Date Transaction

1-Mar-21 Mr. AQ started bussiness by investing cash 3 million, shop worth 5 million and furniture worth 2 million
2-Mar-21 Purchsed inventory on cash 500,000
3-Mar-21 Purchased delievry van on cash 300,000
4-Mar-21 Paid 3000 forr inter installation
5-Mar-21 paid 50,000 for fixture & fittings
6-Mar-21 Purchased inventory on 30 days credit from SS Traders worth 300,000
7-Mar-21 Hired a Sales person on monthly salary of 40,000 and 5% sales commision
8-Mar-21 sold goods on cash 50,000
9-Mar-21 paid for petrol of van 4000, and maintainance of van 5000 on cash
10-Mar-21 Opeaned A bank account at Askari Bank with cash 200,000
11-Mar-21 sold goods to M.A.Khan on 10 days credit 100,000
12-Mar-21 Withdrew 20,000 from bank account for bussiness use
13-Mar-21 Paid sales commison 1000
14-Mar-21 sold goods to QQ & Co 100,000 on 30 days credit
15-Mar-21 Paid cash to SS Traders 295000 to settle the account
16-Mar-21 Paid sales commison 2000
18-Mar-21 sold goods to A & Co 200,000 on 30 days credit
19-Mar-21 sold goods to QQ & Co 100,000 on cash
20-Mar-21 sold goods to Qon & Co 50,000 on 30 days credit
21-Mar-21 Purchased inventory from QAQ & Co 100,000 on 30 days credit
22-Mar-21 QQ paid by full amount by checque 100000
23-Mar-21 Cash sales to ALI 80,000
24-Mar-21 Checque amounting to 100000 by was dishonered
25-Mar-21 QQ decalred bankruptcy and no amount is recoverable.
26-Mar-21 Purchased delivery bike fromBike Bank 50,000, paid 30,000 cash and remianig will be paid with 15 days
27-Mar-21 Purchased inventory on worth 100,000 and recived disount of 3000.
28-Mar-21 cash sales to ALI 80,000, discount allowed 2000.
29-Mar-21 Owner Withrew 50,000 from bank account for personal use.
30-Mar-21 Piad salary to sales person 40,000 by checque
31-Mar-21 paid electricty bill 10,000, security fee 3000, petrol expences for mtr bike 1000, inter net charges 2000
and furniture worth 2 million

anig will be paid with 15 days

1000, inter net charges 2000

Date Details Nature JF LF
1-Mar-21 Cash Asset (Current Asset) 1
Shop Asset (Fixed Asset) 2
1
Furniture Asset (Fixed Asset) 3
Capital Capital 4

2-Mar-21 Inventory Asset (Current Asset) 5

2
Cash Asset (Current Asset) 1

3-Mar-21 Delivery Van Asset (Fixed Asset) 6

3
Cash Asset (Current Asset) 1

4-Mar-21 Internet Installation Expense 7

4
Cash Asset (Current Asset) 1

5-Mar-21 Fixture & Fittings Asset (Fixed Asset) 8

5
Cash Asset (Current Asset) 1

6-Mar-21 Inventory Asset (Current Asset) 5

6
SS trader (Creditor) Liability (Current Liability) 9

8-Mar-21 Cash Asset (Current Asset) 1

7
Sales Income 10

9-Mar-21 Petrol (Expenses) Expense 11

Van Maintenance (Expenses) Expense 8 12
Cash Asset (Current Asset) 1

10-Mar-21 Bank Account Asset (Current Asset) 13

9
Cash Asset (Current Asset) 1

11-Mar-21 MA Khan (Debtor) Asset (Current Asset) 14

10
Sales Income 10

12-Mar-21 Cash Asset (Current Asset) 1

11
Bank Account Asset (Current Asset) 13

13-Mar-21 Sales Commission Expense 15

12
Cash Asset (Current Asset) 1

14-Mar-21 QQ & Co (debtor) Asset (Current Asset) 16

13
Sales Income 10

15-Mar-21 SS trader (Creditor) Liability (Current Liability) 9

14
 14
Discount Received Income 17
Cash Asset (Current Asset) 1

16-Mar-21 Sales Commission Expense 15

15
Cash Asset (Current Asset) 1

18-Mar-21 A & Co (debtor) Asset (Current Asset) 18

16
Sales Income 10

19-Mar-21 Cash Asset (Current Asset) 1

17
Sales Income 10

20-Mar-21 Qon & Co (debtor) Asset (Current Asset) 19

18
Sales Income 10

21-Mar-21 Inventory Asset (Current Asset) 5

19
QAQ & Co (Creditor) Liability (Current Liability) 20

22-Mar-21 Bank Asset (Current Asset) 13

20
QQ & Co (debtor) Asset (Current Asset) 16

23-Mar-21 Cash Asset (Current Asset) 1

21
Sales Income 10

24-Mar-21 QQ & Co (debtor) Asset (Current Asset) 16

22
Bank Asset (Current Asset) 13

25-Mar-21 Bad Debts Expense 21

23
QQ & Co (debtor) Asset (Current Asset) 16

26-Mar-21 Delivery Bike Asset (Fixed asset) 22

24
Cash Asset (Current Asset) 1
Bike Bank (Creditor) Liability (Current Liability) 23

27-Mar-21 Inventory Asset (Current Asset) 5

25
Cash Asset (Current Asset) 1

28-Mar-21 Cash Asset (Current Asset) 1

Discount Allowed Expense 26 24
Sales Income 10

29-Mar-21 Drawing Reduction in Capital 25

27
Bank Asset (Current Asset) 13
30-Mar-21 Salary Expense 26
28
Bank Asset (Current Asset) 13

31-Mar-21 Electricity Bill Expense 27

29
Cash Asset (Current Asset) 1

31-Mar-21 Security fee Expense 28

30
Cash Asset (Current Asset) 1

31-Mar-21 Petrol Exp Expense 31 29

Cash Asset (Current Asset) 1

31-Mar-21 Internet Charges Expense 30

32
Cash Asset (Current Asset) 1

31-Mar-21 Maintenance  Expence 31

33
Accured Maintaince expence Liablity (current liablity) 32

Total
Adjusting Entries
31-Mar-21 C.G.S
Inventory

31-Mar-21 Closing Inventory

C.G.S

31-Mar-21 Depreciation On shop (W-1)

Accumulated Depreciation

31-Mar-21 Depreciation On Furniture(W2)

Accumulated Depreciation

31-Mar-21 Depreciation On Delivery Van(W3)

Accumulated Depreciation

31-Mar-21 Depreciation On Fixtures(W-4)

Accumulated Depreciation

31-Mar-21 Depreciation On Bike (W-5)

Accumulated Depreciation

31-Mar-21 Prepaid Electricity Bill

Electricity Bill
31-Mar-21 Petrol Expense
Accrued Petrol Expense

31-Mar-21 Capital
Drawings

31-Mar-21 Net Profit

Capital
Closing Entries
31-Mar-21 P&L Account 33
34
Internet Installation 7

31-Mar-21 Sales 10
35
P&L Account 33

31-Mar-21 P&L Account 33

36
Petrol Expense 11

31-Mar-21 P&L Account 33

37
Van Maintenance 12

31-Mar-21 P&L Account 33

38
Sales Comission 15

31-Mar-21 Discount Received 17

39
P&L Account 33

31-Mar-21 P&L Account 33

40
Bad Debts 21

31-Mar-21 P&L Account 33

41
Discount Allowed 24

31-Mar-21 P&L Account 33

42
Salary 26

31-Mar-21 P&L Account 33

43
Electricity Bill 27

31-Mar-21 P&L Account 33

44
Security Fee 28

31-Mar-21 P&L Account 33

45
Internet Charges 29
31-Mar-21 P&L Account 33
46
Maintenance 30

31-Mar-21 P&L Account

Depreciation On Shop

31-Mar-21 P&L Account

Depreciation On Furniture

31-Mar-21 P&L Account

Depreciation On Van

31-Mar-21 P&L Account

Depreciation on Fixtures

31-Mar-21 P&L Account

Depreciation On Bike
Dr Cr
3,000,000
5,000,000
2,000,000
10,000,000

500,000 Adjustments
500,000 Closing inventory was 500,000
Fixed assets are to be deperiated at 12% per amun on
300,000 straight line bases (deperciation only one month)
300,000 Electricity bill included prepayment of 2000.
Accured petrol expence was 500
3,000
3,000

50,000
50,000

300,000
300,000

50,000
50,000

4,000
5,000
9,000

200,000
200,000

100,000
100,000

20,000
20,000

1,000
1,000

100,000
100,000

300,000
 5,000
295,000

2,000
2,000

200,000
200,000

100,000
100,000

50,000
50,000

100,000
100,000

100,000
100,000

80,000
80,000

100,000
100,000

100,000
100,000

50,000
30,000
20,000

97,000
97,000

78,000
2000
80,000

50,000
50,000
 40,000
40,000

10,000
10,000

3,000
3,000

1,000
1,000

2,000
2000

2,000
2,000

13,100,000 13,100,000

997,000
997,000

500,000
500,000

50,000 W-1
50,000 5,000,000 * 12% * 1/12= 50,000

20,000 W-2
20,000 2,000,000 * 12% * 1/12= 20,000

3000 W-3
3000 300,000 * 12% * 1/12= 3,000

500 W-4
500 50,000 * 12% * 1/12=500

500 W-5
500 50,000 * 12% * 1/12=500

2,000
2000
 500
500

50,000
50,000

20,500
20,500

3,000
3,000

760,000
760,000

5,500
5,500

5,000
5,000

3,000
3,000

5,000
5,000

100,000
100,000

2,000
2,000

40,000
40,000

8,000
8,000

3,000
3,000

2,000
2,000
 2,000
2,000

50,000
50,000

20,000
20,000

3000
3000

500
500

500
500
Date Details JF LF Amount Date
1-Mar-21 Capital 1 4 3,000,000 2-Mar-21
8-Mar-21 Sales 7 10 50,000 3-Mar-21
12-Mar-21 Bank 11 13 20,000 4-Mar-21
19-Mar-21 Sales 17 10 100,000 5-Mar-21
23-Mar-21 Sales 21 10 80,000 9-Mar-21
28-Mar-21 Sales 26 10 78,000 9-Mar-21
10-Mar-21
13-Mar-21
15-Mar-21
16-Mar-21
26-Mar-21
27-Mar-21
31-Mar-21
31-Mar-21
31-Mar-21
31-Mar-21
31-Mar-21
Total 3,328,000

1-Apr-21 Balance b/d 1,825,000

2- Shop Account
Date Details JF LF Amount Date
1-Mar-21 Capital 1 4 5,000,000

31-Mar-21

Total 5,000,000

3- Furniture Account
Date Details JF LF Amount Date
1-Mar-21 Capital 1 4 2,000,000
 31-Mar-21

Total 2,000,000

4- Capital Account
Date Details JF LF Amount Date
1-Mar-21
1-Mar-21
1-Mar-21
31-Mar-21 Balance 10,000,000

Total 10,000,000

5- Inventory Account
Date Details JF LF Amount Date
2-Mar-21 Cash 2 1 500,000
6-Mar-21 SS trader (Creditor) 6 9 300,000
21-Mar-21 QAQ & Co (Creditor) 19 20 100,000
27-Mar-21 Cash 25 1 97,000 31-Mar-21

Total 997,000

6- Delievry Van Account

Date Details JF LF Amount Date
3-Mar-21 Cash 3 1 300,000

31-Mar-21
 Total 300,000

7- Internet Instalation Account

Date Details JF LF Amount Date
4-Mar-21 Cash 4 1 3000

31-Mar-21

31-Mar-21

Total 3,000

8-Fixtues and Fitting Account

Date Details JF LF Amount Date
5-Mar-21 Cash 5 1 50,000
31-Mar-21

Total 50,000

9- SS Trader Account - Creditor- Liablities -Current liablities

Date Details JF LF Amount Date
6-Mar-21 Cash 14 1 295,000 6-Mar-21
6-Mar-21 Discount recived 14 17 5,000
 Total 300,000

10-Sales Account
Date Details JF LF Amount Date
8-Mar-21
11-Mar-21
14-Mar-21
18-Mar-21
19-Mar-21
20-Mar-21
23-Mar-21
28-Mar-21
28-Mar-21

31-Mar-21 Balance 0
31-Mar-21 P&L Account 35 33 760,000
Total 760,000

11-Petrol Expense Account

Date Details JF LF Amount Date
9-Mar-21 Cash 8 1 4,000
31-Mar-21 Cash 31 1 1000 31-Mar-21

31-Mar-21

Total 5,000

12-Van Maintenance expense Account

Date Details JF LF Amount Date
9-Mar-21 Cash 8 1 5,000
31-Mar-21

31-Mar-21
 Total 5,000

13-Bank Account
Date Details JF LF Amount Date
10-Mar-21 Cash 9 1 200,000 12-Mar-21
22-Mar-21 QQ & co(Debtor) 20 16 100,000 24-Mar-21
29-Mar-21
30-Mar-21

31-Mar-21

Total 3,000,000

14-MA KHAN(DEBTOR)
Date Details JF LF Amount Date
11-Mar-21 Sales 10 10 100,000
31-Mar-21

Total 100,000

15-Sales Commision
Date Details JF LF Amount Date
13-Mar-21 Cash 12 1 1,000
16-Mar-21 Cash 15 1 2,000
31-Mar-21

31-Mar-21

Total 3,000

16-QQ & co Account

Date Details JF LF Amount Date
14-Mar-21 Sales 13 10 100,000 22-Mar-21
24-Mar-21 Bank 22 13 100,000 25-Mar-21
 Total 200,000
17-Discount Received
Date Details JF LF Amount Date
15-Mar-21
31--Mar-21 Balance 0

31-Mar-21 P&L Account 39 33 5,000

Total 5,000

18-A & co (Debtor)

Date Details JF LF Amount Date
18-Mar-21 Sales 16 10 200,000

31-Mar-21

Total 200,000
19-Qon &Co (Debtor)
Date Details JF LF Amount Date
20-Mar-21 Sales 18 10 50,000

31-Mar-21

Total 50,000
20-QaQ & Co(Creditor)
Date Details JF LF Amount Date
21-Mar-21

31-Mar-21 Balance 100,000

 Total 100,000
21-Bad Debts
Date Details JF LF Amount Date
25-Mar-21 QQ & Co 23 16 100,000
31-Mar-21

31-Mar-21

Total 100,000
22-Delivery Bike
Date Details JF LF Amount Date
26-Mar-21 Cash 24 1 30,000
26-Mar-21 Bike Bank 24 23 20,000
31-Mar-21

Total 50,000
23-Bike Bank(creditor)
Date Details JF LF Amount Date
26-Mar-21
31-Mar-21 Balance 20,000

Total 20,000
24-Discount Allowed
Date Details JF LF Amount Date
28-Mar-21 Sales 26 10 2,000
31-Mar-21

31-Mar-21

Total 2,000
25-Drawings
Date Details JF LF Amount Date
29-Mar-31 Bank 27 13 50,000
31-Mar-21
 Total 50,000
26-Salary
Date Details JF LF Amount Date
30-Mar-21 Bank 28 13 40,000
31-Mar-21

31-Mar-21

Total 40,000
27-Electricity bill
Date Details JF LF Amount Date
31-Mar-21 Cash 29 1 10,000
31-Mar-21

31-Mar-21

Total 10,000
28-Security Fee
Date Details JF LF Amount Date
31-Mar-21 Cash 30 1 3,000
31-Mar-21

31-Mar-21

Total 3,000
29-Internet Charges
Date Details JF LF Amount Date
31-Mar-21 Cash 32 1 2,000
31-Mar-21

31-Mar-21

Total 2,000
30-Maintenance
Date Details JF LF Amount Date
31-Mar-21 Accrue Maintenanceexpense 33 32 2,000
31-Mar-21
 31-Mar-21

Total 2,000
31-Accrued Maintenance Expense
Date Details JF LF Amount Date
31-Mar-21
31-Mar-21 Balance 2,000

Total 2,000
 Details JF LF Amount
Inventory 2 5 500,000
Delivery Van 3 6 300,000
Internet Installation 4 7 3,000
Fixture & Fittings 5 8 50,000
Petrol (Expenses) 8 11 4,000
Van Maintenance (Expenses) 8 12 5,000 4000
Bank Account 9 13 200,000

Cash
Sales Commission 12 15 1,000
SS trader (Creditor) 14 9 295,000
Sales Commission 15 15 2,000
Delivery Bike 24 22 30,000
Inventory 25 5 97,000
Electricity Bill 29 27 10,000
Security fee 30 28 3,000
Petrol Exp 31 29 1,000
Internet Charges 32 30 2,000
Balance 1,825,000
Total 3,328,000

unt
Details JF LF Amount

Balance 5,000,000

Total 5,000,000

count
Details JF LF Amount
 Balance 2,000,000

Total 2,000,000

ount
Details JF LF Amount
Cash 1 1 3,000,000
Shop 1 2 5,000,000
Furniture 1 3 2,000,000

Total 10,000,000

count
Details JF LF Amount

Balance 997,000

Total 997,000

Account
Details JF LF Amount

Balance 300,000
 Total 300,000

on Account
Details JF LF Amount

Balance 0

P&L Account 34 33 3,000

Total 3,000

g Account
Details JF LF Amount

Balance 50,000

Total 50,000

ablities -Current liablities

Details JF LF Amount
Inventory 6 5 300,000
 Total 300,000

ount
Details JF LF Amount
Cash 7 1 50,000
MA khan(DEBTOR) 10 14 100,000
QQ &co (Debtor) 13 16 100,000
A&co (Debtor) 16 18 200,000
Cash 17 1 100,000
Qon & co(Debtor) 18 19 50,000
Cash 21 1 80,000
Cash 26 1 78,000
Discount Allowed 26 24 2,000

Total 760,000

Account
Details JF LF Amount

Balance 0

P&L Account 36 33 5,000

Total 5,000

pense Account
Details JF LF Amount

Balance 0

P&L Account 37 33 5,000

 Total 5,000

unt
Details JF LF Amount
Cash 11 1 20,000
QQ & co(Debtor) 22 16 100,000
Drawings 27 25 50,000
Salary 28 26 40,000

Balance 90,000

Total 300,000

Details JF LF Amount

Balance 100,000

Total 100,000

Details JF LF Amount

Balance 0

P&L Account 38 33 3,000

Total 3,000

count
Details JF LF Amount
Bank 20 13 100,000
Bad Debts 23 21 100,000
Total 200,000

Details JF LF Amount
SS trader (Creditor) 14 9 5,000

Total 5,000

Details JF LF Amount

Balance 200,000

Total 200,000

Details JF LF Amount

Balance 50,000

Total 50,000

Details JF LF Amount
Inventory 19 5 100,000
 Total 100,000
ts
Details JF LF Amount

Balance 0

P&L Account 40 33 100,000

Total 100,000

Details JF LF Amount

Balance 50,000

Total 50,000

Details JF LF Amount
Delivery Bike 24 22 20,000

Total 20,000

Details JF LF Amount

Balance 0

P&L Account 41 33 2,000

Total 2,000

Details JF LF Amount

Balance 50,000
Total 50,000

Details JF LF Amount

Balance 0

P&L Account 42 33 40,000

Total 40,000

Details JF LF Amount

Balance 0

P&L Account 43 33 10,000

Total 10,000

Details JF LF Amount

Balance 0

P&L Account 44 33 3,000

Total 3,000

Details JF LF Amount

Balance 0

P&L Account 45 33 2,000

Total 2,000

Details JF LF Amount

Balance 0
 P&L Account 46 33 2,000

Total 2,000
ance Expense
Details JF LF Amount
Maintenance 33 31 2,000

Total 2,000
 Balance Sheet
Amount Amount
Assets
Non-Current Assets
Shop 5,000,000
Less: Accumulated Depreciation -50,000 4,950,000
Furniture 2,000,000
Less: Accumulated Depreciation -20,000 1,980,000
Delivery Van 300,000
Less: Accumulated Depreciation -3,000 297,000
Fixtures and Fittings 50,000
Less: Accumulated Depreciation -500 49,500
Delivery Bike 50,000
Less: Accumulated Depreciation -500 49,500

Current Assets
Cash 1,825,000
Bank 90,000
MA Khan (Debtor) 100,000
A & CO (Debtor) 200,000
Qon & CO (Debtor) 50,000
Prepaid Electricity Bill 2,000
Closing Inventory 500,000

Total Assets 10,093,000

Liablities and Equity

Equity
Capital 10,000,000
Less: Drawings -50,000 9,950,000
Profit/Loss for the Year 20,500

Current Liabilities
QaQ & CO (Creditor) 100,000
Bike Bank 20,000
Accrued Maintenance Expense 2,000
Accrued petrol Expense 500

Total Liabilities and Equity 10,093,000

 Trading Profit & Loss Account
Expenses Income
Details Amount Amount Details Amount
Purchases 997,000 Sales
Less: Return Inward 0 Less: Return Outward
Net Purchases 997,000 Net Sales
Add: Opening Inventory 0
Less: Closing Inventory -500,000
Direct Expenses 0

Cost of Good Sold 497,000

Gross Profit 263,000

Total 760,000 Total

P&L Account
Gross Profit
Operating Expences Other Income
Internet Installation 3000 Discount recived
Petrol (Expenses) 5000
Add: Acrued Petrol Expense 500 5500
Van Maintenance (Expenses) 5000
Sales Commission 3000
Bad Debts 100000
Discount Allowed 2000
Salary 40000
Electricity Bill 10,000
Less: Prepaid Electricity Bill -2000 8000
Security fee 3000
Internet Charges 2000
Maintenance  2000
Depreciation on shop 50,000
Depreciation on Furniture 20,000
Depreciation on Delivery Van 3,000
Depreciation On Fixtures 500
Depreciation on Bike 500

Net Operating Profit 20,500

Total 268,000 Total
Amount
760,000
0
760,000

760,000

263,000

5000

268,000
 Unadjusted Trial Balance Adjustments Adjusted Trial Balance
L.F Details Dr Cr Dr Cr Dr
1 Cash 1,825,000 1,825,000
2 Shop 5,000,000 5,000,000
3 Furniture 2,000,000 2,000,000
4 Capital 10,000,000 50,000 20,500
5 Inventory 997,000 997,000 0
6 Delievry Van 300,000 300,000
7 Internat Installation 3000 3000
8 Fixtures and Fitting 50,000 50,000
9 SS traders(Creditor) 0 0 0
10 Sales 760,000
11 Petrol Expense 5,000 500 5500
12 Van Maintenance 5,000 5000
13 Bank 90,000 90,000
14 MA Khan(Debtor) 100,000 100,000
15 Sales Commision 3,000 3000
16 QQ &co 0 0 0
17 Dicount Received 5,000
18 A & co (debtor) 200,000 200,000
19 Qon & co(Debtor) 50,000 50,000
20 Qaq & Co (Creditor) 100,000
21 Bad Debts 100,000 100,000
22 Delivery Bike 50,000 50,000
23 Bike Bank(creditor) 20,000
24 Discount Allowed 2,000 2000
25 Drawings 50,000
26 Salary 40,000 40,000
27 Electricity Bill 10,000 2,000 8000
28 Security Fee 3,000 3000
29 Internet Charges 2,000 2000
30 Maintenance 2,000 2000
31 Accrued Maintenance 2,000
32 Depreciation On shop 50,000 50,000
33 Accumulated Dep on shop 50,000
34 Depreciation on Furniture 20,000 20,000
35 Accumulated Dep on Furniture 20,000
36 Depreciation On Delivery Van 3000 3000
37 Accumulated Dep On Van 3000
38 Depreciation On Fixtures 500 500
39 Accumulated Dep on Fixtures 500
40 Depreciation On Bike 500 500
41 Accumulated Dep on Bike 500
42 Prepaid Electricity Bill 2000 2000
43 Accrued Petrol expense 500
44 Closing Inventory 500,000 500,000
45 Net Profit 20,500 20,500
46 Cost of good sold 497000 497,000
Total 10,963,000 10,961,500 10,932,000
Adjusted Trial Balance Income Statement Balance Sheet
Cr Dr Cr Dr Cr
1,825,000
5,000,000
2,000,000
9,970,500 10,000,000
0 997,000 0 0
300,000
3000 0 0
50,000
0 0 0
760,000 760,000 0 0
5500 0 0
5000 0 0
90,000
100,000
3000 0 0
0 0 0
5000 5000 0 0
200,000
50,000
100,000 100,000
100,000 0 0
50,000
20,000 20,000
2000 0 0
50,000 0
40,000 0 0
8000 0 0
3000 0 0
2000 0 0
2000 0 0
2000 2000
50,000 0 0
50,000 50,000
20,000 0 0
20,000 20,000
3000 0 0
3000 3000
500 0 0
500 500
500 0 0
500 500
2000
500 500
 500,000 500,000
20,500 20,500

10,932,000 1,265,000 1,265,000 10,217,000 10217000