Assignment

Shafiq Ahmad (9373)

ACC-201 Fundamentals of Accounting.

TITLE: Major Assignment.

Submitted To Mr. Muhammad Asif.

Date: 5 March 2019.

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 Ball Points
Shafiq Ahmad Started Company naming SA Ballpoints in March
2019.Company Manufactures Ballpoints. Transactions of the
Month March Are Given Below:

March 3: Invested Rs 5,000,000.

March 5: Purchased Land and Building for manufacturing process Total
Price 3,000,000 in Which 2,000,000 Lakhs Were of the Land and
remaining of the building.2,100,000 of Total Price Was Paid in cash and
note payable was issued for the balance.
March 7: Borrowed Electrical equipment of Rs 100,000.
March 9: Paid Rs 500,000 for purchasing small Building for Office
purpose near main building.
March 11: Paid 400,000 for purchasing 40kgs of plastic. (10,000 per kg).
March 14: Purchased Ink by paying Rs 200,000.
March 15: Borrowed Rs 1,000,000 From Bank.
March 17: Bought Machinery for Rs 400,000.
March 19: Returned amount due on March 7.
March 23: Paid the Amount due on March 5.
March 25: Sold Ball Points of Rs 1,000,000 by receiving of 300,000 and
remaining will be paid after two days.
March 26: Paid Electric Bill for month of March of 50,000.
March 28: Collected Cash of 700,000 from account receivable of March
25.
March 31: Paid Salary of cash 200,000 to employees for working of the
month March.
April 1: Returned the loan taken on March 15.
April 2: Paid Advertising bill 150,000.
April 8: Owner Invested Cash 700,000 in the business.
April 12: Purchased plastic and ink for Rs 1,200,000.
April 26: Sold ball points of Rs 2,000,000 in the month of April.
April 28: Paid Salary of Cash 500,000 to employees for working in the
month of April.
Date Particulars Ref Debit Record in Credit
Rs Record in Rs
March 3: Cash 5,000,000
Capital Account 5,000,000

March 5: Land 2,000,000

Main Building 1,000,000
Cash 2,100,000
Note Payable 900,000

March 7: Electrical Equipment 100,000

Account Payable 100,000

March 9: Office Building 500,000

Cash 500,000

March11: Plastic 400,000

Cash 400,000

March14: Ink 200,000

Cash 200,000

March15: Cash 1,000,000

Account payable 1,000,000

March17: Machinery 400,000

Cash 400,000

March19: Account Payable 100,000

Cash 100,000

March23: Note Payable 900,000

 Cash 900,000

March25: Cash 300,000

Account Receivable 700,000
Ball Points 1,000,000

March26: Electricity Expense 50,000

Cash 50,000

March28: Cash 700,000

Account Receivable 700,000

March31: Salary 200,000

Cash 200,000

April 1: Account Payable 1,000,000

Cash 1,000,000

April 2: Advertising Expense 150,000

Cash 150,000

April 8: Cash 700,000

Capital Account 700,000

April 12: Plastic and Ink 1,200,000

Cash 1,200,000

April 26: Cash 2,000,000

Ball Points 2,000,000

April 28: Salary 500,000

Cash 500,000
1) Cash

Debit Record. Credit Record.

March: 3 5,000,000 March: 5 2,100,000
March: 15 1,000,000 March: 9 500,000
March: 25 300,000 March: 11 400,000
March: 28 700,000 March: 14 200,000
April: 8 700,000 March: 17 400,000
April: 26 2,000,000 March: 19 100,000
March: 23 900,000
March: 26 50,000
March: 31 200,000
April: 1 1,000,000
April: 2 150,000
April: 12 1,200,000
April: 28 500,000
Balance: 2,000,000

Total: 9,700,000 Total: 9,700,000

2) Capital

Debit Record. Credit Record.

March 3: 5,000,000
April 8: 700,000
Balance: 5,700,000
Total: 5,700,000 Total: 5,700,000

3) Land

Debit Record. Credit Record.

March 5: 2,000,000
Balance: 2,000,000
Total: 2,000,000 Total: 2,000,000

4) Main Building
Debit Record. Credit Record.
March 5: 1,000,000
Balance: 1,000,000
Total: 1,000,000 Total: 1,000,000
5) Note Payable
Debit Record. Credit Record.
March 5: 900,000
March 23: 900,000
Total: 900,000 Total: 900,000

6) Electrical Equipment
Debit Record. Credit Record.
March 7: 100,000
Balance: 100,000
Total: 100,000 Total: 100,000

7) Account Payable
Debit Record. Credit Record.
March 7: 100,000
March 15: 1,000,000
March 19: 100,000
April 1: 1,000,000
Total: 1,100,000 Total: 1,100,000
8) Office Building
Debit Record. Credit Record.
March 9: 500,000
Balance: 500,000
Total: 500,000 Total: 500,000

9) Plastic and Ink

Debit Record. Credit Record.
March 11: 400,000
March 14: 200,000
April 12: 1,200,000
Balance: 1,800,000
Total: 1,800,000 Total: 1,800,000

10) Machinery

Debit Record. Credit Record.

March 17: 400,000
Balance: 400,000
Total: 400,000 Total: 400,000
11) Account Receivable

Debit Record. Credit Record.

March 25: 700,000
March 28: 700,000
Total: 700,000 Total: 700,000

12) Ball Points

Debit Record. Credit Record.

March 25: 1,000,000
April 26: 2,000,000
Balance: 3,000,000
Total: 400,000 Total: 400,000

13) Electrical Expense

Debit Record. Credit Record.

March 26: 50,000
Balance: 50,000
Total: 50,000 Total: 50,000
14) Salary

Debit Record. Credit Record.

March 31: 200,000
April 28: 500,000
Balance: 700,000
Total: 700,000 Total: 700,000

15) Advertising Expense

Debit Record. Credit Record.

April 2: 150,000
Balance: 150,000
Total: 150,000 Total: 150,000
S.NO Name Debit Credit
1 Cash 2,000,000
2 Capital 5,700,000
3 Land 2,000,000
4 Main Building 1,000,000
5 Electrical Equipment 100,000
6 Office Building 500,000
7 Plastic and Ink 1,800,000
8 Machinery 400,000
9 Ball Points 3,000,000
10 Electrical Expense 50,000
11 Salary 700,000
12 Advertising Expense 150,000
Total 8,700,000 8,700,000

S.NO Name $ $
1 Ball Points Sale 3,000,000
2 Electrical Expense 50,000
3 Salary Expense 700,000
4 Advertising Expense 150,000
900,000
Net Profit 2,100,000
 Assets $$ Equities $$
Cash 2,000,000 Capital 5,700,000
Land 2,000,000
Main Building 1,000,000
Electric Equipment 100,000
Office Building 500,000
Plastic and ink 1,800,000
Machinery 400,000
Balance: 2,100,000
Total: 7,800,000 Total: 7,800,000