Work sheet 3
Q – 1 Following transaction are given relevant to a newly started business. Record them in ledger
accounts are bring the balance forward.
Date
01/09
Transaction
Edmund started a business investing $ 150 000 cash, $ 25 000 a truck and $ 10 000 worth
a machine to the business.
04/09
He purchased inventory from Aslam $ 12 000 and paid $ 4 000.
06/09
He deposited cash $ 50 000 in the business bank account.
10/09
Lucy bought $ 3 500 worth of inventory.
12/09
Edmund withdrew bank cash for an urgent requirement $2 500.
16/09
Lucy paid $2 000 for her purchased.
20/09
He paid the business insurance installment $ 15 000 vis bank.
24/09
Edmund paid the remaining balance to Aslam.
27/09
He received a rent income from a business rent space $ 2 750 in cash.
30/09
Peter purchased $ 4 500 worth inventory from the business.
Q – 2 Draw the impact of following situations in the equilibrium market.
a) Price of iron increased. The new market equilibrium of iron nails market
b) A dangerous virus has damaged the corn cultivation. There is a negative advertising campaign for the
product also airing in the national tv channels. The new market equilibrium of corn.
c) The leather bag manufacturers have started a strike. The new market equilibrium of leather bags.
d) Smartphone manufacturing company has used the new k – pop sensation BTS as their new
ambassadors. The new market equilibrium of smartphones.
e) A new ethnic group has started wearing boot shoes as per their beliefs. The new market equilibrium
of boot shoes.
f) The government has imposed a new indirect tax on electronic household items. The new market
equilibrium of household items.
g) A new subsidy has introduced for vegetable farmers. The new market equilibrium of vegetables.
h) An updated technology has introduced for vehicle manufacturing. But there is a heavy campaign
going against using the technology. The new market equilibrium of automobile sector.