QUICKBOOKS PROJECT

BS COMPANY

Mr.Qamar Is World Famous Electrical Dealer. Now He Starts Business In Karachi. He Wants
.To Maintain His Company Accounts On QuickBooks. You Follow Him

STEP-1: Create A New Company With The Following Requirement

“Select Skip Interview”

1. Company Name: BS Co.

2. Legal Name: BS Company
3. Tax Id: ---
4. Street Address: Plot NO. N-254, Clifton
5. City, State, Zip: Karachi, SD, 78500
6. Country: OTHER
7. Phone: 6744574
8. Fax: 6305450
9. Email: qamar@yahoo.Com
10. Web Site: www.bs.com

First Month In Your Fiscal Year: January

Create A New Company: Select (No Type)
File Name For New Company: Click On Save
Do You Have Employees: Yes (Click On W-2 Employees)
Using Accounts In Quickbooks: Click On Next

Step-2: Create Company Chart Of Accounts

ASSETS:

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ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE
Other Current Assets Cash In Hand 1,00,000
Other Current Assets Petty Cash
Bank HBL 5,00,000
A/C Receivable A/C Receivable
Other Current Asset Inventory
Fixed Asset Office Furniture
Fixed Asset Office Equipments
Other Current Assets Office Supplies

:LIABILITIES

ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE

A/C Payable A/C Payable
Other Current Liability Sales Tax Payable
Other Current Liability Salaries Payable
Long Term Liability Bank Loan

:EQUITY
ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE
Equity Capital 6,00,000
Equity Drawing

:REVENUE

ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE

Income Sale
Income Sales Return
Income Sales Discount
Income Interest Income

Income Sales Philips Sever 25 Watt

Income Sales Osaka Sever 18 Watt
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Income Sales Leo Tube Light 40 Watt
 QUICKBOOKS PROJECT

:COST OF SALE
ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE
Cost Of Goods Sold Purchase
Cost Of Goods Sold Purchase Return
Cost Of Goods Sold Purchase Discount
Purchase Philips Sever
Cost Of Goods Sold 25 Watt
Purchase Osaka Sever
Cost Of Goods Sold 18 Watt
Purchase Leo Tube Light
Cost Of Goods Sold Watt 40

:EXPENSES
ACCOUNT TYPE ACCOUNT NAME OPENING BALANCE
Expense Salaries Expense
Expense Rent Expense
Expense Utility Bills Expense
Expense Other Expense
Expense Payroll Tax Expense

Expense Bank Charges Expense

Expense Other Expense

STEP-3: Create General Journal Entries Of The Company

 Mr. Qamar Invested Cash In Business Rs.15,00,000.

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 Purchased Office Furniture Rs.35,000.

 Deposited Cash In HBL Bank Rs. 2,00,000.

 Purchased Office Supplies Rs.5,000 From HBL Bank.

 Paid Office Rent Rs.35,000.

 Purchased Office Equipments Rs.30,000 From HBL Bank.

 Owner Withdraw Cash For Personal Use Rs.20,000 From HBL Bank.

 Paid Utility Bills Rs.15,000.

 Paid Employees Salaries Rs.80,000.

CUSTOMER NAME Nadeem Shah Sadat Rasheed Hassan Qaiser

COMPANY NAME Unique Electric Fancy Electric Stylish Electric
…/.MR./MS .Mr .Mr .Mr
FIRST NAME Nadeem Sadat Hassan
LAST NAME Shah Rasheed Qaiser
ADDRESS Gulshan Liaqtabad Clifton
CONTACT Nadeem Sadat Hassan
PHONE 6151204 6021041 6231520
FAX 6041217 6622124 6372581
E-MAIL ue@yahoo.com fe@yahoo.com se@yahoo.com
CUSTOMER TYPE Retailer Retailer Retailer
TERMS & CREDIT N/30, 2/15 N/20, 5/10 N/25, 3/15
.ACCOUNT NO 36587451155 25795445454 217682542455
CREDIT LIMIT 1,00,000 250,000 50,000

STEP-4: Create The Customers Of The Company

STEP-5: CREATE VENDORS OF THE COMPANY

VENDOR NAME Umair Anwar Junaid Ali Rehan Khan

COMPANY NAME City Electric Best Electric Glorious Electric
…/.MR./MS .Mr .Mr .Mr
FIRST NAME Umair Junaid Rehan

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LAST NAME Anwar Ali Khan
NAME & ADDRESS Umair & Liaqtabad Junaid & Saddar Rehan & Clifton
CONTACT Umair Junaid Rehan
PHONE 6875441 6238070 6891710
FAX 6452101 6562124 6323415
E-MAIL ce@yahoo.com be@yahoo.com ge@yahoo.com
.ACCOUNT NO 23548745554 325487454545 264522331525
VENDOR TYPE W.Sale W.Sale W.Sale
TERMS & CREDIT N/25, 2/15 N/30, 5/20 N/20, 3/10
CREDIT LIMIT 3,00,000 2,00,000 1,50,000

STEP-6: Create Inventory Items Of The Company

TYPE Inventory Part Inventory Part Inventory Part

Philips Sever Osaka Sever Leo Tube Light
ITEM NAME 25 Watt 18 Watt 40 Watt
COST 250 150 50
SALES PRICE 300 200 80

Purchase Account Of Purchase Account Of Purchase Account Of

COGS ACCOUNT Philips Sever 25 Watt Osaka Sever 18 Watt Leo Tube Light 40 Watt
INCOME Sales Account Of Sales Account Of Sales Account Of
ACCOUNT Philips Sever 25 Watt Osaka Sever 18 Watt Leo Tube Light 40 Watt
ASSET ACCOUNT Inventory Account Inventory Account Inventory Account
REORDER POINT 50 100 125

ON HAND
(BEGINNING QTY) 75 60 80
TOTAL VALUE Automatic Calculates Automatic Calculates Automatic Calculates

STEP-7: Entries Related With Sales & Purchase Procedure

 Sadat Rasheed Give Us A Sales Order Of 30 Pieces Of Philips Sever 25 Watt.

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 Sales 30 Pieces Of Philips Sever 25 Watt To Sadat Rasheed On Account.

 Sadat Rasheed Returned 10 Defective Pieces Of Philips Sever 25 Watt.

 Received The Collections Of On Account Sales From Sadat Rasheed.

 Sales 20 Pieces Of Osaka Sever 18 Watt To Hassan Qaiser On Cash.

 Give The Purchased Order Of 25 Pieces Of Leo Light 40 Watt To Umair Anwar.

 Received 25 Pieces Of Leo Light 40 Watt From Umair Anwar On Account.

 Return 5 Damaged Pieces Of Leo Light 40 Watt To Umair Anwar.

 Payment To Umair Anwar Of On Account Purchases.

 Purchased 10 Pieces Of Osaka Sever 18 Watt From Rehan Khan On Cash.