TOPIC TO BE TESTED: Basic concepts to prepare Journal, Ledger and Trial balance
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1 SEMESTER SPRING FINANCIAL ACCOUNTING (MGT0) ASSIGNMENT # 0 DUE DATE: th May MARKS: 0 TOPIC TO BE TESTED: Basic concepts to prepare Journal, Ledger and Trial balance LEARNING OBJECTIVES: To understand the basic concepts required for understanding and preparing the fundamental books of accounts QUESTION Date Transactions April 0 Mr. Aslam started his business with: Cash balance Machinery Furniture 700, Purchased merchandises for cash 250,000 0 Goods purchased on credit basis from Mr. Akram & Sons 85,000 2 Machinery sold for cash 4 Merchandises sold for cash 350,000 8 Sold goods on credit basis to Farhan Brothers 280, Furniture purchased for cash 200, Paid rent for the month 90,000
2 Required: On the following pages, you would find an incomplete journal, a ledger and the corresponding trial balance based on transactions given on the previous page. You are required to:. Pass the missing journal entries in General Journal of April 8, and April 26, 2. Prepare the complete Cash account 3. Prepare the complete Trial balance Note: In addition to study of handouts and recommended books, the study material uploaded in download tab of VU-LMS are also most important for successful completion of assignment. The file names of relevant study material to the given assignment are Types of Accounts and Rules of &, General Journal and Ledger & Trial Balance. This study material is helpful for strengthening your basic knowledge to understand the subject.
3 General Journal Date Description L/F Page # 0 April 0 Cash A/c Machinery A/c 3 700,000 Furniture A/C 5 To Capital A/c (being the initial Investment made in business) 7, 02 Purchases A/c 9 250,000 To Cash A/c (being the purchases of goods on cash basis) 250,000 0 Purchases A/c 9 85,000 To Accounts Payable - Mr. Akram & Sons (Being the purchase of goods on credit basis) 85,000 2 Cash A/c To Machinery A/c (Being the sale of machinery on cash basis) 3 4 Cash A/c 350,000 To Sales A/c (Being the sale of goods on cash basis) 3 350, To (Being the sale of goods on credit basis) 3 Total C/F 2,765,000 2,765,000
4 Date Description L/F Page # 02 Total B/F 2,765,000 2,765,000 April 26 5 To (purchase of furniture on cash) 29 Rent A/c 7 90,000 To Cash A/c (Being the payment of rent) 90,000 Grand Total 3,055,000 3,055,000
5 LEDGER Title of Account Cash Account A/C Code No. April 0 Capital A/c April 30 Balance c/d,50,000,50,000 Title of Account Machinery Account A/C Code No. 3 April 0 Capital A/c 700,000 April 2 Cash a/c 30 Balance c/d 700, ,000
6 Title of Account Furniture Account A/C Code No. 5 April 0 Capital A/c 26 Cash A/c 2 200,000 April 30 Balance c/d 500, , ,000 Title of Account Capital Account A/C Code No. 7 April 0 Cash A/c 0 Machinery A/c 700,000 April 30 Balance c/d, 0 Furniture A/c,,
7 Title of Account Purchases Account A/C Code No. 9 April 02 Cash A/c 250,000 0 Accounts Payable A/c 85,000 April 30 Balance c/d 335, , ,000 Title of Account Accounts Payable - Mr. Akram & Sons Account A/C Code No. April 0 Purchases A/c 85,000 April 30 Balance c/d 85,000 85,000 85,000
8 Title of Account Sales Account A/C Code No. 3 April 4 Cash A/c 350,000 8 Accounts Receivable A/c 280,000 April 30 Balance c/d 630, , ,000 Title of Account Accounts Receivable - Farhan Brothers Account A/C Code No. 5 April 8 Sales A/c 280,000 April 30 Balance c/d 280, , ,000
9 Title of Account Rent Account A/C Code No. 7 April 29 Cash A/c 2 90,000 April 30 Balance c/d 90,000 90,000 90,000 Mr. Akram Trial Balance As on April. 30, S. No. Account Names Account Code No Cash account Machinery account Furniture account Capital account Purchases account Accounts Payable- Mr. Akram & Sons Sales account Accounts Receivable - Farhan Brothers Rent account ,000, 335,000 85, , ,000 2,5,000 2,5,000
10 IMPORTANT: Grace period of extra 24 hours after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience. IMPORTANT INSTRUCTIONS Take help from internet for collecting the information. Carefully watch relevant lectures and consult the relevant material from handouts along with recommended books. Attempt the assignment by yourself and it will be entertained positively. OTHER IMPORTANT INSTRUCTIONS: DEADLINE: Make sure to upload the solution file before the due date on VULMS. Any submission made via after the due date will not be accepted. FORMATTING GUIDELINES: Use the font style Times New Roman or Arial and font size 2. It is advised to compose your document in MS-Word format. You may also compose your assignment in Open Office format. Use black and blue font colors only. RULES FOR MARKING Please note that your assignment will not be graded or graded as Zero (0), if: It is submitted after the due date. The file you uploaded does not open or is corrupt. It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc. It is cheated or copied from other students, internet, books, journals etc.
11 Note related to load shedding: Please be proactive Dear students! As you know that Pre Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.
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