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Panel Question No: 04 03 04 05 This is a subjective question, hence you have...

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Accounting

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Panel Question No: 04 03 04 05 This is a subjective question, hence you have to write your answer in the Text-Field given below. Prepare the journal entries for the following transactions undertaken by LMS Company. Marks will be awarded only if the proper format of the journal entry is followed. 1. Issued common stock for Rs120000 cash 2. Taken a bank loan for Rs4000 3. Purchased equipment for Rs4500 cash 4. Purchased a truck for Rs10000 paid Rs 2000 cash and incurred a bank loan for Rs8000. 5. Paid Rs3200 for a comprehensive one year insurance policy effective January 1. 6. Paid Rs 2000 cash to reduce the bank loan. 7. Received Rs600 as an advance payment for repair services to be provided over the next two months 8. Performed repairs for Rs7500 cash and Rs2500 to be paid by customers at a later date. 9. Paid a total of Rs7100 for operating expenses incurred during the month 10. Dividends of Rs 200 were paid in cash to the stockholders [10] Response

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