dolution

Gaurav Lal and Kanika Raj, both MBAs from the renowned FSM School of Management and having worked in the industry in various capacities for over ten years, called it a day and decided to be on their own. They enter into a partnership on 1st July 2006 and form a firm Kanika and Gaurav Management Consultants. They agree to bring in cap- ital of ` Six Lacs in the ratio of Gaurav 3 and Kanika 2, maintain their personal drawings in that ratio and share the profits or losses of the firm also in the same proportion. They hire a furnished office at G-40, Fort, Mumbai @ ` 17,000 P.M. inclusive of electricity. They also get two telephones already connected for which they have to make monthly payment to the owner. They also appoint one financial analyst Pawan Sharma; research associate Neena Kapoor and peon Satish Rane. The following are the details of the transactions entered into by the firm during the month of July.

Required:
1. Analyse the above transactions with reference to rules of recording and dual aspect concept.
2. Record all the transactions in the journal of Kanika and Gaurav Management Consultants.