LMS ID: bc210400581

Name: Hafsah Badar

SPRING 2022

FINANCIAL ACCOUNTING (MGT101)

ASSIGNMENT # 01

Question#01

FIRST COLUMN SECOND COLUMN

Sub-Accounting Heads Main Head of Account Real account, Nominal
account or Personal account

Loss by fire account Nominal Account

Capital account Personal Account

Plant & machinery account Real Account

Question#02

ABC & Sons showed balances of cash in hand Rs. 190,000, Cash at bank Rs. 160,000, Furniture
Rs. 110,000, Accounts receivables Rs. 35,000 and Short term loan Rs. 70,000as on 1st May
2022. Some transactions of ABC & Sons for the month of May 2022 are given below.
Cash In Hand

Opening balance 190,000

Less purchased Good for Cash -15,000
Paid to Shah Furniture -110,000
Total Cash In Hand 65,000

Cash at Bank

Opening balance 160,000

Less Give cheque for Furniture payment -40,000
Received Check from bank as Loan +60,000
Furniture Purchased For Cheque -80,000
Total Bank 100,000

Furniture

Opening balance 110,000

Add Furniture Purchased +150,000
Sale Furniture -55,000
Furniture Purchased +80,000
Total Furniture 285,000

Short Term Loan

Opening balance 70,000

Received cheque from bank as loan +60,000
Paid Short Term Loan -40,000
Total Short Term Loan 90,000

THE END