n 1 January, 2011 Shadow Stormz Ltd. started their company, depositing $2,10,000 in cash in the name of the company, in exchange for 21,000 shares of $10 per value stock of the corporation. Jan 10: Purchased goods on cash $1,00,000 from ABC. 21: Sold goods on cash $80,000 to Pro Asia. Feb 05: Purchased goods on credit $88,000 from ABC. 16: Sold goods on credit $49,000 to Pro Asia. 25: Paid advertisement bill of $5,000. 28: Sold goods to Sarmon’s Brothers for $1,000.
Mar 07: Purchased store equipment for $30,000. 17: Paid $50,000 to ABC. 29: Received cash $30,000.for Pro Asia. Apr 01: Store equipment purchased on credit $50,000. 30: Opened a bank account for $30,000.
May 06: Paid $40,000 to equipment supplier. 31: Took loan from IDLC for $ 1,70,000 on 12% interest. 31: Pro Asia returned goods worth $5,000. Jun 03: Returned goods worth $8,000 to ABC. 05: The amount of Sarmon’s Brothers had to be written off as uncollectable. 11: Paid electricity bill of $10,000. 15: Purchased land worth $70,000. Jun 31: Paid rent $6,000 and salary $6,000 for the first six months. Jul 20: Purchased 3,000 shares of Beximco. 25: Bought furniture of $7,000. 26: Sold goods worth $1,00,000 on notes receivable to XYZ. 31: Paid $12,000 for insurance policy of one year.
Aug 07: Purchase goods for notes payable of $30,000 from Anderson. 09: Paid $500 for carriage inward.
Sept 05: Paid $1,000 for miscellaneous expense. Oct 01: Lend $3,000 to Nelson on 10% interest. 18: Purchase 3,000 shares of Federal Corp. for $15 each plus $500 as commission. 21: Received dividend 12% from the shares of Beximco.
Nov 09: Deposited to bank $2,000.
15: Purchased goods worth $20,000 from Andreson on terms 1/15, n/30. 30: Paid to