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Assignment # 1

The document provides details of 7 questions with multiple transactions each. The transactions include starting a business, purchasing and selling goods, payments made, expenses incurred, and assets purchased. Journal entries are to be passed for each question to record the business transactions.

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666 views

Assignment # 1

The document provides details of 7 questions with multiple transactions each. The transactions include starting a business, purchasing and selling goods, payments made, expenses incurred, and assets purchased. Journal entries are to be passed for each question to record the business transactions.

Uploaded by

Anonymous j87qoxpo2
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ASSIGNMENT

Question No.1

Pass journal entries.


2007
Feb.1 Started business with Cash 90 000
Feb. 5 Bought goods for Cash 30 000
Feb.10 Sold goods to X 15 000
Feb. 15 Purchased Furniture 10 000
Feb. 28 Received Cash from X 15 000

Question No.2

On 1st January, 1991 A. Salam started business with a Capital of Rs.20 000 and his
transactions of the month were as follows.
Jan. 2 Purchased Building for Cash Rs.8 000.
Jan. 8 Purchased goods from C Rs.1 000.
Jan. 15 Sold goods for Cash Rs.500.
Jan. 20 Goods returned to C Rs.100.
Jan. 22 Sold goods to Rahman Rs.400.
Jan. 25 Rahman returned goods Rs.25.
Jan. 31 Salaries paid for the month Rs.200.
Jan. 31 Rent paid for the month Rs.150
Pass journal entries:

Question No.3

Pass journal entries from the following information:


2007
April 1 Commenced business with Cash Rs.50 000
April 2 Purchased goods from Abid Rs.4 000; from Akbar Rs.2 000 and from
Asim Rs.5 000.
April 10 Sold goods to Naveed Rs.5 000; to Waleed Rs.4 000 and to Sharif Rs.3
000.
April 20 Purchased goods from Farhan Rs.5 000 and paid carriage thereon
Rs.400.
April 30 Paid Rent Rs.1 500 and Interest Rs.2 000.
April 30 Received Commission Rs.500 and Dividend Rs.400.

Question No.4
2007
Feb. 1 Started business with Cash Rs.1 00 000.
Feb. 2 Purchased goods from Irfan Rs.2 500.
Feb. 4 Returned goods to Irfan Rs.500.
Feb. 5 Paid Cash to Irfan Rs.1 950 and discount received Rs.50.
Feb. 10 Sold goods to Kashif Rs.3 200.
Feb. 11 Kashif returned goods Rs.200.

Feb. 15 Received Cash from Kashif Rs.2 970 and discount allowed Rs.30.
Feb. 18 Purchased goods from Yousaf to the list price of Rs.2 000 subject to 5%
trade discount.
Feb. 22 Cash withdrawn by proprietor for personal use Rs.1 000.
Feb. 24 Goods withdrawn by proprietor for personal use Rs.500.
Feb. 25 Goods distributed as Free Sample Rs.600.
Feb. 28 Goods gave away as Charity Rs.1 200
Pass journal entries.

Question No.5

Rahim & Co., started business on 1st May, 1992 with Rs.20 000 in Cash and their
transactions for the month of May were as follows:
May 1 Bought goods for Cash 600
May 2 Purchased a Motor Vehicle for business use 5 000
May 3 Bought furniture from Standard Furniture Store 200
May 4 Sold goods to Rashid & Sons 150
May 5 Purchased goods from Farid Alam 400
May 6 Cash Purchases 1 000
May 8 Returned goods to Farid Alam 60
May 10 Received from Rashid & Sons 145
Discount allowed 5
May 12 Paid Farid Alam 200
May 15 Sold goods to Kamal & Co. 300
May 20 Goods returned by Kamal & Co. 50
May 22 Bought goods from Riaz & Sons 500
May 28 Received from Riaz & Sons 300
May 31 Paid Rent for the month 100

Record these transactions in the journal.

Question No.6

Record the following transactions in journal:


1999
July 1 Started business with Cash 50 000
July 3 Bought goods from Ahmad 3 000
July 5 Sold goods to Basit 4 000
July 6 Cash Sales 1 000
July 7 Received Cash from Basit 3 980
Discount allowed 20
July 8 Paid Cash to Ahmad 2 000
July 9 Returned goods to Ahmad 400
July 12 Purchased Furniture 600
July 13 Purchased a Motor Car 8 000
July 18 Bought Office Stationary 400
July 20 Purchased an iron safe and almirah 2 000
July 26 Gave away goods as Charity 90
July 29 Goods taken away by the proprietor for private use 100
July 31 Paid Salaries 1 200
July 31 Paid Rent 900
Question.7

Journalize the following transactions in the book of Jaleel & Co., Lahore.

1991
March 1 Jaleel started business by introducing a machine valuing
Rs.2 000; goods worth Rs.5 000 and cash Rs.13 000.
March 5 Purchased furniture for office Rs.500.
March 8 Bought goods from Khalid Bros., Rs.3 000.
March 12 Sold goods for Cash Rs.700.
March 15 Sold goods to Farman & Co., Rs.450.
March 17 Paid Khalid Bros., Rs.2 985; discount received Rs.15.
March 18 Purchased goods from Haji Noor Elahi & Co., Rs.800 and paid carriage
and octroi thereon Rs.70.
March 20 Paid Sundry Trade Expenses in Cash Rs.100.
March 22 Paid for office stationary Rs.250.
March 23 Purchased a typewriter for office use Rs.900.
March 24 Farman & Co., returned goods worth Rs.100
March 25 Two chairs and one table were stolen worth Rs.70.
March 26 Paid insurance premium Rs.450.
March 28 Drew cash for private expenses Rs.50.
March 31 Paid Rent Rs.200; office Salaries Rs.500.

Transactions which are not discussed in the class yet , will be discussed in
the next class.

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