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Assignment - 11 Bilal Crockery Store 15 30092022 085712pm 20022023 022802pm 05032023 033130pm

Bilal Crockery Store wants their accounting consultant to set up their chart of accounts in QuickBooks. The chart of accounts includes bank, cash, inventory, accounts receivable, fixed assets, accounts payable, taxes payable, income and expense accounts. The consultant is provided beginning balances for the accounts and instructions to create inventory items, customers, vendors, enter transactions including sales, purchases, payments and generate required reports.

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32 views1 page

Assignment - 11 Bilal Crockery Store 15 30092022 085712pm 20022023 022802pm 05032023 033130pm

Bilal Crockery Store wants their accounting consultant to set up their chart of accounts in QuickBooks. The chart of accounts includes bank, cash, inventory, accounts receivable, fixed assets, accounts payable, taxes payable, income and expense accounts. The consultant is provided beginning balances for the accounts and instructions to create inventory items, customers, vendors, enter transactions including sales, purchases, payments and generate required reports.

Uploaded by

osama saleem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Bilal Crockery Store is doing a Retail Business of Crockery Items.

He wants to setup his whole Company in


Quickbooks Accounting Software. He gives you his Chart of Accounts and he wants that you as an Accounting
Consultant prepare his Chart of Accounts in Quickbooks . Here are the details of Bilal Crockery Store Chart of
Accounts with Beginning Balances:

ACCOUNT DESCRIPTION ACCOUNT TYPE DEBIT CREDIT

BANK ACCOUNTS BANK 1,200,000


SINDH BANK SUB BANK ACCOUNTS 1,200,000
CASH ACCOUNTS BANK 30,000
PETTY CASH SUB CASH ACCOUNTS 30,000
INVENTORY INVENTORY 120,000
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE 0
OFFICE FURNITURE FIXED ASSETS 150,000
ACCUMULATED DEPRECIATION FIXED ASSETS 0
ACCOUNTS PAYABLE ACCOUNTS PAYABLE 100,000
SALES TAX PAYABLE OTHER CURRENT LIABILITY 0
REVENUE INCOME
GLASS SUB REVENUE
CUP SUB REVENUE
PLATES SUB REVENUE
DINNER SET SUB REVENUE
COSTS OF GOODS SOLD COSTS OF GOODS SOLD
GLASS SUB COSTS OF GOODS SOLD
CUP SUB COSTS OF GOODS SOLD
PLATES SUB COSTS OF GOODS SOLD
DINNER SET SUB COSTS OF GOODS SOLD
DRAWING EQUITY
CAPITAL EQUITY 1,400,000
1,500,000 1,500,000

ADDITIONAL INFORMATION:
1. Create a New Company by the name of Bilal Crockery Store.
2. Business Type Sole Proprietorship.
3. Create Glass Item in Inventory Part. Cost Price @ 600/- Per Box & Quantity 40 Boxes. Select Respective Costs & Revenue
Accounts. 600 40 24000
4. Create Cup Item in Inventory Part. Cost Price @ 960/- Per Box & Quantity 40 Boxes. Select Respective Costs & Revenue
Accounts. 960 40 38400
5. Create Plates Item in Inventory Part. Cost Price @ 1,440/- Per Box & Quantity 40 Boxes. Select Respective Costs & Revenue
Accounts. 1440 40 57600
6. Create Dinner Set Item in Group. Combination of Dinner Set including 01 Glass, 01 Cup & 01 Plate. 120000
7. Create Vendor by the Name of Jamshed Wholesaler. Please pass Opening Balance of Jamshed Wholesaler by General Entry.
Amount 100,000/-. REQ 1
8. Create a Customer by the Name of Waris.
9. Waris ask for Estimate # 1 of 05 Set of Dinner Set. Sale Price of Glass @ 700/- Each, Cup @ 1,060/- Each & Plate @ 1,540/-
Each.
11. Transfer Estimate # 1 of Waris Transfer in Sales Order # 1.
12. Sales Order # 1 of Waris Transfer in Invoice # 1. REQ 2 & 3
13. Waris ask for another Estimate # 2 of 01 Glass @ 700/-, 01 Cup @ 1,060/- & 01 Set of Dinner Set (Glass @ 700/- Each, Cup
@ 1,060/- Each & Plate @ 1,540/- Each).
14. Transfer Estimate # 2 of Waris Transfer in Sales Order # 2.
15. Sales Order # 2 of Waris Transfer in Invoice # 2. REQ 4
16. Waris Return 02 Glass @ 700/- Each, 02 Cup @ 1,060/- Each & 01 Dinner Set (01 Glass @ 700/- Each, 01 Cup @ 1,060/-
Each & 01 Plate @ 1,540/- Each). Please Select "Retain as an Available Credit". REQ 5 & 6
17. Owner received Rs. 14,740/-. Payment of Waris via Cheque # 12345678. Please adjust 10,000/- in Invoice # 1 & 4,740/- in
Invoice # 2. REQ 7
18. Owner Deposit the Cheque of Waris in Bank.
19. Create a Purchase Order of Jamshed Wholesaler. Ordering 06 Glass, 06 Cups & 06 Plates.
20. Jamshed Wholesaler Sent 03 Glass, 03 Cups & 03 Plates. Received this Inventory by Receive Items Option.
21. Jamshed Wholesaler Sent 03 Glass, 03 Cups & 03 Plates. Received this Inventory by Receive Items Option.
22. Received Bill by using Enter Bills for Received Items from Jamshed Wholesaler. REQ 8
23. Company Pays Rs. 18,000/- via Cheque # 87654321 from Sindh Bank Account to Jamshed Wholesaler. Please use Pay Bills
Option in Vendors Menu. REQ 9 & 10

REQUIRED:
1. Balance Sheet before making any Calculation.
2. Open Invoices Report after making Sales Invoice # 1.
3. Inventory Valuation Detail Report after making Sales Invoice # 1.
4. Open Invoices Report after making Sales Invoice # 2.
5. Open Invoices Report after making Credit Memo.
6. Inventory Valuation Detail Report after making Credit Memo.
7. Open Invoices Report after receiving of Payment from Waris.
8. Inventory Valuation Detail Report after receiving of Bill of Jamshed Wholesaler
9. Income Statement after making Whole Calculation.
10. Balance Sheet after making Whole Calculation.

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