2,500 | ||
| Total | 28,500 | Total | 28,500 |
T- Accounts
| Dr. | Cash | Cr. | Dr. | Law Library (Asset) | Cr. | Dr. | Account Payable | Cr. | Dr. | Account Receivable | Cr. | |||||||
| Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | |||
| Marry | 15,000 | Account Payable | 3,500 | Marry | 6,000 | Cash | 3,500 | Office Equipment | 7,500 | Income | 4,000 | cash | 2,500 | |||||
| Income | 1,500 | Marry | 2,000 | |||||||||||||||
| Account Receivable | 2,500 | Salary | 2,500 | |||||||||||||||
| Balance | 11,000 | Balance | 6,000 | Balance | 4,000 | Balance | 1,500 | |||||||||||
| 19,000 | 19,000 | 6,000 | 6,000 | 7,500 | 7,500 | 4,000 | 4,000 | |||||||||||
| Dr. | Marry (Capital Account) | Cr. | Dr. | Office Equipment | Cr. | Dr. | Income / Revenue | Cr. | Dr. | Salary (Expense) | Cr. | |||||||
| Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | Particular | Amount | |||
| Cash | 2,000 | Cash | 15,000 | Account Payable | 7,500 | Cash | 1,500 | Cash | 2,500 | |||||||||
| Law Library | 6,000 | Account Receivable | 4,000 | |||||||||||||||
| Balance | 19,000 | Balance | 7,500 | Balance | 5,500 | Balance | 2,500 | |||||||||||
| 21,000 | 21,000 | 7,500 | 7,500 | 5,500 | 5,500 | 2,500 | 2,500 | |||||||||||
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