Started a business on July 1 2019 in the prime location of f8 Markaz.

Cash & carry aims to provides all

kind of products range to their customers in affordable and competitive prices. Cash and carry will never
compromise on quality and services as per our customers requires from us. Capital that we invested on
cash carry was _____________We also borrowed _________ from HBL bank on 3 years note payable
with interest rate of 13 % which must be paid monthly. Company decided to close it books quarterly. We
rented the building in f8 Markaz for our cash and carry and hired 8 salesmen ,2 salesgirls and 3 cashier
and 1 security guard. We purchased some of our merchandise on the account and some on cash.

July 1: Invested 12,000,000 cash into business

July 1: Borrowed 3,000,000 cash from HBL bank on 3 years note with the rate of 13% Interest to finance
our activities. Principle payments were due and payable on the first of each month, beginning from
august 1.

July 2: Got the building on rent. Made the rental payment at the start of the month. The rent paid was
150,000

July 2: Paid the security of the building in cash 50,000. it is refundable, we can claim it when we will

July 3: Purchased inventory (racks, lights, counter desks, mops, trolleys deep freezer) of 200,000 in order
to renovate the building according to our business.

July 3: Purchased computer equipment’s and CCTV cameras for security purpose for 80,000. The
payment was made at the spot.

July 5: Bought merchandise for 350,000 cash, which was placed to into racks for resale purpose.

July 5: Bought cosmetics product for 50,000 cash.

July 5: Bought electronics worth of 70,000 on credit from supplier XXX.

July 7: Store opened at 7 July and made cash sales totaled of 50,000. 8% sales tax was charged on total
sales.

July 8: Came to know that worth of 4,700 electronics that were purchased from supplier XXX was not
working So, had to return those products.

July 9: Purchased an old truck by singing a note of 2 months with interest rate of 12%. The truck has
remaining useful life of 5 years. The salvage value is 15,000.

July 9: Bought a generator worth of 80,000 in order to run store in load shedding hours. The cash was
given on spot. The generator has useful life of 10 years. The residual value is 10,000.

July 14: Merchandise were purchased on note totaling 56,700 for 2 months with the interest rate of
12%.

July 16: Cash sales totaled for 128,000. 8% sales tax was charged on total sales

July 17: New merchandise were purchased on account payable for 40,000. The terms of purchase were
2/10, n/30 from the supplier ABC.
July 18: Few trolleys got damaged. These damaged trolleys worth of 2,320 were exchanged and bought
new ones by paying cash of 4,630

July 23: Cash sales totaled for 150,000. 8% sales tax was charged on total sales.

July 26: Paid supplier ABC 39,200. We availed the discount offer.

July 27: We still owe 25,300 to supplier XXX.

July 28: Paid the electricity bill of 105,000.

July 31: Cash sales totaled for 145,600. 8% sales tax was charged on total sales.

July 31: Depreciation is charged on truck and generator by reducing balanced method. The deprecation
on generator is 667. Deprecation on truck is 3,833.

July 31: Paid wages to the cashier, security guard and salesperson, totaled 208,000.

July 31: The sales totaled for whole month are 473,600.

July 31: We have estimated warranty expenses of 5% on the totaled sales.

Aug 1: Paid the first installment to the HBL bank.

Aug 1: The rent was paid 150,000 for the month of august.

Aug 7: The sales of the week was for 87,000 cash.

Aug 8: Bought merchandise on account payable for 56,000. The terms of purchase were 4/10, n/30.

Aug 15: The sales of the week totaled 90,000 cash.

Aug 17: Sold some inventory which was no longer needed in the store on credit worth of 25,000 to Mr.
Hassan

Aug 18: Paid the account payables which was purchased on August 8. The discount was availed.

Aug 20: Bought merchandise on cash 34,890.

Aug 22: Sales totaled for this are 97,654.

Aug 25: Paid 450 to satisfy warranty claims.

Aug 27: Bought merchandise on cash 23,900

Aug 29: Sales of the week are worth of 113,890

Aug 30: Mr. Hassan has paid only 20,000 and said 5,000 will be paid later.

Aug 30: 5,000 were considered as bad debt. We are hoping that we might receive this money.

Aug 31: The sales totaled for this month are 388,544.

Aug 31: We have estimated warranty expenses of 5% on the totaled sales.

Aug 31: Depreciation is charged on truck and generator by reducing balanced method. The deprecation
on generator is 661. Deprecation on truck is 3,769.

Aug 31: Paid the electricity bill of 102,000.

Aug 31: Paid wages to the cashier, security guard and salesperson, totaled 208,000.

Sep 1: Paid the second installment to the HBL bank.

Sep 1: The rent was paid 150,000 for the month of September.

Sep 5: We asked repeatedly for the money from Mr. Hassan but have no response from him. So, writing
off 5,000 from our accounts book.

Sep 7: Cash sales totaled for 88,300. 8% sales tax was charged on total sales.

Sep 7: Mr. Larry thought that her daughter has purchased things which are not necessary. So She returns
things worth of 3,400.

Sep 9: Paid the amount for the purchase of truck.

Sep 10: Paid the amount of remaining account payables to supplier XXX.

Swp 12: Purchased

Sep 13: Paid 1,790 to stratify the warranty claims.

Sep14: Paid the amount of note payable which was signed on 14 July.

Sep 21: Mr. Hassan has paid his 5,000 liability with the apologizing note of being very late.

Sep 29: Paid the electricity bill of 120,894.

Sep 31: Depreciation is charged on truck and generator by reducing balanced method. The deprecation
on generator is 656. Deprecation on truck is 3,707.

Sep 31: Paid wages to the cashier, security guard and salesperson, totaled 208,000.