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P3.

Raja TasleemAslam opened a secretarial school called Rawal Vocational Centre (RVC). He contributed the following assets to the business: Cash Word processors Office equipment
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Rs. 57,000 43,000 36,000

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Deposited cash in the bank except Rs. 7000 that was kept in hand. Hired a building for his business and paid the first months rent, Rs. 5,000 by cheque. Paid by cheque Rs. 2,000 for advertisement announcing the opening of the centre. Received applications from three students in a four-week computer programme. The students paid Rs. 13,000 in cash. Purchased stationery on credit, Rs. 13,300. Purchased a word processor, Rs. 34,800, and office equipment, Rs. 23,800, on credit. Paid cheque for supplies purchased on credit in eabove. Repaired broken word processor, paid cash, Rs. 400. Billed new students who enrolled late in the course, Rs. 44,400. Deposited Rs. 10,000 in bank. Transferred Rs. 13,000 to personal bank account. Received payment from students previously billed, Rs. 40,800 by cheque. Paid utility bill for the current month, Rs. 1,900 in cash. Paid salaries, Rs. 20,200 by cheque. Received cash revenue from another new student, Rs. 2,500.

Required Set up T accounts for: cash; debtors; supplies; word processors; office equipment; creditors; Rajas capital; Rajas withdrawals; fee revenue; rent expense; advertising expense; salary expense; repair expense; and utility expense. ii Record transactions by entering debits and credits directly in the T accounts, using the transaction letter to identify each debit and credit. iii Prepare a trial balance using the current date.
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P3.2

NasirBajwa, an interior decorator, completed the following transactions during the month of April 1997: April 2 3 4 5 7 8 10 11 12 13 14 Began his business with equipment valued at Rs. 123,000 and placed Rs. 2,00,000 in a business bank account. Purchased a used Suzuki pickup costing Rs. 50,000 and paid by cheque. Purchased supplies on account, Rs. 3,200. Completed painting a two-storey house and billed the customer, Rs. 24,800. Received cash for painting two rooms, Rs. 5,000. It was kept in the cash till. Hired assistant to work with him, to be paid Rs. 100 per day. Purchased supplies for Rs. 14,600 and paid by cheque. Received cheque from customer previously billed, Rs. 4,800. Paid by cheque Rs. 10,000 on insurance policy for 18 months coverage. Billed customer for painting job, Rs. 6,200. Paid assistant for six-day work, Rs. 600 in cash.

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Paid cash Rs. 150 for tuning of the pickup. Paid cheque for supplies purchased on April 4. Purchased new (equipment for Rs. 600 and supplies for Rs. 2,900, on account. Received telephone bill to be paid next month, Rs. 600. Received cash from customer previously billed, Rs. 3,300. It was deposited in the bank. 24 Transferred Rs. 3,000 to personal bank account. 25 Received cheque for painting five-room apartment, Rs. 33,600. 29 Paid assistant for 15 days work, Rs. 1,500 in cash. Required i Prepare journal entries to record the above transactions in the general journal. ii Set up the T accounts and post all the journal entries. iii Prepare a trial balance. P3.3 Babar began A-1 Cleaners, a carpet cleaning business, on October 1 and completed the following transactions during the month: Oct 1 Began business by transferring Rs. 60,000 from his personal bank account to the business bank account. 2 Ordered cleaning supplies, Rs. 5,000. 3 Purchased cleaning equipment for Rs. 14,000. Payment made by cheque. 4 Leased a van by making two months lease payment in advance, Rs. 10,000 by cheque. 5 Withdrew Rs. 10,000 from bank account for business use. 7 Received the cleaning supplies ordered on October 2 and agreed to pay half the amount in ten days and the rest in 30 days. 9 Paid for repairs on the van, Rs. 400 by cheque. 12 Received cash for cleaning carpets, Rs. 4,800. 17 Paid half of the amount owed on supplies purchased on October 7, Rs. 2,500 by cheque. 21 Billed customers for cleaning carpets, Rs. 26,700. 24 Paid by cheque for additional repairs on the van, Rs. 400. 27 Received Rs. 13,000 from the customers billed on October 21 by cheque. 31 Withdrew Rs. 3,500 from the bank for personal use. Required i. Prepare journal entries to record the above transactions in the general journal. ii. Post the entries. iii. Prepare a trial balance for A-1 Cleaning Service as of October 31, 1999.