27-10-2014 (Financial Accounting 1st semester BBA)

27-10-2014

 

  Q. 2 Mr. Ali

1. Started business with cash 84,000
2. He purchased goods for cash 13,000
3. He purchased furniture costing 2000
4. He sold goods for cash 3000 costing 1800
5. He paid salaries 1200

M/S Mr. Ali
Assets = Liabilities + Capital
Assets					Liabilities		Capital
Cash + Goods + Furniture					Creditor + Bank Loan
Cash	Goods	furniture
84,000							84,000
84,000 -13,000 71,000	13,000						84,000
71,000 -2000 69,000S		2000
69,000 +3000	13,000 -1800						84,000 +1200
72,000	11,200						85,200
72,000 -1200 70,800	11,200	2000					85,200 -1200 84,000
70,800+11,200+2000						0+84,000
84,000					84,000

 

Q.3 Mr. Naveed

1. Started business with goods 20,000 and cash 55,000
2. He purchased goods on amount for rupees 15,000
3. Cash of rupees 10,000 deposited to the bank
4. Paid cash to supplier of the goods 10,000
5. Paid telephone by cheque rupees 2000

M/S Mr. Naveed
Assets = Liabilities + Capital
Assets					Liabilities		Capital
Cash + Goods + Bank					Creditor + Bank Loan
Cash	Goods	bank
55,000	20,000						75,000
	20,000 +15,000 35,000				15,000
55,000 -10,000 45,000		10,000
45,000 -10,000 35,000					15,000 -10,000 5000		75,000
35,000 35,000		10,000 -2000			5000		75,000 -2000 73,000
33,000+35,000+8,000						5000+73000
78,000					78,000

 

Q.4 Mr. Sulman

1. Started with cash business rupees 100,000
2. Purchased furnisher for cash 4000
3. Purchased goods for cash 25,000
4. Sold goods for cash 15,000 costing 11,000
5. Sold goods to Rashid on credit rupees 8000 costing 6500
6. Received cash from Rashid rupees 4000
7. Cash paid to creditor 9000
8. Paid rent and salaries rupees 4000

M/S Mr. Salman
Assets = Liabilities + Capital
Assets						Liabilities		Capital
Cash + Furniture + Goods + Debtor						Creditor + Bank Loan
Cash	Furniture	Goods	Debtor
100,000								100,000
100,000 -4000 96,000	4000
96,000 -25,000 71,000		25,000
71,000 +15,000 86,000		25,000 -11,000 14,000						100,000 +4000 104,000
		14,000 +15,000 29,000				15,000		104,000
		29,000 -6500 22,500	8000					104,000 +1500 105,500
86,000 +4000 90,000								105,500 +4000 109,500
90,000 -9000 81,000						15,000 -9000 6000
81,000 -4000 77,000								109,500 -4000 105,500
77,000+4000+22,500+8000				6000+105,500
111,500				111,500