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  • Malik Muhammad Ali 21278 Assignement 1 Section B

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    Malik Muhammad Ali Ehsan
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    The document contains journal entries for transactions made by a company from September 2 to September 30. On September 2, the company received Rs. 900,000 from its capital account. It purchased land and a building on September 4 by paying Rs. 200,000 in cash and taking a loan of Rs. 150,000. It purchased office supplies on credit. It billed a client Rs. 75,000 for services and paid salaries of Rs. 24,000 to employees. On September 30, it received payment from a client.

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    The document contains journal entries for transactions made by a company from September 2 to September 30. On September 2, the company received Rs. 900,000 from its capital account. It purchased land and a building on September 4 by paying Rs. 200,000 in cash and taking a loan of Rs. 150,000. It purchased office supplies on credit. It billed a client Rs. 75,000 for services and paid salaries of Rs. 24,000 to employees. On September 30, it received payment from a client.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    14 views2 pages

    Malik Muhammad Ali 21278 Assignement 1 Section B

    Uploaded by

    Malik Muhammad Ali Ehsan
    The document contains journal entries for transactions made by a company from September 2 to September 30. On September 2, the company received Rs. 900,000 from its capital account. It purchased land and a building on September 4 by paying Rs. 200,000 in cash and taking a loan of Rs. 150,000. It purchased office supplies on credit. It billed a client Rs. 75,000 for services and paid salaries of Rs. 24,000 to employees. On September 30, it received payment from a client.

    Copyright:

    © All Rights Reserved
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    of 2

    Q#2 Journal Entries

    Sept. 2 Cash A/c 900,000 `


    To Capital A/c 900,000

    Sept. 4 Land A/c 50,000


    Building A/c 300,000
    To Cash 200,000
    To Notes Payable 150,000
    Purchased Building & Land for Company

    Sept. 12 Office Supplies A/c 600


    To Account Payable 600
    Office Supplies Purchased on Credit

    Sept. 19 Accounts Receivable A/c 75,000


    To Client Revenue 75,000
    Bill issued to client against Services

    Sept. 29 Salary Expense A/c 24,000


    To Cash A/c 24,000
    Paid Salaries to employees

    Sept. 30 Cash A/c 30,000


    To Account receivable 30,000
    Bill received from client

    Ledger Posting Trial Balance

    CASH A/C CAPITAL A/C Dv Cr


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $ Sr. Particulars Dv Amount Cr Amount
    Sept. 2 Capital 900,000 Sept. 4 Land & Building 200,000 Sept. 2 Cash 900,000 Cash 706,000
    Sept. 30 Account Receivable 30,000 Sept. 29 Salaries exp 24,000 Balance c/d 900,000 Capital (equity) 900,000
    Land 50,000
    Balance c/d 706,000 Building 300,000
    Notes Payable 150,000
    930,000 930,000 900,000 900,000 Office Supplies 600
    Accounts Payable 600
    Accounts Receivable 45,000
    Land Building Client Revenue 75,000
    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $ Salaries 24,000
    Sept. 4 Cash & Notes Payable 50,000 Sept. 4 Cash & Notes Payable 300,000
    Balance c/d 50,000 Balance c/d 300,000
    1,125,600 1,125,600
    50,000 50,000 300,000 300,000

    Notes Payable Office Supplies


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $
    Sept. 4 Land & Building 150,000 Sept. 12 Account Payable 600
    Balance c/d 150,000 Balance c/d 600

    150,000 150,000 600 600

    Accounts Payable Accounts Receivable


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $
    Sept. 12 Office Supplies 600 Sept. 19 To Client Revenue 75,000 Sept. 30 Cash 30,000
    Balance c/d 600 Balance c/d 45,000

    600 600 75,000 75,000

    Salaries
    Date Particular Amount $ Date Particulars Amount $
    Sept. 29 Cash 24,000
    Balance c/d 24,000

    24,000 24,000
    Q# 3 Journal Entries
    Sept. 2 Cash A/c 900,000 `
    To Capital A/c 900,000

    Sept. 4 Land A/c 50,000


    Building A/c 300,000
    To Cash 200,000
    To Notes Payable 150,000
    Purchased Building & Land for Company

    Sept. 12 Office Supplies A/c 600


    To Account Payable 600
    Office Supplies Purchased on Credit

    Sept. 19 Accounts Receivable A/c 75,000


    To Client Revenue 75,000
    Bill issued to client against Services

    Sept. 29 Salary Expense A/c 24,000


    To Cash A/c 24,000
    Paid Salaries to employees

    Sept. 30 Cash A/c 30,000


    To Account receivable 30,000
    Bill received from client

    Ledger Posting Trial Balance

    CASH A/C CAPITAL A/C Dv Cr


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $ Sr. Particulars Dv Amount Cr Amount
    Sept. 2 Capital 900,000 Sept. 4 Land & Building 200,000 Sept. 2 Cash 900,000 Cash 706,000
    Sept. 30 Account Receivable 30,000 Sept. 29 Salaries exp 24,000 Balance c/d 900,000 Capital (equity) 900,000
    Land 50,000
    Balance c/d 706,000 Building 300,000
    Notes Payable 150,000
    930,000 930,000 900,000 900,000 Office Supplies 600
    Accounts Payable 600
    Accounts Receivable 45,000
    Land Building Client Revenue 75,000
    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $ Salaries 24,000
    Sept. 4 Cash & Notes Payable 50,000 Sept. 4 Cash & Notes Payable 300,000
    Balance c/d 50,000 Balance c/d 300,000
    1,125,600 1,125,600
    50,000 50,000 300,000 300,000

    Notes Payable Office Supplies


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $
    Sept. 4 Land & Building 150,000 Sept. 12 Account Payable 600
    Balance c/d 150,000 Balance c/d 600

    150,000 150,000 600 600

    Accounts Payable Accounts Receivable


    Date Particular Amount $ Date Particulars Amount $ Date Particular Amount $ Date Particulars Amount $
    Sept. 12 Office Supplies 600 Sept. 19 To Client Revenue 75,000 Sept. 30 Cash 30,000
    Balance c/d 600 Balance c/d 45,000

    600 600 75,000 75,000

    Salaries
    Date Particular Amount $ Date Particulars Amount $
    Sept. 29 Cash 24,000
    Balance c/d 24,000

    24,000 24,000

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