Work Book Unit 2 Proforma Variation - Solved
Work Book Unit 2 Proforma Variation - Solved
Work Book Unit 2 Proforma Variation - Solved
The safest way to double your money is to fold it over and put it in your pocket. Kin Hubbard
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Unit 2
VP # 2.1
S.No 1 2 3 4 5 6 7 8 9 10 11 Transactions Ali Started business with Cash Rs. 100,000 Purchases goods by Cash Rs. 5,000
Borrowing money as Bank Loan of Rs. 50,000 Bought Furniture on Account Rs. 3,000 Paid Wages of Rs. 1,000 to daily basis worker
Paid Three year Rent in Advance Rs. 15,000 Owner withdraw Furniture of Rs. 500
Bought Merchandise from Ahmed Rs. 2,000 Accrued Revenue worth Rs. 14,000
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Unit 2
VP # 2.2
S.No 1 2 3 4 5 6 7 8 9 10 11 Transactions Cash received from Customer Rs. 6,000 Unpaid Salaries for December of worth Rs. 2,200
One year Rent has been expired of Rs. 5,000 Paid to Creditor of Rs. 1,500 Charged Rs. 2,500 as Depreciation to Machinery by cost method Deposited Rs. 7,000 to Bank Goods Distributed as Free Sample Rs. 300 Received Cash Discount worth of Rs. 100 Retired Bank Loan of Rs. 10,000 Paid Commission to employee Rs. 1,800 Business Furniture sold on Cash Rs. 800
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Unit 2
VP # 2.3
S.No
Cash 1 Khawar Mughal invested in his business Rs. 104,000 in cash and building worth Rs. 246,000 2 3 4 5 6 7 8 Purchased Equipments Rs. 31,500 on cash Purchased electrical Compressor for Rs. 47,750 from modern Electric store Sold merchandise Rs. 21,700 to Ali Malik Paid Miscellaneous Exposes of Rs. 13,245 Purchased electric typewriter for business use Rs. 21,000 Purchased papers, files ribbons and carbon papers etc. Rs. 1,235on account Rented a portion of the shop and received rent Rs. 2,000 Building Owner Equity Equipments Cash Electric Compressor A/c Payable A/c Receivable Sale M. Expenses Cash Typewriter Cash Office Stationery A/c Payable Cash Rent A/c Payable 9 Paid cash to modern Electric store Rs. 7,245 and wages Rs. 100 Wages Cash
Asset Asset Owner Equity Asset Asset Asset Liability Asset Revenue Expense Asset Asset Asset Expense Liability Asset Revenue Liability Expense Asset
Increase Increase Increase Increase Decrease Increase Increase Increase Increase Increase Decrease Increase Decrease Increase Increase Increase Increase Decrease Increase Decrease
104,000 246,000 350,000 31,500 31,500 47,750 47,750 21,700 21,700 13,245 13,245 21,000 21,000 1,235 1,235 2,000 2,000 7,245 100 7,345
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Unit 2
VP # 2.4
S.No Transaction
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Unit 2
VP # 2.5
S.No
X commenced business with Cash Rs. 50,000 and Bank 1 Loan Rs. 20,000 Owner Equity Bank Loan Furniture Cash Note Payable A/c Receivable Cash Sales Cash Commission Sales Return A/c Receivable Transportation Carriage Wages Taxes Cash Drawing Cash Cash Furniture Owner Equity
Purchased furniture of worth Rs. 10,000 in which Rs. 7,000 by cash and 3,000 by issuing Note Payable to ABC Co. Sold goods on of worth Rs. 12,000. Rs. 2,000 related to credit and Rs. 10,000 of cash sales Received commission of Rs. 25 Sales returned by customer of Rs. 500 and reduced Account Receivable Paid Transportation Expense Rs. 450, Carriage Expense Rs.
4 5
X withdrew from business for personal use Rs. 2,400 Further invested by owner in the shape of cash Rs. 10,000 and furniture Rs. 1,000
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Unit 2
VP # 2.6
S.No 1
Commenced business with cash Rs.10,000 Bought merchandising for cash Rs.300 Bought computer for cash Rs. 2,000 Sold goods to Nasir Rs.1,000 Purchased goods from Salman & co. Rs.300 Received from Nasir Cash Rs.900 after allowed him Discount
2 3 4 5
Rs.100
10
11
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Unit 2
VP # 2.7
S.No
Mohsin Ali Khan started business cash Rs. 150,000, Land Rs. 30,000 and Van Rs. 100,000
Land Van
Rs. 500
5 6
business account in the bank Further investment of Rs. 20,000 made by owner Paid salaries Rs. 2,500 and electricity bill for the month
Rs. 500
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Unit 2
VP # 2.8
S.No 1
Naeem started business with Furniture of worth Rs. 200,000 2 3 5 8 9 10 11 12 Purchased Furniture from Ahmed co. of Rs. 10,000 Purchased goods of value Rs. 50,000 by Cash Bought Office Equipment on account Rs. 15,000 Withdraw Furniture of Rs. 3,000 for Personal consumption Naeem make Additional Investment Rs. 15,000 Cash paid to Creditors of Rs. 25,000 Cash received from Debtors of Rs.15,000 Paid Factory Overhead (FOH) of Rs. 3,000
Owner Equity Furniture A/c Payable Purchases Cash Office Equipment A/c Payable Drawing Furniture Cash
13
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Unit 2
VP # 2.9
S.No 1 Mr. A started business with Cash Rs. 50,000 2 Purchased Supplies Rs. 15,000
4 5 6 7 8
Purchased Goods from J for Cash Rs. 3,000 Supplies Assets has been expired during the period of Rs. 7,000 Bad debts during the year are 1,500 Unearned Sales were earned during the Financial year of Rs. 2,600 Sold goods to R Rs. 16,000
Purchase Cash Supplies Expense Supplies Bad Debts A/c Receivable Unearned Sales Sales Account Receivable Sales Patents Cash Stationary
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Cash
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Unit 2
VP # 2.10
S.No Transactions
1 2 3 4 5
Started Business with cash Rs 66,000 Purchase Inventory for cost Rs.11,000 Bad Debts recovered of Rs. 1,000 Purchase Merchandise from Sarwer Rs. 500 Purchase Motorcycle for cash Rs.19,000
6 7 8 9 10
Sold Motor Cycle for Cash Rs.22,000 Which costs Rs.19,000 Received Cash Rs.5,200 from Accounts Receivable Purchased a Car for Cash Rs 2,500. Withdrew Inventory for Private Use Rs. 1,000. Paid Outstanding Salaries to employees Rs. 3,000.
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Unit 2
VP # 2.11
S.No
Bad debts during the year are 1,500 and goods return by credit customers of Rs. 500.
Payment made to Ahmed and brother Rs. 11,700 receiving cash discount 2 on Rs. 12,000. Cash Discount Insurance Expense 3 Insurance Assets has been expired during the period of Rs. 2,000 Prepaid Insurance Dep. Exp_ Furniture 4 Depreciation Expense on Furniture of Rs. 1,500 by WDM Furniture Cash Profit and Loss 5 6 Sold old machinery for Cash Rs.27,000 Which costs Rs.30,000 We returned goods to Ali Rs. 300 which was purchased by cash Cash Machinery
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