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BM 1 Assignment 1

The document outlines two accounting problems involving transactions for two businesses. The first problem details Anees's business transactions for April 2016, including purchases, sales, and owner withdrawals. The second problem describes Habib Ullah Sadiq's wholesale trading transactions, including cash and credit sales, purchases, and expenses.

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waqar hussain
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14 views2 pages

BM 1 Assignment 1

The document outlines two accounting problems involving transactions for two businesses. The first problem details Anees's business transactions for April 2016, including purchases, sales, and owner withdrawals. The second problem describes Habib Ullah Sadiq's wholesale trading transactions, including cash and credit sales, purchases, and expenses.

Uploaded by

waqar hussain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Problem 1:

On April 01, 2016 Anees started business with Rs. 100,000 and other
transactions for the month are:

2. Purchase Furniture for Cash Rs. 7,000.

8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid
Retail Store.

14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.

18. Owner withdrew of worth Rs. 2,000 for personal use.

22. Paid Khalid Retail Store Rs. 500.

26. Received Rs. 10,000 from Khan Brothers.

30. Paid Salaries Expense Rs. 2,000

Problem 2:

Habib Ullah Sadiq is wholesale trader; following transactions are record in


Accounting Equation?

i. Commence business with cash Rs. 200,000 and Land Rs. 50,000.

ii. Bought merchandising for cash Rs. 80,000.


iii. Cash sales of worth Rs. 25,000.

iv. Bought goods on credit from Salman of worth Rs. 50,000.

v. Sales on account to Ali Raza Rs. 12,000.

vi. Purchase furniture of the value of Rs. 5,000 by cash.

vii. Received cash form Ali Raza of Rs. 10,000.

viii. Return defective furniture of worth Rs. 1,500.

xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.

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