Financial

Accounting
Assignment
Mehak has registered and established a High Tech Computer Business containing
various brands including Apple, HP and Dell. The document contains various entries Home
pertaining to procurement, purchase of essential items, sales and loans. The Assignment by
document breaks down the starting amount of Rs 100 million into various heads of
assets, expenses, liquidity showing transactions important to business ledgers. Mehak
 1

On 1st September 2020, Mehak received approval of license trademark of her business after which, she started
her business of Home Computers with Sponsership from Apple, HP and Dell companies. The starting budget of
Rs 100 million is spent on 1st Sep 20 onwards as under:-

INVESTMENT
1. 25% of Initial amount Rs 100 million i-e 25 million has been invested in Fixed Deposit of Summit Bank
at the interest of 6% p.a for a period of 2 years. (bal 75 million)
PROCURMENTS/ASSETS/PURCHASES
1. Purchase of 4 Story building with 4000 sq/yd covered area @ Rs 40000000 (40 million) with
agreement to pay the amount in 4 installments of each quarter of the month. 1 st Paid installment
on 1st Sep cost @ Rs 10,000,000 (10 million).
2. Purchase of Office equiptment on 5th Sep 2020 including; (Rs 10,000,000)
a. Sofa, Furniture, Desks: Rs 3,000,000
b. Computer Desktop: Rs 4,000,000
c. Fixtures, Electric Items: Rs 2,500,000
d. Misc running Items: Rs 500,000
3. Purchased Apple laptops of different variants on CREDIT from Florida Apple company outlet at the
cost of Rs 1,000,000
4. Purchased LED screens of Desktop HP company on cash for Rs 500,000
5. Purchased Powersupply units in bulk for dell computers from Dell company on account of payables
at the cost of Rs 2,500,000.
6. Purchased service van for customer care at home service at cost of 4,000,000 on which I paid cash
of Rs 3,500,000 and make a Note of Payable Rs 500,000.
7. Purchase of computer Bags at the cost of Rs 2,000,000.
8. Purchased integrated circuits for laptops at the cost of Rs 1,000,000
9. Purchased DVD ROMs from DELL and HP company on cash for Rs 1,000,000
10. Purchased Computer wires for mother boards on credit worth Rs 150,000
11. Purchased Computer chipset boards of laptops from Apple company at the cost of 3,000,000 and
paid 1500000 with a signed note payable of 1500000 by 30 th Sep 20.
12. Purchased computer startup switches for Rs 150000 on credit.
13. Purchased electric backup generator from Black Décor company of Rs 4,000,000 and signed a note
payble.
14. Bought carpets and rugs from Wah Taxtiles worth Rs 2000000, out of which 1800000 was paid in
cash and note payable was signed of Rs 200000
15. Procured and installed central air cooling system for Rs 1000000
16. Purchased Window Covers and curtains for complete building of Rs 500000
17. Purchased and installed green effect plant decore in all offices for Rs 200000
18. Purchased 3 luxry cars for managerial staff and co-staff for Rs 1,000,000
19. Purchased Indoor water dispenser system for all offices of building at the cost of Rs 500000
20. Procured and installed 3KVA 3Phase Electric transformer exclusively for the building to provide
uninterrupted power supply at the cost of Rs 4000000.

Mehak Home Assignment

 2

UTILITY BILLS
1. A total of 600000 Electricity bill for Sep out of which Electricity bill payment of Rs 400000 made as
adjustment with payable amount of 200000 in next month.
2. PTCL Bill payment of Rs 200000
3. SNGPL bill payment of Rs 20000
4. Wasa Bill Payment of Rs 150000
5. Internet Bill payment of Rs 100000
WAGES/STAFF PAY
1. Paid Basic salary to Computer Operators of Rs 300000
2. Paid salary to Technicians of computer repair and recovery of Rs 500000 out of which 100000 are still
payable.
3. Paid BONUS to staff worth Rs 100000
4. Paid Security charges to Askari Security company for guards worth Rs 100000
5. Paid Salary to Department heads and managers worth Rs 100000
ADVERTISING/PUBLICITY
1. Bought Billboards at variour key locations for complete year at the cost of Rs 1200000 p.a for 1 year
and monthly due of total cost Rs 100000 paid in cash.
2. Hired local vendors for distribution of leaflets for Rs 20000
3. Social media including Twitter, Facebook advertising at the cost of Rs 10000
4. Airtime bought on ARY at prime time for Rs 4000000
5. Published company advertisement on front page of The News at cost of Rs 500000
RETURN INVENTORY
1. Return of few items of Office equipment from furniture of Rs 30000 for exchange purpose
2. Return of damaged Desktop computers of Rs 10000
3. Circuits purchased for Rs 1,000,000, out of which I returned circuits of Rs 250,000 due to excess
purchase.
4. Sale return from Apple Laptops of Rs 200,000.
5. Sale record returns on head of Mother Boards for Dell computers and debited account receivble of Rs
300000.
6. Sale return on power supply units for computers of Rs 400000.

Mehak Home Assignment