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Assignment 1 2021

Shaun Wilcox opened an architectural office in April 2006. During the month, he completed various transactions including transferring cash from his personal account, purchasing equipment and an automobile partly on credit, receiving payment from a client, and paying expenses such as rent, supplies, insurance and salaries. The document provides a list of 15 transactions and requires preparing a general journal, general ledger, and trial balance for Shaun Wilcox's architectural business in April 2006.

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Hunain Waris
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265 views

Assignment 1 2021

Shaun Wilcox opened an architectural office in April 2006. During the month, he completed various transactions including transferring cash from his personal account, purchasing equipment and an automobile partly on credit, receiving payment from a client, and paying expenses such as rent, supplies, insurance and salaries. The document provides a list of 15 transactions and requires preparing a general journal, general ledger, and trial balance for Shaun Wilcox's architectural business in April 2006.

Uploaded by

Hunain Waris
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 1

Q1. Following are some of the transactions of Ali Store for the months of March and
April.

March
01. Ali invested Rs. 550,000 in cash for his business Ali Store.
01 Purchased Shop building on cash worth Rs. 320,000.
02 Purchased Shop furniture on credit from Stylish Furniture Rs. 80,000.
03 Purchased Shop equipment on credit from 1.B.M.Rs. 90,000
05 Purchased merchandise on cash Rs. l25,500.
05 Paid transporting expenses Rs.580.
07 Purchased merchandise on credit from K. & Sons Rs 86,500.
08 Returned merchandise to K & Sons Rs. 5,000
10 Sold merchandise on cash Rs. 43,500.
15 Sold merchandise on credit to B. & Co. Rs. 84,250.
16 Returned merchandise from B & Co. Rs. 4,000
17 Received commission revenue Rs. 16,600.
20 Purchased shop furniture on cash Rs. 75,000.
20 Paid for merchandise purchased Rs. 28,700.
22 Received on account of cash sales Rs. 46,600.
25 Paid for transporting merchandise purchased on Mar, 20 Rs.300.
26 Paid to Stylish Furniture, Rs. 30,000 availing a discount of 2,000.
. 27 Received cash from B. & Co Rs. 66,250, allowing a discount of 2,500.
28 Paid cash to K. & Sons Rs. 36,500.
31 Paid salaries to employees for the month Rs. 24,500.
REQUIRED: PREPARE GENERAL JOURNAL, GENERAL LEDGER “T”

Q2. Following are some of the transactions of Zee Store for the month of July,2018

July
01 Mr. Zee invested Rs. 285,000 in cash.
01 Purchased shop building on cash worth Rs.150, 000.
02 Purchased shop furniture on cash Rs. 26,500.
03 Purchased shop equipment on cash Rs. 15,000.
05 Purchased merchandise on cash Rs. 22,550.
05 Paid transporting expenses Rs.150.
07 Purchased merchandise on credit from J. & Sons Rs. 17,850.
07 Paid transporting Rs.90.
10 Sold merchandise on cash Rs. 9,350.
13 Sold merchandise on credit to P. & Co. Rs.16, 425.
16 Received commission revenue Rs.2, 660.
19 Purchased shop furniture on cash Rs. 9,750.
22 Paid for merchandise purchased Rs. 13,670
24 Received on account of cash sales Rs14,860:
26 Paid for transporting merchandise purchased on July 22, Rs.80.
27 Received cash from P. &Co. Rs.9, 425.

PAGE 1 OF 3
Assignment 1
28 Paid cash to J. & Sons Rs. 8,850.
30 Paid salaries to employees for the month Rs. 6,250.
REQUIRED: PREPARE GENERAL JOURNAL, GENERAL LEDGER RUNNING
BALANCING FORMAT

Q.3 SHAUN WILCOX, AN ARCHITECT, OPENED AN OFFICE ON APRIL 1,


2006. DURING THE MONTH, HE COMPLETED THE FOLLOWING
TRANSACTIONS CONNECTED WITH HIS PROFESSIONAL PRACTICE:

1) Transferred cash from a personal bank account to business, $17,500.


2) Purchased used automobile for $15,300, paying $4,000 cash and giving a note
payable for the remainder.
3) Paid April rent for office and workroom, $2,200.
4) Paid cash for supplies, $660.
5) Purchased office and computer equipment on account, $5,200.
6) Paid cash for annual insurance policies on automobile and equipment, $1,200.
7) Received cash from a client for plans delivered, $3,725.
8) Paid cash to creditors on account, $1,800.
9) Paid cash for miscellaneous expenses, $235.
10) Received invoice for design service, due in May, $650.
11) Recorded fee earned on plans delivered, payment to be received in May,
$3,500.
12) Paid salary of assistant, $1,300.
13) Paid cash for miscellaneous expenses, $105.
14) Paid installment due on note payable, $200.
15) Paid gas, oil, and repairs on automobile for April, $115.

REQUIRED: PREPARE GENERAL JOURNAL, GENERAL LEDGER AND


TRIAL BALANCE

BBA 2Y CO.
Unadjusted Trial Balance
The following is the pre-closing Trial Balance of BBA 2Y CO. prepared on Dec, 31 2020
NAME OF ACCOUNTS DEBIT CREDIT
CASH 20,000  
MERCHANDISE INVENTORY (1.1.20) 8,000  
OFFICE EQUIPMENT 40,000  
PURCHASES 62,000  
SALARIES EXPENSE 5,500  
RENT EXPENSE 5,000  
OFFICE SUPPLIES 500  
INSURANCE PREPAID 1,200  
ACCOUNTS RECEIVABLE 20,000  
SALES RETURNS 1000  
FURNITURE 27,300  

PAGE 2 OF 3
Assignment 1
BBA 2Y DRAWINGS 5,000  
UNEARNED COMMISSION   5,000
SALES   95,000
PURCHASE RETURNS   1000
BBA 2Y CAPITAL   70,000
ACCUMULATED DEP. ON OFFICE
EQUIPMENT   2,500
ACCOUNTS PAYABLE   22,000
TOTAL 195,000 195,000
Data for adjustments on December 31, 2020
1) Merchandise inventory was valued at Rs. 20,000.
2) Fee of Rs. 1,700 is still unearned.
3) Rent Accrued Rs. 1,000.
4) Office Supplies unused Rs. 300.
5) Insurance expired, Rs. 900.
6) Depreciation on Office Equipment was estimated at Rs. 3,500.
REQUIRED

Prepare Adjusting Entries in General Journal


Prepare Adjusting Trial Balance
Prepare Income Statement in classified report form for the year ended December 31,
2020.
Prepare Balance Sheet in classified account form as of December 31, 2020.

Assignment Should be hand Written


Date of submission is 9th August 2021
Method of submission will be discussed during the class

PAGE 3 OF 3

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