QUICKBOOKS

LAB ASSIGNMENT

Admin Office House of G-TEC, Calicut-02., India. | Corp. Office Peace Centre, Singapore – 228149
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ASSIGNMENT - 1

M/S SAGAR TRADERS

BALANCE SHEET
As on 31st December ,2020

Liabilities Amount Assets Amount

Mr. Sagar's Capital 3,00,000 Cash 2,00,000
Bills Payable 20,000 SBI 3,00,000
Canara Bank O/d 70,000 Account Receivable 90,000
IOB Loan 1,50,000 Furniture 10,000
Loan from Muthoot Finance 50,000 Stock in hand 1,00,000
Accounts Payable 70,000
Salary Payable 15,000
Rent Payable 13,000
Advertisement charges Payable 12,000

7,00,000 7,00,000

Accounts Payable
` Name of the supplier Amount
M/s Neelam Traders 30,000
M/s Yaash Traders 40,000

Accounts Receivable

Name of the supplier Amount

M/s Joy Traders 35,000
M/s Lal Traders 55,000

Stock in Hand
Name of the
Qty. Rate Amount
item
TV 10 5,000 50,000
DVD 20 2,500 50,000

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ASSIGNMENT - 2

GENERAL JOURNAL ENTRIES, TRANSFER FUND

1. Mr. Ganesh, Started business with a capital of Rs. 10,00,000.
2. Open a current account in ICICI Bank with Rs. 8,00,000.
3. Salary paid Rs. 15,000 by cash.
4. Rent Paid Rs. 20,000 by Cheque.
5. Travelling expenses Rs. 1,200
6. Commission received Rs. 2,000.
7. Bought a delivery Van for Rs. 2,00,000 from Blue Moon Motors (Creditor) on credit.
8. Withdrawn Rs 50,000 from ICICI Bank for business purpose.
9. Open a current account in HDFC Bank and transfer Rs. 3,00,000 from ICICI Bank.
10. Wages paid Rs. 8,000 by cash
11. Carriage on Sales Rs. 3,000 paid by cash.
12. Electricity Charges paid Rs. 12,000.
13. Stationary expenses Rs. 5,000.
14. Paid Rs. 70,000 to Blue Moon Motors against the purchase of delivery van.
15. Telephone expenses Rs. 4,500 paid by cash
16. Bought a laptop for business purpose for Rs. 25,000 and payment made by HDFC Cheque.
17. Bought Cupboard, Chairs and Tables from ‘Aroma Furniture’ (Creditors) for Rs. 25,000 by
ICICI Bank Cheque. (Furniture)
18. Interest on deposit received from ICICI Bank Rs. 4,500.
19. Rent Payable for the month Rs. 12,000.
20. Commission receivable for the month of April, Rs. 20,000.
21. Salary payable Rs. 15,000.
22. Audit fee payable Rs. 50,000.
23. General expenses paid by cash Rs. 2,500
24. LIC of Mr. Ganesh, Rs. 15,000 paid by cash. (Drawings)
25. Advertisement expenses Rs. 25,000 paid by HDFC Cheque

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ASSIGNMENT - 3

PURCHASE, SALES, SALES RECEIPT, VENDOR CREDIT, CREDIT MEMOS, RECEIVE PAYMENT,
PAY BILL
The Transaction of M/s Maruthi Electronics are given below

April 1. 2021

1. Mr. Manmohan started business with cash Rs. 10, 00,000.

2. Deposit cash in Canara Bank Rs. 6, 00,000.
3. Purchase the following items from M/s Amar Traders (Creditor) (Purchase Invoice No. P235)

Name Of Item Quantity Rate Amount

Refrigerator 20 Nos 8,000 1,60,000

Mixer Grinder 20 Nos 1,300 26000
4. Purchased 10 Nos of Electric Oven @ 1,600 for cash. (Rs. 16,000) (Purchase Invoice No.
P321)
5. Sold 7 Nos of Electric Oven @ Rs. 2,100 and received cash Rs. 14,700. (Invoice No. 1001) (Use
Sales Receipt)
6. Return 1 Nos of Electric Oven @ Rs. 2,100 from the customer and paid cash. (Credit Memo:
Give a Refund)
7. Sold the following items to M/s Midhun Electronics (Customer) (Invoice No. 1002)

Name Of Item Quantity Rate Amount

Refrigerator 18 Nos 9,000 1,62,000

Mixer Grinder 16 Nos 1,750 28000
8. Return 2 Nos. Mixer Grinder @ 1,300 (Worth Rs. 2,600) to M/s Amar Traders against
Purchase Invoice No. P235. (Debit Note No. DB/201)
9. Return 1 Nos Refrigerator @ Rs. 9000 from M/s Midhun Electronics against Invoice No1002.
(Credit Note No. CR/055) (Use ‘Apply to Invoice’ option)
10. Issued Cheque to M/s Amar Traders against Purchase Invoice No. P235, and settle their
account.
11. Received ICICI Bank Cheque from /s Midhun Electronics against Invoice No. 1002 and settle
their account. The cheque sent to bank for collection.

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ASSIGNMENT - 4

PURCHASE ORDER & SALES ORDER

The Transaction of M/s 4G Computers are given below

1. Mr. Manu Started a Computer Shop with a capital of Rs. 10, 00,000.
2. He Opened a current account in State Bank of India with Rs. 6, 00,000.
3. An order (Purchase Order) given to Dell Technologies, Kochi, for the following items: (Order
No. 456)

Name Of Item Quantity Rate Amount

Dell Laptop 20 Nos 28,000 5,60,000

Back Packs 20 Nos 1,300 26,000

4. Received the inventory (Purchase) from Dell Technologies, Kochi, against Purchase Order
No. 456. (Purchase Invoice No. P097)
5. Return 2 Nos. Dell Laptop @ Rs. 28,000 to Dell Technologies, Kochi against Invoice No. P097.
6. Order Received (Sales Order) from Gigabyte Computers for the following items: (Order No.
CPO/420).

Name Of Item Quantity Rate Amount

Dell Laptop 18 Nos 36,000 6,48,000

Back Packs 18 Nos 1,800 32,400

7. Sent inventory (Sales) to Gigabyte Computers against Order No. CPO/420. (Invoice No. 1250)
8. Gigabyte Computers return, 1 Nos. Dell Laptop @ Rs. 36,000 against Inv. No. 1250. (Here,
you may either use ‘Retain as an Available credit’ option or ‘Apply to Invoice’ option. If you
choose the first one, you have to deduct the return amount from Receive Payment, by using
‘Set Credit’ Option. If you choose the second one, you can deduct the amount from the
given bill at the time of transaction)
9. Issued Cheque to Dell Technologies, Kochi, against Purchase Invoice No. P097, and settle
their account.
10. Received IOB Cheque from Gigabyte Computers, against Invoice No. 1250, and settle their
account.

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ASSIGNMENT - 5

RECEIVE ITEM – ENTER BILL FOR RECEIVE ITEM

1. Mr. Abdul Latheef started the business with cash Rs. 10,00,000.
2. He Opened a current account in IOB Bank with an amount of Rs. 6,00,000.
3. Order given to Edumart Academic Hypermarket, Calicut for the following items. (Order No.
PO/324)

Name Of Item Quantity Rate Amount

Royaline Note Book 156 pages 300 Nos 37 11,100

Classmate Long Book 140 Pages 200 Nos 50 10,000

4. Received the item from Edumart Academic Hypermarket, against Order No. PO/324. But Bill
not received. GRN No. 102 (Receive Item)
5. Receive the Item against GRN No. 102 from Edumart Academic Hypermarket. (Enter Bill for
Receive Item) Purchase Invoice No. 349
6. Purchased 5 Nos. IPods @ Rs. 1200 for cash (Invoice No. 654) (In QuickBooks, there are no
separate form for Cash Purchase. To do Cash Purchases, first make a credit purchase and pay
the bill on the same day)
7. Order given to M/s Ram Mohan Traders for 20 Nos. TV @ Rs. 9600 (Order No. R001)
8. Order given to M/s Kasi Associates for 30 Nos. DVD @ Rs. 2,000. (Order No. R002)
9. Travelling expenses paid Rs. 2,000 by cash
10. Received the Inventory against Order No. R001 from M/s Ram Mohan Traders (Invoice No.
545) – Enter Bill for Received Item (Enter Bill)
11. Received the Inventory against Order No. R002 from M/s Kasi Associates. But Bill Not received
(Received Item)
12. Order received from Kasturba Public School, for the following items: (Order No. SO/659)

Name Of Item Quantity Rate Amount

Royaline Note Book 156 pages 280 Nos 60 16,800

Classmate Long Book 140 Pages 175 Nos 75 13,125

13. Goods Sent to Kasturba Public School, against Order No. SO/659. (Invoice No. 0123)
14. Kasturba Public School, return 5 Nos., Classmate Long Book 140 Pages @ Rs 75 against,
Invoice No. 0123. (Credit Memo.)
15. Received SBI Cheque from Kasturba Public School, against Invoice No. 0123, and settle their
account.
16. Issued cheque to Edumart Academic Hypermarket against Purchase Invoice No. 349 and
settle their account.

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ASSIGNMENT - 6

FINANCE CHARGE – CHANGE ITEM PRICE – ASSEMBLY – MULPLE PRICE LEVEL – ADJUST
QUANTITY ON HAND – ACCOUNT RECONCILATION – WRITE CHECK.

PRICE LEVELS: WHOLE SELLER AND RETAILER

Whole sale
Item Actual Price Retail Price
Price
Hercules Cycle 1900/Nos 1,750/ Nos 1,800/ Nos

FINISHED PRODUCT (INVENTORY ASSEMBLY) – HERCULIS CYCLE

RAW MATERIALS (INVENTORY PART) – TYRE, TUBE, CHAIN, RIM, BODY, SEAT, PEDAL, HANDLE.

BILL OF MATERIAL: (FOR 1 HERCULIS CYCLE)

Tyre 2 Nos.
Tube 2 Nos.
Chain 1 Nos.
Rim 1 Par
Body 1 Nos.
Seat 1 Nos.
Pedal 1 Pair
Handle 1 Nos.
Transactions

01. Mr. Jeevan Started business with cash Rs. 10, 00,000.
02. He Opened a current account of 6, 00,000 in SBI.
03. Purchase the following Raw Materials from Hercules India Ltd. (Purchase Invoice No. 6589)

Name of Item Quantity Rate

Tyre 1000 Nos. 20/Nos.

Tube 1000 Nos. 15/Nos.
Chain 500 Nos. 110/Nos.
Rim 500 Pair 200/Nos.
Body 500 Nos. 500/Nos.
Seat 500 Nos. 30/Nos.
Pedal 500 Pair 25/Nos.
Handle 500 Nos. 250/Nos.

04. The company Manufactured 400 Cycles

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05. Order Received from M/s Kulkarni Traders (Whole Salers) for 100 Nos of Cycle (Order
No.0450)
06. Travelling expenses paid Rs. 1,200 by Cash (CPV No.788)
07. Order Received from M/s Nayan Traders (Retailers) for 50 Nos. of Cycle (Order No. 0451)
08. Commission Paid Rs. 4,000
09. Sold 10 Nos. of Cycle @ Rs.1900 for cash (Bill No. 4590)
10. Sent the inventory against the Order No. 0450 to M/s Kulkarni Traders. (Bill No. 4591)
11. Send the Inventory against Order No/0451 to M/s Nayan Traders. (Bill No.4592)
12. 1 Nos. of Hercules Cycle consumed by the company for company uses (Use Adjust Quantity
on hand, option. The adjustment, if increase or decrease of stock comes in a single account,
inventory overage or shortage comes under the Account Type - Cost of sales
13. Issued Cheque Rs. 25,000 to the Manager for meet the following expenses: ( Use Write
Cheque Option)
 Salary 12,000,
 Vehicle Expenses Rs.1200,
 Telephone expenses Rs.1800,
 Electricity Charges Rs. 2,000,
 Commission Rs.3, 000 and
 Advertisement Rs. 5,000.

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