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    10 Lecture 10

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    Ahmad Hasnain
    1) The document provides an overview of accounting concepts and sample transactions to practice T-account journal entries. 2) Students were assigned homework questions involving preparing T-accounts for various business transactions between January 1-31, including purchasing and selling goods, payments made, rent paid, and salaries paid. 3) Another homework assignment involves preparing T-accounts for business transactions between July 1-30 for a business, including purchasing and selling stock on credit terms, payments to suppliers, personal withdrawals from the business bank account, and expenses paid.

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    10 Lecture 10

    Uploaded by

    Ahmad Hasnain
    43 views2 pages
    1) The document provides an overview of accounting concepts and sample transactions to practice T-account journal entries. 2) Students were assigned homework questions involving preparing T-accounts for various business transactions between January 1-31, including purchasing and selling goods, payments made, rent paid, and salaries paid. 3) Another homework assignment involves preparing T-accounts for business transactions between July 1-30 for a business, including purchasing and selling stock on credit terms, payments to suppliers, personal withdrawals from the business bank account, and expenses paid.

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    1) The document provides an overview of accounting concepts and sample transactions to practice T-account journal entries. 2) Students were assigned homework questions involving preparing T-accounts for various business transactions between January 1-31, including purchasing and selling goods, payments made, rent paid, and salaries paid. 3) Another homework assignment involves preparing T-accounts for business transactions between July 1-30 for a business, including purchasing and selling stock on credit terms, payments to suppliers, personal withdrawals from the business bank account, and expenses paid.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    43 views2 pages

    10 Lecture 10

    Uploaded by

    Ahmad Hasnain
    1) The document provides an overview of accounting concepts and sample transactions to practice T-account journal entries. 2) Students were assigned homework questions involving preparing T-accounts for various business transactions between January 1-31, including purchasing and selling goods, payments made, rent paid, and salaries paid. 3) Another homework assignment involves preparing T-accounts for business transactions between July 1-30 for a business, including purchasing and selling stock on credit terms, payments to suppliers, personal withdrawals from the business bank account, and expenses paid.

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    CAF-01 Introduction to accounting Basics of accounting

    Lecture 10

    Classwork:

    1) Lecture 9 homework questions discussed.


    2) (Q. 3.12) Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts)
    only. Do not write up the other accounts. Then balance off each of these personal accounts at the
    end of the month.
    20X8
    June 1 Purchases on credit from J Saville Rs.240; P Todd Rs.390; J Fry Rs.810.
    June 3 Purchases on credit from P Todd Rs.470; J Mehan Rs.1,450.
    June 10 We returned goods to J Fry Rs.82; J Saville Rs.65.
    June 15 Purchases on credit from J Saville Rs.210.
    June 19 We paid J Mehan by cheque Rs.1,450. 28We paid J Saville by cash Rs.300.
    June 30 We returned goods to P Todd Rs.39.
    3) (Q. 3.14) Prepare T accounts of following transactions (by students in class):
    Date
    Aug. 1 Started business with Rs.10,000 in the bank.
    Aug. 3 Bought goods on credit Rs.300 from AB & Co
    Aug. 4 Bought furniture and fixture for Rs.1,150 paying through cheque
    Aug. 13 Sold goods for cash Rs.500
    Aug. 14 Sold goods on credit to Mr. J for Rs.345
    Aug. 16 Returned goods Rs.15 to AB & Co
    Aug. 18 Payment of Rs.250 for postage expense in cash
    Aug. 19 Mr. J returned Rs.16 goods to us
    Aug. 20 Goods sold for cash Rs.375
    Aug. 21 Paid cash to AB & Co Rs.205
    Aug. 22 Mr. J paid the amount owing by him Rs.60 in cash
    Aug. 23 Payment made of Rs.200 for wages in cash
    Aug. 24 Paid rent by cash Rs.50
    Aug. 25 Bought stationery Rs.45, paid in cash
    Aug. 25 Received rent of Rs.30 by cheque for sublet of corner space.
    Aug. 28 Bank charges of Rs.20 were deducted by bank

    Homework:
    1. (Q. 3.15) Prepare T accounts of following transactions
    Date
    Jan. 1 Started business with Rs.80,000: paid into bank Rs.50,000
    Jan. 3 Bough a van for Rs.30,000 paid through cheque.
    Jan. 7 Withdraw Rs.500 from cash for personal use.
    Jan. 14 Bought goods on credit Rs.220 from A & Co
    Jan. 17 Bought goods on credit Rs.12,000 from B & Co
    Jan. 17 Sold goods on credit to Mr. X Rs.3,400, Mr. Y Rs.7,200 and Mr. Z Rs.5,400.
    Jan. 18 Sold goods on credit to Mr. A for Rs.60
    Jan. 19 Received cash from MR. X Rs.700
    Jan. 21 Payment to B&Co Rs.1,415 through cash
    Jan. 25 Returned goods Rs.15 to A & Co
    Jan. 29 Goods sold for cash Rs.210
    Jan. 31 Bought furniture for Rs.5,000 cash

    Umair Sheraz Utra, ACA Page |1


    CAF-01 Introduction to accounting Basics of accounting

    Jan. 31 Paid rent of office Rs.1,000 in cash


    Jan. 31 Paid Electricity bill Rs.500 in cash
    Jan.31 Paid salaries Rs.1,500 in cash
    2. (Q. 3.16) Prepare T accounts of following transactions
    Date
    Jul. 1 Started business with Rs.100,000 in the bank.
    Jul. 4 Bought stock of biscuits on credit Rs.13,000.
    Jul. 7 Bought stock of shampoo on credit Rs.11,000
    Jul. 8 Purchase of stock of stationery on credit for Rs.10,000
    Jul. 10 Bought furniture and fixture for office Rs.11,500 paying through cheque
    Jul. 11 Sales of biscuits for cash Rs.14,000
    Jul. 13 Sale of shampoo items on credit to Mr. Ghafoor Rs.14,500
    Jul. 16 Returned expired shampoo to supplier of Rs.2,500
    Jul. 18 Stationery sold for cash Rs.21,000
    Jul. 20 Delivery Van purchased through cheque Rs.15,000.
    Jul. 22 Mr. Ghafoor returned some of shampoo items costing Rs.1,000
    Jul. 24 Paid cash to supplier of biscuits Rs.10,000, Supplier of shampoo and soaps Rs.7,500
    and supplier stationery Rs.10,000
    Jul. 26 Withdrew Rs.20,000 from bank for Personal use.
    Jul. 28 Paid electricity bill of Rs.1,200 in cash
    Jul. 30 Paid rent by cash Rs.2,500 for the shop in cash

    Umair Sheraz Utra, ACA Page |2

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