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    Spring 2023 - MGT101 - 1

    Uploaded by

    Abdullah Naeem
    1. The document provides the transactions of ABC & Sons for April 2023. It begins with the opening cash balances of Rs. 400,000 in hand and Rs. 350,000 in the bank on April 1st. 2. It then lists the transactions throughout the month and calculates the ending cash in hand and cash at bank balances. The ending balances are Rs. 360,000 in hand and Rs. 110,000 in the bank. 3. Sales and purchase journals are provided that record the credit and cash sales and purchases for the month based on the transactions. The total sales are Rs. 380,000 and total purchases are Rs. 435,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Spring 2023 - MGT101 - 1

    Uploaded by

    Abdullah Naeem
    24 views5 pages
    1. The document provides the transactions of ABC & Sons for April 2023. It begins with the opening cash balances of Rs. 400,000 in hand and Rs. 350,000 in the bank on April 1st. 2. It then lists the transactions throughout the month and calculates the ending cash in hand and cash at bank balances. The ending balances are Rs. 360,000 in hand and Rs. 110,000 in the bank. 3. Sales and purchase journals are provided that record the credit and cash sales and purchases for the month based on the transactions. The total sales are Rs. 380,000 and total purchases are Rs. 435,000.

    Original Title

    Spring 2023_MGT101_1 (4)

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    1. The document provides the transactions of ABC & Sons for April 2023. It begins with the opening cash balances of Rs. 400,000 in hand and Rs. 350,000 in the bank on April 1st. 2. It then lists the transactions throughout the month and calculates the ending cash in hand and cash at bank balances. The ending balances are Rs. 360,000 in hand and Rs. 110,000 in the bank. 3. Sales and purchase journals are provided that record the credit and cash sales and purchases for the month based on the transactions. The total sales are Rs. 380,000 and total purchases are Rs. 435,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views5 pages

    Spring 2023 - MGT101 - 1

    Uploaded by

    Abdullah Naeem
    1. The document provides the transactions of ABC & Sons for April 2023. It begins with the opening cash balances of Rs. 400,000 in hand and Rs. 350,000 in the bank on April 1st. 2. It then lists the transactions throughout the month and calculates the ending cash in hand and cash at bank balances. The ending balances are Rs. 360,000 in hand and Rs. 110,000 in the bank. 3. Sales and purchase journals are provided that record the credit and cash sales and purchases for the month based on the transactions. The total sales are Rs. 380,000 and total purchases are Rs. 435,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Spring 2023

    Financial Accounting (MGT101) Assignment # 01

    Name: Sajid I’d: mc220200369

    QUESTION

    ABC & Sons showed balances of cash in hand Rs. 400,000 and Cash at bank Rs. 350,000
    as on 1st April 2023. Some transactions of ABC & Sons for the month of April 2023 are
    given below.
    Required:

    1. Based on the above transactions, calculate the amount/balance of the following


    accounts at the end of April 2023.

    A. Cash in hand

    B. Cash at bank

    SOLUTIONS:

    AS ON 1ST APRIL TOTAL CASH IN HAND = 400,000 AND CASH AT BANK


    350,000

    LET’S CALCULATE THE AMONUT / BLANCE AFTER EACH


    TRANSECTION:

    Date Transactions

    2023
    Good purchased from XYZ Brothers & ABC for Rs.300,000

    2nd April Payment made by chque = 200,000


    Remaing blance to be paid to the company=300,000-200,000=100,000
    Cash in hand=400,000 (there is no chang in cash on hand becsuse payment is made
    by chaque).

    Cash at bank = 350,000-200,00=150,000


    4th April Goods purchased amounting to Rs. 20,000 on cash basis.
    Cash in hand = 400,000-20,000=380,000
    Cash at bank =150,000 (no change )

    9th April Remaining amount paid in cash by ABC & Sons to XYZ Brothers in order to

    settle the due amount of 2nd April 2023.

    Cash in hand =380,000-100,000=280,000

    Cash at bank =150,000 ( no change)

    14th April Sold goods to Saleem Brothers for Rs. 180,000 on credit basis.
    Cash in hand :280,000 ( no change)
    Cash at bank :150,000 ( no change)

    20th April Sold goods for Rs. 80,000 on cash basis.


    Cash in hand :280,000+80,000=360,000
    Cash in hand : 150,000 ( no change)

    24th April Merchandises purchased amounting to Rs. 40,000 from PO Store and paid

    the whole amount by giving a cheque for the same amount on the same date.

    Cash in hand : 360,000 ( no change)

    cash at bank :150,000-40,000=110,000


    Sold merchandises to RST Brothers for Rs. 120,000 on credit basis.
    26th April
    Cash in hand :360,000 ( no change)
    Cash at bank :110,000 ( no change)

    30th April Goods purchased amounting to Rs. 75,000 from Rahim Stores on credit

    basis.

    Cash in hand:360,000 ( no change)

    Cash at bank :110,000 ( no change)

    At the end of month of April,2023 final amount / balance of the accounts are:
    Cash in hand =360,000
    Cash at bank=110,000
    2. Based on the above transactions, prepare the Sales Journal and Purchase
    Journal by following the format given below.

    Sale Journal

    Date Name of Debtors Rs.

    14th Saleem brothers (on credit) 180,000


    Apri
    l,20
    23
    20th 80,000
    Name of company not mentioned is
    Apri question(on cash basis)
    l ,20
    23

    26th
    Apri RST Brothers (on credit) 120,000
    l
    202
    3

    Total 380,000
    Purchase Journal

    Dat Name of Creditor Rs


    e .

    2nd XYZ & ABC 300,000


    april
    2023

    4TH Not mention in question 20,000


    april
    2023

    24th 40,000
    april
    PO store
    2023

    30th 75,000
    april Rahim store
    2023
    Total 435,000

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