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Principle of Accounting Assignment NUST

The document contains accounting equations and transactions for multiple companies: 1. A. Akram Sons - The accounting equation balances assets of 282,000 with liabilities of 60,000 and capital of 222,000. 2. B. Murad Steels - Assets of 1,633,000 equals liabilities of 1,533,000 and capital of 100,000. 3. C. Bilal Variety Center - Assets of 669,000 equals liabilities of 350,000, loan of 33,000 and capital of 286,000. 4. D. Mr. Aqeel - Provides explanations of 8 sample transactions involving assets, liabilities, capital and expenses.

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61 views

Principle of Accounting Assignment NUST

The document contains accounting equations and transactions for multiple companies: 1. A. Akram Sons - The accounting equation balances assets of 282,000 with liabilities of 60,000 and capital of 222,000. 2. B. Murad Steels - Assets of 1,633,000 equals liabilities of 1,533,000 and capital of 100,000. 3. C. Bilal Variety Center - Assets of 669,000 equals liabilities of 350,000, loan of 33,000 and capital of 286,000. 4. D. Mr. Aqeel - Provides explanations of 8 sample transactions involving assets, liabilities, capital and expenses.

Uploaded by

Abdul Rehman
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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National University of Sciences and Technology

SEECS
BS CS 8AB
Solutions Assignment 1
Accounting Equation
A. Akram Sons
ASSETS = LIABILITIES + CAPITAL
CASH + MERCHANDISE + A/C REC + FURNITURE = ACCOUNTS PAYABLE + CAPITAL
1. 200,000 = 200,000
2. 60,000 = 60,000
3. (8000) (8000)
4 (45000) + 75,000 = 30,000
5. (25000) + 25000
167,000 + 15000 + 75,000+ 25,000 = 60,000 +222,000
= 282,000 = 282,000

B. Murad Steels
ASSETS = LIABILITIES + CAPITAL
CASH + MERCHANDISE = A/C PAY + BANK LOAN + CAPITAL
1. 1500,000 = 1500,000
2. (800,000) + 800,000 =
3. 150,000 + (100,000) = 50,000
4. 100,000 = 100,000
5. (22,000) = (22,000)
6. 15,000 = 15,000
7. (10,000) = (10,000)
933,000 + 700,000 = 100,000 +1533,000
= 1633,000 = 1633,000

C. Bilal Variety Center


ASSETS = LIABILITIES + CAPITAL
CASH + FURNIURE + MERCHANDISE+ A/C REC = A/C PAY + LOAN + CAPITAL
1. 650,000 = 350,000 + 300,000
2. (80,000)+ 80,000
3. + 38,000 = 38,000
4. 25,000 + (29000) +20,000 = 16,000
5. (5,000) = (5,000)
6. (30,000) = (30,000)
560,000 + 80,000 + 9,000+ 20,000 = 33000+ 350,000 +286,000
= 669,000 = 669,000
D. Mr. Aqeel
1. Mr. Aqeel starts his business by the investment of Rs. 500,000/ = from his own resources and Rs.
500,000/= from a bank loan.
Solution: Transaction 1 increase assets, capital and liabilities.
2. Purchase furniture and fixture for Rs. 75000/=
Solution: Asset Decreases, Asset Increases; Overall No effect
3. Purchased good on credit for Rs. 500,000/=
Solution: Asset Increases, Liabilities Increases
4. Sold goods on cash for Rs. 120,000/= which cost Rs 80,000/=
Solution: Asset Increases, Asset Decreases and Capital Increases
5. Cash paid to creditors for goods purchased earlier Rs. 100,000/ =
Solution: Asset Decreases and Liabilities Decreases
6. Cash paid for shop rent 25000/=
Solution: Asset Decreases and Capital Decreases
7. Salaries paid to employees Rs 16000/= out of which Rs 2000/= is outstanding.
Solution: Asset Decreases, Liabilities Increases and Capital Decreases
8. Withdrew cash Rs. 5000/= for personal use.
Solution: Asset Decreases and Capital Decreases

E. Smalling Manufacturing Company


Transaction : Assets = Liabilities + Owners’ Equity

1) I I NE
2) I, D NE NE
3) D D NE
4) I D NE
5) I, D NE I
6) I I NE
7) I NE I
8) D, I NE NE
9) I, D NE NE

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