SUBMITTED BY:

MUHAMMAD GHAZANFER ALI

COURSE:
BBA-2C ACCOUNTING-1
TILTLE:
ACCOUNTING FINAL PROJECT
SUBMITTED TO:
SIR MUHAMMAD NAEEM
Ghazanfer logistic services is a pakistani courier services providing courier services not only in
pakistan but goods can also be sent in any where around the globe,

 On the company purchased capital stocks of 10 ,00,000 on cash

 On On May May 5 the company purchased office furnishing of 50000 the whole amount
has been written as account payable
 On May 3 Ghazanfar Logistic services purchase the building by giving 100000 in hand
while the remaining 2 lakh is du is notes payable
 Ghazanfer logistics services did an expense of 1300 on account of advertisement expense
the whole amount is due
 On May 4 Ghazanfar logistics services under revenue of thousand but it’s yet not received
 On May 5 doesn’t Logistic services again and another revenue of thousand on cash
 On May 6 land of 100000 was purchased on notes payable
 On May 7 ghazanfer Logistic services receive the unpaid revenue
 On May 8 the employees were given their salaries the sum of this was 200
 On 10 May office rent was given on cash the amount was 2000
 On may 10 truck was purchased of 300000 the whole payment was given at the time of
purchasing
 On may 11 office supplies purchased on loan
 On May 12 reason for logistics in services purchased packing instruments for the purpose
of packing all the packages this whole payment was given at the time of purchasing and
the payment was of 10000
 On May 13 the the expense done on the basis of fuel was given on cash
 On May 14 computers were purchased on cash for 2000
 On may 17 revenue was earned of 2000 that was not received
 On may 16 Logistic services paid and amount of 3000 for truck maintenance but the whole
amount is still not paid
 On may 18 another 700 were spent as adv expense
 On May 19 the remaining salaries were paid that word of 2000 to the Employees
 On May 20 the ghazanfer Logistic services paid the due amount that was of 10000
 On May 21 another 200 were spent on advertisement of Ghazanfar logistics services
 On May 23 84000 budget spent for rent by the ghazanfer logistics services the whole
amount was paid on cash
 On may 24 The liable amount of 2000 was paid on cash

 On May 27 ghazanfer logistics services announced dividend of 1000 that was paid to the
loyal price of ghazanfer logistics services
 Tanmay 29 a sum 4000 was spent for transportation of the employees
 All May 30 Ghazanfar Logistic services purchased another packing instruments for 5000
these instruments were purchased on cash
 DATE TITLES AND EXPLANATION DEBIT CREDITS

Capital stock 1000000

01/05/019 Cash 1000000
Purchased capital stock on
payment
01/05/019 Office furnishing 50000
Account payable 50000
Purchased office furnishing
on due

03/05/019 Building 300,000

Cash 100,000
Notes payable 200,000
Purchased building on
partial cash
04/05/019 Advertisement expense 400
Account payable 400
Advertisement expense
done on liability

04/05/019 Revenue 1000

Account receivable 1000
Earned un pay revenue
05/05/019 Revenue 1000
Cash 1000
Earned revenue on cash
06/05/019 Land 100,000
Notes payable 100,000
Purchased land on liability
07/05/019 Cash 1000
Account receivable 1000
Received dued revenue
08/05/019 Salaries expense 2000
Cash 2000
Paid salaries on cash
10/05/019 Office rent expense 2000
Cash 2000
Paid office rent on cash

10/05/019 Truck 300,000

Cash 300,000
 Purchased truck on cash
11/05/019 Office supplies 2000
Account payable 2000
Purchased office supplies
on liability
12/05/019 Packing instrument 10,000

Cash 10,000
Purchased packing
instruments on cash
13/05/019 Fuel expense 1500
Cash 1500
Spent 1500 as fuel expense
14/05/019 Computer expense 2000
Cash 2000
Purchased computers on
cash
16/05/019 Truck maintenance expense 3000
Account payable 3000
Done truck maintenance
on due
17/05/019 Revenue 2000
Account receivable 2000
Earned a not received
revenue
18/05/019 Advertisement expense 700
Account payable 700
Done adv exp on liability
19/05/019 Salaries expense 2000
Cash 2000
Done salaries expense on
cash
19/05/019 Revenue 3000
Cash receivable 3000
generated revenue
20/05/019 Cash 10,000
Account payable 10,000
Paid liable amount
21/05/019 Advertisement expense 200
Account payable 200
Liability for advertisement
expense
22/05/019 Rent expense 4000
 Cash 4000
Paid rent on cash
23/05/019 Printing expense 2000
Account payable 2000
Done printing expense on
loan
23/05/019 Land 50,000
Cash 50,000
Purchased land on cash
24/05/019 Account payable 2000
Cash 2000
Paid liable cash
27/05/019 Dividend 1000
Cash 1000
Announced and paid
dividend

29/05/019 Transportation expense 4000

Cash 4000
Paid transportation
expense on cash
31/05/019 Packing instruments 5000
Cash 5000
Paid for packing
instruments

T-ACCOUNTS

CASH ACCOUNT

DR CR
10,00,000 100,000
1000 1000
1000 1000
300,000
10,000
1500
2000
2000
10,000
4000
 50,000
2000
1000
4000
5000
BALANCE 504,500

CAPITAL STOCK ACCOUNT

DR CR
10,00,000
BALANCE 100,000

BULIDING ACCOUNT

DR CR
300,000
BALANCE 300,000

OFFICE FURNISHING ACCOUNT

DR CR
50,000
BALANCE 50,000

ACCOUNT PAYABLE ACCOUNT

DR CR
10,000 50,000
2000 400
2000
3000
700
200
BALANCE 44,300

SALARIES EXPENSE ACCOUNT

 DR CR
2000
2000
BALANCE 4000

ADVERTISMENT EXPENSE ACCOUNT

DR CR
400
700
200
BALANCE 1300

REVENUE ACCOUNT

DR CR
1000
1000
2000
3000
BALANCE 7000

NOTES PAYABLE ACCOUNT

DR CR
200,000
100,000
BALANCE 300,000

RENT EXPENSE ACCOUNT

DR CR
4000
2000
BALANCE 6000

FUEL EXPENSE ACCOUNT

DR CR
 1,500
BALANCE 1,500

ACCOUNT RECIEVABLE ACCOUNT

DR CR
1000 1000
2000
3000
BALANCE 5,000

TRUCK MAINTAINANCE EXPENSE ACCOUNT

DR CR
3000
BALANCE 3000

PRINTING EXPENSE ACCOUNT

DR CR
2000
BALANCE 2000

TRANSPORTATION EXPENSE

DR CR
4000
BALANCE 4000

COMPUTER EXPENSE

DR CR
2000
BALANCE 2000

PACKING INSTRUMENT EXPENSE

DR CR
10,000
 5,000
BALANCE 15,000
 UN ADJUSTED TRIAL BALANCE

GHAZANFER LOGISTICS SERVICES

MARCH31, 2019

TITLE DR CR
CASH 504500
A/C RECIEVEABLE 5000
OFFICE SUPPLIES 2000
PACKING INSTRUMENTS 15,000
OFFICE FURNISHING 50,000
BUILDING 300,000
LAND 150,000
TRUCK 300,000
A/C PAYABLE 44300
NOTES PAYABLE 300,000
CAPITAL STOCK 100,0000
REVENUE 7000
DIVIDEND 1000
SALARIES EXPENSE 4000
RENT EXPENSE 6000
FUEL EXPENSE 1500
TRANSPORT EXPENSE 4000
ADVERTISEMENT EXPENSE 1300
PRINTING EXPENSE 2000
TRUCK MAINTAINANCE EXPENSE 3000
COMPUTER EXPENSE 2000

1,351,300 1,351,300
 GHAZANFER LOGISTICS SERVICES

INCOME STATEMENT

FOR THE YEAR ENDED, JUNE30 , 2019

SALES REVENUE--------------------------------------------------------------- 7,000

TOTAL REVENUE--------------------------------------------------------------7,000

SALARIES EXPENSE----------------------------------------------------------- 4,000

RENT EXPENSE-------------------------------------------------------------------6000

FUEL EXPENSE------------------------------------------------------------------1,500

TRANSPORT EXPENSE--------------------------------------------------------4,000

ADVERTISEMENT EXPENSE-------------------------------------------------1,300

PRINTING EXPENSE------------------------------------------------------------2000

TRUCK MAINTENANCE EXPENSE---------------------------------------- 3,000

COMPUTER EXPENSE---------------------------------------------------------2000

TOTAL EXPENSE---------------------------------------------------------------23,800

NET INCOME-------------------------------------------------------------------- -16,800

MEDI PEARL PHARMACIA

STATEMENT OF RETAINED EARNINGS

FEB , 28 , 2019

STARTING RETAINED EARNING---------------------------- 0

NET INCOME---------------------------------------------------- -16800

LESS: DIVIDENTS-------------------------------------------------- 1,000

 RETAINED EARNINGS ( 28-2-19) --------------------------- -17,800

GHAZANFER LOGISTIC SERVICES

BALANCE SHEET

AS ON AUG 30 , 2019

ASSETS: LIABILITIES AND OWNERS EQUITY

CURRENT ASSETS: LIBAILITIES:

CASH---------------------- 504500 ACCOUNTS PAYABLE-------44,300

A/C RECIEVABLE-------- 5000 NOTES PAYABLE-------------- 300,000

OFFICE FURNITURE------ 50,000 TOTAL LIABILITY: 344,300

OFFICE SUPPLIES---------- 2,000 CAPITAL:

PACKING EQUIPMENT------- 15,000 CAPITAL STOCK----- 10,00,000

TOTAL CURRENT ASSETS: 576,500 CLOSING RETAINED EARNINGS------ -17800

NON CURRENT ASSETS:

OFFICE BUILDING: 300,000 TOTAL LIABILITY + CAPITAL + CLOSING RETAINED

EARNINGS= 395,000+1000000+(-17800)
OFFICE LAND----- 150,000

DELIVERY TRUCKS----300,000

TOTAL NON CURRENT ASSETS: 750,000

TOTAL ASSETS:1,326,500
LIABILITY+OWNERS EQUITY =1,326,500

ADJUSTING ENTRIES
 The ghazanfer logistics services earned revenue of 9000 but that revenue as yet not
been received
 The depreciation expense of the building owned by ghazanfer logistics services has
recorded depreciation expense of 7000
 Another depreciation expense was recorded on account of the truck owned by the
ghazanfer groups that has a depreciation expense of 3000
 The insurance expense is stated as 500
 The ghazanfer logistics services had done expense of 1000 on account of the packing of
the courier and the parcels but all that amount has yet not been paid to the seller
 The income tax expense all ghazanfer logistics services was 5000 and that whole amount
5000 is needed to pay after some short time
 The ghazanfer logistics services earned the revenue bye there parcel sentiments scheme
of 5000 all that amount is considered as earned as it is yet not been received
 another insurance expense was being done by ghazanfer logistics services of 200
 The utility bills expense of ghazanfer logistics services is 3000 but the whole amount is
yet not been paid show an amount of 3000 is being dued.

GHAZANFER LOGISTIC SERVICES

 ADJUSTING ENTRIES

GENERAL JOURNAL

31 DEC 2019

DATES TITLES AND EXPLANATIONS DR CR

31 DECEMBER 2019 COURIER REVENUE RECIEVABLE 9000

COURIER REVENUE
9000
31 DECEMBER 2019 DEPRICIATION EXPENSE(BULIDING) 7,000
ACCUMULATED DEPRICIATION 7,000
31 DECEMBER 2019 PO BOX RENT 2,000
PRE PAID RENT 2,000
31 DECEMBER 2019 DEPRICIATION EXPENSE(TRUCK) 3000
ACCUMULATED DEPRCIATION 3000
31 DECEMBER 2019 INSURANCE EXPENSE 500
UNEXPIRED INSURANCE 500
31 DECEMBER 2019 PACKING EXPENSE 1,000
PACKING EXPENSE PAYBLE 1,000
31 DECEMBER 2019 INCOME TAXES EXPENSE 5,000
INCOME TAXES PAYABLE 5,000
31 DECEMBER 2019 EARNED SENTIMENTS REVENUE 5,000
UN EARNED SENTIEMNT REVENUE 5,000
31 DECEMBER 2019 INSURANCE EXPENSE 200
UNEXPIRED INSURANCE 200
31 DECEMBER 2019 BILLS EXPENSE 3,000
BILLSPAYABLE 3,000
 T ACCOUNTS:
COURIER REVENUE

DATES DR CR
31 DEC 2019 9000
BALANCE 9000

COURIER REVENUE RECIEABLE

DATES DR CR
31 DEC 2019 9000
BALANCE 9000

PO BOX RENT

DATES DR CR
31 DEC 2019 2,000
BALANCE 2000

DEPRECIATION EXPENSE: BUILDING

DATES DR CR
31 DEC 2019 7,000
BALANCE 7,000

ACCUMULATED DEPRECIATION:BUILDING

DATES DR CR
31 DEC 2019 7,000
BALANCE 7,000

DEPRECIATION EXPENSE:TRUCK

DATES DR CR
31 DEC 2019 3,000
BALANCE 3,000
 ACCUMULATED DEPRECIATION:TRUCK

DATES DR CR
31 DEC 2019 3,000
BALANCE 3,000

INSURANCE EXPENSE

DATES DR CR
31 DEC 2019 200
BALANCE 200

INSURANCE EXPENSE PAYABLE

DATES DR CR
31 DEC 2019 200
BALANCE 200

PO RENT EXPENSE

DATES DR CR
31 DEC 2019 2000
BALANCE

PREPAID PO BOX RENT

DATES DR CR
31 DEC 2019 2,000
BALANCE 2,000

INCOME TAXES EXPENSE

DATES DR CR
31 DEC 2019 5,000
BALANCE 5,000
 INCOME TAXES PAYABLE

DATES DR CR
31 DEC 2019 5,000
BALANCE 5,000

SENTIMENTS REVENUE

DATES DR CR
31 DEC 2019 5,000
BALANCE 5,000

UNEARNED SENTIMENTS REVENUE

DATES DR CR
31 DEC 2019 5,000
BALANCE 5,000

INSURANCE EXPENSE

DATES DR CR
31 DEC 2019 500
BALANCE 500

UNEXPIRED INSURANCE

DATES DR CR
31 DEC 2019 500
BALANCE 500

UTILITY BILLS EXPENSE

DATES DR CR
31 DEC 2019 3,000
BALANCE 3,000

UTILITY BILLS PAYABLE

 DATES DR CR
31 DEC 2019 3,000
BALANCE 3,000

PACKING EXPENSE

DATE DR CR
5000

PACKING EXPENSE PAYABLE

DATE DR CR
5000
 ADJUSTED TRIAL BALANCE

GHAZANFER LOGISTICS SERVICES

AUG31, 2019

TITLE DR CR
CASH 504500
A/C RECIEVEABLE 5000
COURIER REVENUE RECIEVABLE 9000
SENTIMENTS REVENUE RECIEVABLE 5000
OFFICE SUPPLIES 2000
PACKING INSTRUMENTS 15,000
OFFICE FURNISHING 50,000
BUILDING 300,000
LAND 150,000
TRUCK 300,000
A/C PAYABLE 44300
NOTES PAYABLE 300,000
CAPITAL STOCK 100,0000
REVENUE 7000
SENTIMENT REVENUE 5000
ACCUMULATED DEPRICIATION 3000
TRUCK
ACCUMULATED DEPRICIATION 7000
BUILDI
COURIER REVENUE 9000
DIVIDEND 1000
SALARIES EXPENSE 4000
RENT EXPENSE 6000
FUEL EXPENSE 1500
TRANSPORT EXPENSE 4000
ADVERTISEMENT EXPENSE 1300
PRINTING EXPENSE 2000
TRUCK MAINTAINANCE EXPENSE 3000
COMPUTER EXPENSE 2000
DEPRICIATION TRUCK 3000
DEPRICIATION BUILDING 7000
POBOX RENT EXPENSE 2000
PREPAID POBOX RENT 2000
PACKING EXPENSE 1000
 PACKING EXPENSE PAYABLE 1000
INSURANCE EXPENSE 500
UN EXPIRED INSURANCE 500
INSURANCE EXPENSE 200
UN EXPIRED INSURANCE 200
INCOME TAX EXPENSE 5000
INCOME TAX PAYABLE 5000
UTILITY BILLS EXPENSE 3000
UTILITY BILLS PAYABLE 3000
1,387,000 1,387,000

GHAZANFER LOGISTICS CENTER

ADJUSTED INCOME STATEMENT

FOR THE YEAR ENDED, JUNE30 , 2019

SALES REVENUE--------------------------------------------------------------- 7,000

COURIER REVENUE------------------------------------------------------------9000

SENTIMENTS REVENUE-------------------------------------------------------5000

TOTAL REVENUE--------------------------------------------------------------21,000

SALARIES EXPENSE----------------------------------------------------------- 4,000

RENT EXPENSE-------------------------------------------------------------------6000

FUEL EXPENSE------------------------------------------------------------------1,500

TRANSPORT EXPENSE--------------------------------------------------------4,000

ADVERTISEMENT EXPENSE-------------------------------------------------1,300

PRINTING EXPENSE------------------------------------------------------------2000

TRUCK MAINTENANCE EXPENSE---------------------------------------- 3,000

COMPUTER EXPENSE---------------------------------------------------------2000
DEP EXP BUILDING------------------------------------------------------------7000

DEP EXP TRUCK-----------------------------------------------------------------3000

PO BOX RENT EXP---------------------------------------------------------------2000

PACKING EXP---------------------------------------------------------------------1000

INSURANCE EXP-----------------------------------------------------------------700

INCOME TAX EXPENSE--------------------------------------------------------5000

UTILITY BILL EXPENSE---------------------------------------------------------3000

TOTAL EXPENSE---------------------------------------------------------------45,500

NET INCOME--------------------------------------------------------------------- -24500

GHAZANFER LOGISTIC SERVICES

STATEMENT OF RETAINED EARNINGS

FEB , 28 , 2019

STARTING RETAINED EARNING---------------------------- 0

NET INCOME---------------------------------------------------- -24500

LESS: DIVIDENDS-------------------------------------------------- 1,000

RETAINED EARNINGS ( 28-2-19) --------------------------- -25,500

 GHAZANFER LOGISTIC SERVICES

BALANCE SHEET

AS ON AUG 30 , 2019

ASSETS: LIABILITIES AND OWNERS EQUITY

CURRENT ASSETS: LIBAILITIES:

CASH---------------------- 504500 ACCOUNTS PAYABLE-------44,300

A/C RECIEVABLE-------- 19000 NOTES PAYABLE-------------- 300,000

OFFICE FURNITURE------ 50,000 PACKING EXPENSE PAYABLE----1000

OFFICE SUPPLIES---------- 2,000 INCOME TAX PAYABLE--------------5000

PRE PAID OFFICE RENT--- -2000 UTILITY BILLS PAYABLE --------------3000

UN EXPIRED INSURANCE--- -700

PACKING EQUIPMENT------- 15,000 TOTAL LIABILITY: 353,300

ACC DEPRICIATION BUILDING---- -7000 CAPITAL:

ACC DEPRICIATION TRUCK ----- -3000 CAPITAL STOCK----- 10,00,000

TOTAL CURRENT ASSETS: 577,800 CLOSING RETAINED EARNINGS------ -25500

NON CURRENT ASSETS:

OFFICE BUILDING: 300,000 TOTAL LIABILITY + CAPITAL + CLOSING RETAINED

EARNINGS= 353,300+1000000+(-25500)
OFFICE LAND----- 150,000

DELIVERY TRUCKS----300,000

TOTAL NON CURRENT ASSETS: 750,000

TOTAL ASSETS:1,327,800 LIABILITY+OWNERS EQUITY =1,327,800