Royal Computers & Mobiles
(a wholesale/distribution business)
On 1st January 2021, M...
Royal Computers & Mobiles
(a wholesale/distribution business)
On 1st January 2021, Mr. Asad started business with cash Rs. 6,000,000/- On 3rd January, he opened an account with Meezan Bank and deposited Rs. 4,500,000/-
On 4th January, he bought a shop for the business Rs. 1,500,000/- and issued a cheque. On 5th January, he bought the following assets:
Furniture & Fixtures Rs. 110,000/-
Office Equipments Rs. 35,000/-
On 6th January, he paid Rs. 5,000/- for streamers, Rs. 5,000/- for banners, Rs. 15,000/- for a hoarding and Rs. 10,000/- for main sign board.
On 7th January, he bought the following goods for resale purposes:
(a) Mobiles
Supplier Inventory Price (Rs.) Qty.
Nokia N X-100, Black 7,000/- 100
Samsung S - A-31 5,000/- 70
(b) Computers
Supplier Inventory Price (Rs.) Qty.
Dell D-7070, Black/Tower 10,000/- 30
Compaq C-Silcom, White/Desktop 12,000/- 20
HP HP 6300, Black/Desktop 9,000/- 15
On the same date amount paid to all vendors on the same date except Nokia against purchase of mobile phones. 50% amount paid to Nokia.
Total sale of the month is as follow:
Date Customer Product Price (Rs.) Qty.
8.01.2021 Usman Mobile N X-100, Black 8,000/- 45
9.01.2021 Tanveer Computers D-7070, Black 11,000/- 20
10.01.2021 Hassan Communication S – A-31 5,500/- 40
12.01.2021 My Computers C-Silcom, White 14,000/- 20
13.01.2021 The Best Computer HP 6300-Desktop 10,000/- 12
Amount received from all customers except Usman Mobiles against sale of mobile phones. Usman Mobiles paid only 50% of amount.
On 2nd February, he paid the following expenses:
Salary to Sales Staff Rs. 25,000/-
Utility Bills Rs. 20,000/-
Travelling Expenses Rs. 5,000/-
Required:
1. Open ‘Customer’, ‘Vendor’ and ‘Inventory Account’
2. Make the ‘Journal Entries’
3. Show the ‘Ledger’, ‘Trial Balance’ of each account
4. Show ‘Income Statement’ and ‘Balance Sheet’
Answers: 1
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