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E1 Accounting Entries Practice-1

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45 views1 page

E1 Accounting Entries Practice-1

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monairfan145
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Muhammad Kashif Tajammul - FCMA

Fundamentals of Financial Accounting – Transactions for Practice


1. Owner started business with Rs. 500,000.
2. Opened bank account in the name of business and deposited Rs. 200,000 out of cash in hand.
3. Paid Rs. 8,000 for purchase of office furniture.
4. Paid carriage of Rs. 500 for the office furniture.
5. Purchased laptop of Rs. 18,000 for cash.
6. Purchased office building worth Rs. 150,000 from Mr. Jabbar. Paid cash Rs. 30,000. Cost attributable
to land was Rs. 20,000 and building Rs. 30,000.
7. Paid insurance of the building for the current month Rs.200.
8. Purchased vehicle for Rs. 130,000 paying through cheque.
9. Paid registration charges/ fee of the vehicle Rs. 5,000.
10. Returned faulty furniture worth Rs. 2,000 to Furniture world Limited.
11. Purchase goods for cash Rs. 2,000 and for credit Rs. 1,000 from Khalid Retail Store.
12. Returned purchased goods of Rs. 500 from Khalid Retail Store.
13. Sold goods to Khan Brothers Rs. 12,000 and cash sales Rs. 5,000.
14. Goods sold returned by Khan Brothers Rs. 2,000.
15. Paid freight for the goods sold Rs. 500.
16. Owner withdrew of worth Rs. 2,000 for personal use.
17. Paid Khalid Retail Store Rs. 500.
18. Received Rs. 10,000 from Khan Brothers.
19. Paid Salaries expense Rs. 2,000.
20. Sold goods to Tariq & brothers on account / on credit.
21. Paid Rs. 1,500 rent of the parking slot of the vehicle.
22. Purchased office stationery for Rs. Rs. 500.
23. Purchased office supplies Rs. 700.
24. Paid cash for newspaper advertisement, Rs. 1,200.
25. Provided consultancy to a client worth Rs. 25,000. Client deposited the fee in business bank account.
26. Billed Mr. Zeeshan for consultancy services Rs. 10.000, receivable in 10 days.
27. Provided consultancy services worth Rs. 70,000 to Mr. Usman on account.
28. Received cheque for the full amount from Mr. Zeeshan for services provide to him on July 10.
29. Owner further introduced Rs. 50,000 into the business.
30. Paid Rs. 1,000 for the lunch expenses incurred on visit of a client.
31. Paid fuel expenses of the vehicle Rs. 5,000.
32. Issued cheque of Rs. 10,000 to Mr. Jabbar against the purchase of office building.
33. Paid Rs. 500 on paint work of office.
34. Received Rs. 20,000 from Mr. Usman.
35. Provide consultancy services to a client of Rs. 15,000. Cheque received for the full amount and
deposited into the bank for collection.
36. Paid Rs. 500 to a charitable organization as charity.
37. Obtained long term loan from a bank Rs. 500,000.
38. Paid interest on the bank loan for the month Rs. 1,000.
39. Owner withdrew Rs. 5,000 from bank for his personal use.
40. Bank deducted Rs. 50 from bank account as bank charges.
41. Paid electricity bill for the current month Rs. 5,000.
42. Paid statutory audit fee for the month Rs. 5,000.
43. Paid Rs. 5,000 as buss fare for visiting out of station client.
44. Paid a bill of Rs. 5,000 for regular Mobil oil & filter replacement of the vehicle.
45. Cashier withdrew cash from bank for cash payments Rs. 10,000
46. Income tax for the month paid Rs. 500.
47. Paid sales commission to sales agent Rs. 1,500.
48. Paid Rs. 5,000 as repayment of bank loan.

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