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Financial Accounting - I – MGT101
VU Lesson # 10
EXERCISES- RECORDING OF TRANSACTIONS Transactions of Ali Traders for the month of January: No. 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Date Jan 01 Jan 01 Jan 02 Jan 03 Jan 05 Jan 06 Jan 08 Jan 10 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Jan 31 Jan 31
Particulars Started business with Rs. 200,000 in cash. Opened a bank account and deposited Rs. 195,000 in it. Paid for furniture Rs. 15,000 through cheque. Paid for vehicle Rs. 50,000 through cheque. Bought goods on credit from Mr. A for Rs. 50,000. Sold goods for cash Rs. 60,000. Purchased goods for cash Rs. 20,000. Returned goods of Rs. 10,000 to Mr. A. Sold goods on credit to Mr. B for Rs. 40,000. Mr. B returned goods of Rs. 5,000. Paid through cheque to Mr. A Rs. 25,000. Mr. B Paid through cheque Rs. 20,000. Paid Salaries through cheque Rs. 5,000. Accrued expenses for the month Rs. 20,000. Deposited in bank Rs. 10,000.
01 – Started business with Rs. 200,000 in cash. Cash Account Code 01 Date
No.
01-01---
Narration
01 Capital a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
200,000
Capital Account Code 03 Date
No.
Narration
Dr. Rs.
01-01---
01 Cash a/c
© Copyright Virtual University of Pakistan
200,000
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Financial Accounting - I – MGT101
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02 – Deposited Rs. 195,000 in bank. Bank Account Code 02 Date
No.
01-01---
Narration
02 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
195,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
01-01---
02 Bank a/c
195,000
03 – Paid for furniture Rs. 15,000 through cheque. Bank Account Code 02 Date
No.
Narration
Dr. Rs.
Date 02-01---
Furniture Date
02-01---
No.
No.
Narration
03 Furniture a/c
Cr. Rs. 15,000
Account Code 04 Narration
03 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
15,000
© Copyright Virtual University of Pakistan
46
Financial Accounting - I – MGT101
VU
04 – Paid for vehicle Rs. 50,000 through cheque. Vehicle Date
No.
03-01---
Account Code 05 Narration
04 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Bank Account Code 02 Date
No.
Narration
Dr. Rs.
03-01---
04 Vehicle a/c
50,000
05 – Bought goods on credit from Mr. A Rs. 50,000. Purchases Date
No.
05-01---
Account Code 06 Narration
05 Mr. A
Mr. A (Creditor) Date
No.
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Account Code 07
Narration
Dr. Rs.
05-01---
05 Purchases a/c
50,000
Creditor A person or organization to whom money is payable by the business is called a creditor.
© Copyright Virtual University of Pakistan
47
Financial Accounting - I – MGT101
VU
06 – Sold goods for cash Rs. 60,000. Cash Account Code 01 Date
No.
06-01---
Narration
06 Sales a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
60,000
Sales Account Code 08 Date
No.
Narration
Dr. Rs.
06-01---
06 Cash a/c
60,000
07 – Purchased goods for cash Rs. 20,000. Purchases Date
No.
08-01---
Account Code 06 Narration
07 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
20,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
08-01---
07 Purchases a/c
© Copyright Virtual University of Pakistan
20,000
48
Financial Accounting - I – MGT101
VU
08 – Returned goods of Rs. 10,000 to Mr. A. Mr. A (Creditor) Date
No.
10-01---
Narration
08 Purchase return
Purchases return Date
Account Code 07
No.
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
10,000
Account Code 06
Narration
Dr. Rs.
10-01---
08 Mr.A
10,000
09 – Sold goods on credit to Mr. B for Rs. 40,000. Sales Account Code 08 Date
No.
Narration
Dr. Rs.
Date 12-01---
No.
Narration
09 Mr. B
Cr. Rs. 40,000
Mr. B (Debtor) Account Code 09 Date
12-01---
No.
Narration
09 Sales a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
40,000
Debtor A person or organization from whom money is receivable by the business is called a debtor.
© Copyright Virtual University of Pakistan
49
Financial Accounting - I – MGT101
VU
10 – Mr. B returned goods of Rs. 5,000. Sales return Account Code 08 Date
No.
18-01---
Narration
10 Mr. B
No.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
5,000
Mr. B (Debtor) Date
Dr. Rs.
Account Code 09
Narration
Dr. Rs.
18-01---
10 Sales return
5,000
11 – Paid through cheque to Mr. A Rs. 25,000. Mr. A (Creditor) Date
No.
21-01---
Account Code 07
Narration
11 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
25,000
Bank Account Code 02 Date
No.
Narration
Dr. Rs.
21-01---
11 Mr. A
© Copyright Virtual University of Pakistan
25,000
50
Financial Accounting - I – MGT101
VU
12 – Mr. B Paid through cheque Rs. 20,000. Bank Account Code 02 Date
No.
25-01---
Narration
12 Mr. B
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
20,000
Mr. B (Debtor) Account Code 09 Date
No.
Narration
Dr. Rs.
25-01---
12 Bank a/c
20,000
13 – Paid Salaries through cheque Rs. 5,000. Salaries Account Date
No.
31-01---
Narration
13 Cash a/c
Code 10 Dr. Rs.
Date
No.
Narration
5,000
Bank Account Date
No.
Narration
Cr. Rs.
Code 02 Dr. Rs.
Date 31-01---
No.
Narration
13 Salaries a/c
© Copyright Virtual University of Pakistan
Cr. Rs. 5,000
51
Financial Accounting - I – MGT101
VU
14 – Accrued expenses for the month Rs. 20,000. Expenses Account Date
No.
31-01---
Narration
14 Cash a/c
Code 11 Dr. Rs.
Date
No.
Narration
20,000
Accrued Expenses / Expenses Payable Account Date
No.
Narration
Cr. Rs.
Dr. Rs.
Date 31-01---
Code 12 No.
Narration
14 Accrued exp
Cr. Rs. 20,000
15 – Deposited in bank Rs. 10,000. Bank Account Code 02 Date
No.
31-01---
Narration
15 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
31-01---
15 Bank a/c
© Copyright Virtual University of Pakistan
10,000
52
Financial Accounting - I – MGT101
VU
Bank Account Bank
Account Code 02
Date
No.
Narration
01-01---
02
Cash a/c
25-01---
12
31-01---
15
Dr. Rs.
Date
No.
Narration
195,000
02-01---
03
Furniture a/c
15,000
Mr. B
20,000
03-01---
04
Vehicle aic
50,000
Cash a/c
10,000
21-01---
11
Mr. A
25,000
31-01---
13
Salaries a/c Balance
© Copyright Virtual University of Pakistan
Cr. Rs.
5,000 130,000
53
VU Lesson # 10
EXERCISES- RECORDING OF TRANSACTIONS Transactions of Ali Traders for the month of January: No. 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Date Jan 01 Jan 01 Jan 02 Jan 03 Jan 05 Jan 06 Jan 08 Jan 10 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Jan 31 Jan 31
Particulars Started business with Rs. 200,000 in cash. Opened a bank account and deposited Rs. 195,000 in it. Paid for furniture Rs. 15,000 through cheque. Paid for vehicle Rs. 50,000 through cheque. Bought goods on credit from Mr. A for Rs. 50,000. Sold goods for cash Rs. 60,000. Purchased goods for cash Rs. 20,000. Returned goods of Rs. 10,000 to Mr. A. Sold goods on credit to Mr. B for Rs. 40,000. Mr. B returned goods of Rs. 5,000. Paid through cheque to Mr. A Rs. 25,000. Mr. B Paid through cheque Rs. 20,000. Paid Salaries through cheque Rs. 5,000. Accrued expenses for the month Rs. 20,000. Deposited in bank Rs. 10,000.
01 – Started business with Rs. 200,000 in cash. Cash Account Code 01 Date
No.
01-01---
Narration
01 Capital a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
200,000
Capital Account Code 03 Date
No.
Narration
Dr. Rs.
01-01---
01 Cash a/c
© Copyright Virtual University of Pakistan
200,000
45
Financial Accounting - I – MGT101
VU
02 – Deposited Rs. 195,000 in bank. Bank Account Code 02 Date
No.
01-01---
Narration
02 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
195,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
01-01---
02 Bank a/c
195,000
03 – Paid for furniture Rs. 15,000 through cheque. Bank Account Code 02 Date
No.
Narration
Dr. Rs.
Date 02-01---
Furniture Date
02-01---
No.
No.
Narration
03 Furniture a/c
Cr. Rs. 15,000
Account Code 04 Narration
03 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
15,000
© Copyright Virtual University of Pakistan
46
Financial Accounting - I – MGT101
VU
04 – Paid for vehicle Rs. 50,000 through cheque. Vehicle Date
No.
03-01---
Account Code 05 Narration
04 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Bank Account Code 02 Date
No.
Narration
Dr. Rs.
03-01---
04 Vehicle a/c
50,000
05 – Bought goods on credit from Mr. A Rs. 50,000. Purchases Date
No.
05-01---
Account Code 06 Narration
05 Mr. A
Mr. A (Creditor) Date
No.
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Account Code 07
Narration
Dr. Rs.
05-01---
05 Purchases a/c
50,000
Creditor A person or organization to whom money is payable by the business is called a creditor.
© Copyright Virtual University of Pakistan
47
Financial Accounting - I – MGT101
VU
06 – Sold goods for cash Rs. 60,000. Cash Account Code 01 Date
No.
06-01---
Narration
06 Sales a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
60,000
Sales Account Code 08 Date
No.
Narration
Dr. Rs.
06-01---
06 Cash a/c
60,000
07 – Purchased goods for cash Rs. 20,000. Purchases Date
No.
08-01---
Account Code 06 Narration
07 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
20,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
08-01---
07 Purchases a/c
© Copyright Virtual University of Pakistan
20,000
48
Financial Accounting - I – MGT101
VU
08 – Returned goods of Rs. 10,000 to Mr. A. Mr. A (Creditor) Date
No.
10-01---
Narration
08 Purchase return
Purchases return Date
Account Code 07
No.
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
10,000
Account Code 06
Narration
Dr. Rs.
10-01---
08 Mr.A
10,000
09 – Sold goods on credit to Mr. B for Rs. 40,000. Sales Account Code 08 Date
No.
Narration
Dr. Rs.
Date 12-01---
No.
Narration
09 Mr. B
Cr. Rs. 40,000
Mr. B (Debtor) Account Code 09 Date
12-01---
No.
Narration
09 Sales a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
40,000
Debtor A person or organization from whom money is receivable by the business is called a debtor.
© Copyright Virtual University of Pakistan
49
Financial Accounting - I – MGT101
VU
10 – Mr. B returned goods of Rs. 5,000. Sales return Account Code 08 Date
No.
18-01---
Narration
10 Mr. B
No.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
5,000
Mr. B (Debtor) Date
Dr. Rs.
Account Code 09
Narration
Dr. Rs.
18-01---
10 Sales return
5,000
11 – Paid through cheque to Mr. A Rs. 25,000. Mr. A (Creditor) Date
No.
21-01---
Account Code 07
Narration
11 Bank a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
25,000
Bank Account Code 02 Date
No.
Narration
Dr. Rs.
21-01---
11 Mr. A
© Copyright Virtual University of Pakistan
25,000
50
Financial Accounting - I – MGT101
VU
12 – Mr. B Paid through cheque Rs. 20,000. Bank Account Code 02 Date
No.
25-01---
Narration
12 Mr. B
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
20,000
Mr. B (Debtor) Account Code 09 Date
No.
Narration
Dr. Rs.
25-01---
12 Bank a/c
20,000
13 – Paid Salaries through cheque Rs. 5,000. Salaries Account Date
No.
31-01---
Narration
13 Cash a/c
Code 10 Dr. Rs.
Date
No.
Narration
5,000
Bank Account Date
No.
Narration
Cr. Rs.
Code 02 Dr. Rs.
Date 31-01---
No.
Narration
13 Salaries a/c
© Copyright Virtual University of Pakistan
Cr. Rs. 5,000
51
Financial Accounting - I – MGT101
VU
14 – Accrued expenses for the month Rs. 20,000. Expenses Account Date
No.
31-01---
Narration
14 Cash a/c
Code 11 Dr. Rs.
Date
No.
Narration
20,000
Accrued Expenses / Expenses Payable Account Date
No.
Narration
Cr. Rs.
Dr. Rs.
Date 31-01---
Code 12 No.
Narration
14 Accrued exp
Cr. Rs. 20,000
15 – Deposited in bank Rs. 10,000. Bank Account Code 02 Date
No.
31-01---
Narration
15 Cash a/c
Dr. Rs.
Date
No.
Narration
Cr. Rs.
Date
No.
Narration
Cr. Rs.
50,000
Cash Account Code 01 Date
No.
Narration
Dr. Rs.
31-01---
15 Bank a/c
© Copyright Virtual University of Pakistan
10,000
52
Financial Accounting - I – MGT101
VU
Bank Account Bank
Account Code 02
Date
No.
Narration
01-01---
02
Cash a/c
25-01---
12
31-01---
15
Dr. Rs.
Date
No.
Narration
195,000
02-01---
03
Furniture a/c
15,000
Mr. B
20,000
03-01---
04
Vehicle aic
50,000
Cash a/c
10,000
21-01---
11
Mr. A
25,000
31-01---
13
Salaries a/c Balance
© Copyright Virtual University of Pakistan
Cr. Rs.
5,000 130,000
53
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