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    Zain Traders Assignment 2

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    Bilal Ahmed
    This document summarizes the financial transactions of Zain Traders from January to December 2016. It includes opening balances, customer and vendor details, inventory details, and transactions during the month of January 2016 including purchases, sales, payments received and made, returns, and other adjustments. The purpose is to record all financial activities of the business for the year for accounting and reporting purposes.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Zain Traders Assignment 2

    Uploaded by

    Bilal Ahmed
    566 views2 pages
    This document summarizes the financial transactions of Zain Traders from January to December 2016. It includes opening balances, customer and vendor details, inventory details, and transactions during the month of January 2016 including purchases, sales, payments received and made, returns, and other adjustments. The purpose is to record all financial activities of the business for the year for accounting and reporting purposes.

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    Sample Trading Company Accounting Entries

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    This document summarizes the financial transactions of Zain Traders from January to December 2016. It includes opening balances, customer and vendor details, inventory details, and transactions during the month of January 2016 including purchases, sales, payments received and made, returns, and other adjustments. The purpose is to record all financial activities of the business for the year for accounting and reporting purposes.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    566 views2 pages

    Zain Traders Assignment 2

    Uploaded by

    Bilal Ahmed
    This document summarizes the financial transactions of Zain Traders from January to December 2016. It includes opening balances, customer and vendor details, inventory details, and transactions during the month of January 2016 including purchases, sales, payments received and made, returns, and other adjustments. The purpose is to record all financial activities of the business for the year for accounting and reporting purposes.

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    © All Rights Reserved
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    Zain Traders

    Financial Year (January to December)


    Opening Balances as at january 01,2016
    Sr.No
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14

    Particulars

    Debit

    Debtors (Recievable)
    Creditors (Vendors)
    Stock (Inventory)
    Land & Buildings
    Acc. Dep of land and Building
    Motor Vehicle
    Acc. Dep of Motor Vehicle
    Machinery
    Acc. Dep of Machinery
    Cash
    Standard Charted Bank
    United Bank Ltd
    Capital Invested (Owners Equity)
    Accrued expenses

    Credit

    150,000
    350,000
    900,000
    850,000
    130,000
    450,000
    72,000
    290,000
    58,000
    694,730
    1,867,410
    276,399
    4,800,000
    68,539

    Total

    5,478,539

    5,478,539

    Customer Details
    Sr.No
    1
    2
    3

    Names

    Balances

    Bashir
    Abu Bakar
    Mubarik

    50,000
    60,000
    40,000
    150,000

    Total

    Vendor Details
    Sr.No

    Names

    1
    2

    Danial
    Shahid

    Balances
    100,000
    250,000
    350,000

    Total

    Inventory Details
    Sr.No

    Particulars

    Quantity

    Rate

    1
    2
    3
    4

    Corolla Wind Screen


    Civic head Lights
    Suzuki Wheel Cups
    Suzuki Rear Lights

    40
    10
    40
    100

    12000
    35000
    250
    600

    Date

    Transactions During the Month

    Jan 03,2016 Purchased Furniture by giving cash


    Advance Rent Paid For 6 Months by Cash @5000 per
    Jan 04,2016 Month
    Jan 04,2016 Security Deposit paid by Cash for shop taken on rent
    Jan 06,2016 Paint and Renovation Expenses of Shop taken on rent
    Jan 07,2016 Mr. Mubarik paid all previous balance by Cash

    Amount
    480,000
    350,000
    10,000
    60,000

    Total
    Amount

    900,000
    Source
    Document

    200,000 Jounal Entry


    30,000 Jounal Entry
    30,000 Jounal Entry
    5,000 Jounal Entry
    40,000 Reciept Voucher

    Jan 08,2016

    Jan 09,2016

    Jan 11,2016
    Jan 12,2016

    Jan 12,2016

    Jan 14,2016

    Jan 17,2016

    Jan 17,2016

    Purchased Following items from Mr.Danial


    Items
    Quantity
    Rate
    Corolla Wind Screen
    20
    12000
    Civic Head Lights
    20
    35000
    Suzuki Wheel Cups
    50
    250
    Suzuki Filters (New Item)
    70
    250
    Purchased Following Item from Mr.Majid (New Vendor)
    Items
    Quantity
    Rate
    Corolla Wind Screen
    50
    12000
    Civic Head Lights
    30
    35000
    Suzuki Filters
    100
    250
    Cash Sales, Corolla Screen
    1
    15000
    Received cash in Advance from Abu Bakar
    Received Sale Order from Abu Bakar (order No.55)
    Items
    Quantity
    Rate
    Corolla Wind Screen
    12
    15000
    Civic Head Lights
    10
    47000
    Suzuki Filters
    5
    400
    Sales made of Following item to Mr. Bashir
    Items
    Quantity
    Rate
    Corolla Wind Screen
    5
    16000
    Civic Head Lights
    10
    46000
    Suzuki Filters
    4
    450
    Raised Purchase Order to Mr.Shahid (Order No. 49)
    Items
    Quantity
    Rate
    Corolla Wind Screen
    25
    12000
    Civic Head Lights
    30
    54000
    Suzuki Wheel Cups
    20
    504
    Mr.Abu Bakar Didn't paid the due amount, thus treated bad
    Debts

    Amount
    240,000
    700,000
    12,500
    17,500

    Purchase Invoice
    Purchase Invoice
    Purchase Invoice
    Purchase Invoice
    Purchase Invoice

    Amount
    600,000
    1,050,000
    25,000
    15,000
    378,000

    Purchase Invoice
    Purchase Invoice
    Purchase Invoice
    Purchase Invoice
    Sale Invoices
    Reciept Voucher

    Amount
    180,000
    470,000
    2,000

    Sale Order
    Sale Order
    Sale Order
    Sale Order

    Amount
    80,000
    460,000
    1,800

    Sale Invoice
    Sale Invoice
    Sale Invoice
    Sale Invoice

    Amount
    300,000
    1,620,000
    10,080

    Purchase Order
    Purchase Order
    Purchase Order
    Purchase Order

    60,000 Reciept Voucher

    Jan 18,2016 Packing Charges Invoice received from Mr.Ali (New Vendor)

    45,000 Purchase Invoice

    Jan 18,2016 Paid Mr.Ali by Cheque of Standard Charted Bank

    30,000 Payment Voucher

    Jan 19,2016 Send all Items to Mr.Abu Bakar against previous sale order (S.O No. 55)
    Returned 10 Corolla Wind Screens to Mr.majid (Purchase Returns) @Rs
    Jan 22,2016 12000 per Unit
    Returned 5 Civic Headlights by Mr.Abu Bakar (Sale Returns) @Rs 47000 per
    Jan 24,2016 Unit

    Sale Invoice

    Jan 25,2016 Mr.bashir Cleared all his previous balance by giving us cash
    Mr.Shahid Sent all items against previously issued purchase order (P.O No.
    Jan 26,2016 49)

    Reciept Voucher

    Debit Note
    Credit Note

    Purchase Invoice
    Inventory
    Adjustment

    Jan 27,2016 One Corolla wind screen Damaged during Loading/Unloading @ 12000
    Rent Expense for Jan adjusted from Advance rent Account for an amount of
    Jan 31,2016 Rs.5000
    Journal Entry
    Prepared by SAAD NADEEM 0331-9811118
    Accountech Training & Solutions

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