ABC Business Lahore

List of Transactions
1 JANUARY 20X1 TO 28 FEBRUARY 20X1
REQUIRED: ACCOUNTING ENTRIES UPTO 28 FEBRUARY 20X1

# DATE 20X1 TRANSACTIONS VALUE PKR

14 15.1 payment for mobile data 2,000
20 22.1 office internet bill 2,000
25 29.1 microsoft office license subscription 8,000
32 2.2 sales order confirmed from faisalabad 500,000
33 2.2 sales order confirmed from karachi 1,000,000
34 2.2 tea cups purchased 2,000
35 2.2 water glasses purchased 2,000
36 2.2 lipton tea cash 1,000
37 3.2 sugar cash 500
38 15.2 advance received from faisalabad Co. 100,000
39 18.2 advance received from karachi Co. 500,000
40 19.2 UX/UI for karachi CO. from X Co. 25,000
40A 20.2 rent february paid 10,000
41 20.2 faisalabad order work done and delivered
42 20.2 karachi order work progress checked
43 21.2 withdrawn by owner 100,000
44 22.2 staff air ticket karachi for presentation 150,000
45 28.2 bank profit 9,000
46 28.2 generator fuel 22,000
46A 28.2
46B 28.2
46C 28.2
46D 28.2 straight line depreciation (assume 10% PA on all assets on monthly b

END OF REPORTING PERIOD

47 1.3 February salaries paid
48 1.3 rent march paid
49 2.3 electricity bill paid february 11,000
50 5.3 payment received from faisalabad 400,000
51 10.3 karachi order work done and delivered
52 15.3 payment received from karachi 500,000
53 20.3 local travelling 3,000
54 20.3 returned to brother 100,000
 Debit Credit
Head Classification Amount Head Classification Amount
Utilities Expense 2,000 Bank Asset 2,000
Utilities Expense 2,000 Bank Asset 2,000
microsoft office license subExpense 8,000 Bank Asset 8,000

Entertainment Expense 2,000 Cash Asset 2,000

Entertainment Expense 2,000 Cash Asset 2,000
Entertainment Expense 1,000 Cash Asset 1,000
Entertainment Expense 500 Cash Asset 500
Bank Asset 100,000 FSBD Co. Asset 100,000
Bank Asset 500,000 Karachi Co. Asset 500,000
UX/UI Expense Expense 25,000 Bank Asset 25,000
Rent Expense 10,000 Bank Asset 10,000
FSBD Co Receivable: Ass 500,000 Sales Income 500,000
- -
Drawings Equity 100,000 Bank Asset 100,000
Travelling Expense 150,000 Bank Asset 150,000
Bank Asset 9,000 Bank Profit Income 9,000
generator fuel Expense 22,000 Bank Asset 22,000
Engineers' Salaries Expense 150,000 Expenses Payable Liability 150,000
Office Boy Salaries Expense 20,000 Expenses Payable Liability 20,000
Electricity Expense 11,000 Expenses Payable Liability 11,000
Depreciation Expense 5,317 Asset Asset 5,317
3,974,317 3,974,317
ABC Business Lahore 3,984,633 3,984,633

LEDGERS
1 JANUARY 20X1 TO 28 FEBRUARY 20X1

SHARE CAPITAL ACCOUNT

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
1.1.20X1 1 Bank a/c 1,000,000
21 43 withdrawn by owner 100,000

BANK A/C
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
1.1.20x1 1 Share Capital a/c 1,000,000
1.1.20x1 2 Rent 10,000
1.2.20x1 5 generator 200,000
2.2.20x1 6 fuel 20,000
3.1.20x1 7 Computers 225,000
3.1.20x1 8 UPS 70,000
6.1.20x1 9 table purchased 15,000
7.7.20x1 10 Furniture(2 staff tables) 20,000
10.1.20x1 11 Furniture(1 executive chair) 10,000
12.1 12 6 office chairs purchased @ 48,000
15.1 13 10 visitor chairs purchased @ 50,000
14 15.1 payment for mobile data 2,000
15 18.1 cash withdrawn from bank for office use 15,000
16 20.1 writing pads purchased 5,000
19 22.1 website development expenses 5,000
20 22.1 office internet bill 2,000
21 22.1 paid for face book ads 10,000
22 25.1 2 months rent paid refundable as office security deposit 20,000
23 26.1 office partitions labour 10,000
24 28.1 office partitions material 50,000
25 29.1 microsoft office license subscription 8,000
27 31.1 bank profit 8,000
27a 31.1 electricity bill paid january 10,000
28 1.2 electricity wiring 5,000
29 1.2 january salaries paid 170,000
30 1.2 staff visited faisalabad on car on rent 15,000
30A 1.2 loan from brother 100,000
31 2.2 owner visited karachi air ticket 90,000
 38 15.2 advance received from faisalabad Co. 100,000
39 18.2 advance received from karachi Co. 500,000
40 19.2 UX/UI for karachi CO. from X Co. 25,000
40A 20.2 rent february paid 10,000
43 21.2 withdrawn by owner 100,000
44 22.2 staff air ticket karachi for presentation 150,000
45 28.2 bank profit 9,000
46 28.2 generator fuel 22,000

RENT A/C
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
1.1.20x1 2 rent jANUARY paid 10,000
40A 20.2 rent february paid 10,000

GeneratorA/C
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
2.1.20x1 5 bank 200,000
31.1.20x1 27c depreciation january 1,667
28.2.20x1 46d depreciation february 1,667

ENGINEERS' SALARIES
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27B 31.1 January Salaries Payable 150,000
Feb Salaries Payable 150,000

OFFICE BOY SALARIES

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27B 31.1 January Salaries Payable 20,000
Feb Salaries Payable 20,000

GENERATOR FUEL
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
2.1.20x1 6 Bank a/c 20,000
46 28.2 generator fuel 22,000

COMPUTERS
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
3.1.20x1 7 Bank a/c 225,000
31.1.20x1 27c depreciation january 1,875
28.2.20x1 46d depreciation february 1,875

UPS
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
3.1.20x1 8 Bank a/c 70,000
31.1.20x1 27c depreciation january 583
28.2.20x1 46d depreciation february 583
FURNITURE
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
6.1.20x1 9 bank 15,000
7.7.20x1 10 bank A/C 20,000
10.1.20X1 11 bank a/c 10,000
12.1 12 6 office chairs purchased @ 48,000
15.1 13 10 visitor chairs purchased @ 50,000
31.1.20x1 27c depreciation january 1,192
28.2.20x1 46d depreciation february 1,192

INTERNET EXPENSE
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
20 22.1 office internet bill 2,000

BANK PROFIT
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27 31.1 bank profit 8,000
45 28.2 bank profit 9,000

CASH
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
15 18.1 Bank 15,000
17 20.1 ball points purchased in cash 1,000
18 22.1 visiting cards printed in cash 2,500
26 31.1 data cables for office networking 5,000
 34 2.2 tea cups purchased 2,000
35 2.2 water glasses purchased 2,000
36 2.2 lipton tea 1,000
37 3.2 sugar 500

STATIONERY
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
16 20.1 writing pads purchased 5,000
17 20.1 ball points purchased in cash 1,000
18 22.1 visiting cards printed in cash 2,500

website development expenses

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
19 22.1 website development expenses 5,000

ADVERTISEMENT
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
21 22.1 paid for face book ads 10,000

RENT SECURITY DEPOSIT

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
22 25.1 2 months rent paid refundable as office securit 20,000
OFFICE REPAIRS & MAINTENANCE
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
23 26.1 office partitions labour 10,000
24 28.1 office partitions material 50,000
26 31.1 data cables for office networking 5,000
28 1.2 electricity wiring 5,000

microsoft office license subscription

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
25 29.1 microsoft office license subscription 8,000

UTILITIES
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
14 15.1 Bank 2,000

ELECTRICITY
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27a 31.1 electricity bill paid january 10,000
46c 28 electricity bill paid feb 11,000

TRAVELLING
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
30 1.2 staff visited faisalabad on car on rent 15,000
31 2.2 owner visited karachi air ticket 90,000
44 22.2 staff air ticket karachi for presentation 150,000

ENTERTAINMENT & RELATED EXPENSES

Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
34 2.2 tea cups purchased 2,000
35 2.2 water glasses purchased 2,000
36 2.2 lipton tea 1,000
37 3.2 sugar 500

FAISALABAD CO.
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
38 15.2 advance received from faisalabad Co. 100,000
41 20.2 faisalabad order work done and delivered 500,000

KARACHI CO.
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
 39 18.2 advance received from karachi Co. 500,000

EXPENSES PAYABLE
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27B 31.1 January Salaries Payable 170,000
29 1.2 january salaries paid 170,000
46a Feb salaries payable engineer 150,000
46b Feb salaries payable office boy 20,000
46c electricity feb 11,000

SALES / FEES
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
41 20.2 faisalabad order work done and delivered 500,000

UX/UI Expenses
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
40 19.2 UX/UI for karachi CO. from X Co. 25,000

BROTHER
Date Ref # Description Debit Rs. Credit Rs.
 Opening Balance
30A 1.2 loan from brother 100,000

DEPRECIATION
Date Ref # Description Debit Rs. Credit Rs.
Opening Balance
27c 31.1 straight line depreciation (assume 10% on all a 5,317
46D 28.2 straight line depreciation (assume 10% on all a 5,317
 -

TOTAL
-
- 1,000,000
- 900,000
- 900,000
- 900,000
- 900,000
- 900,000
- 900,000
- 900,000

TOTAL
-
1,000,000
990,000
790,000
770,000
545,000
475,000
460,000
440,000
430,000
382,000
332,000
330,000
315,000
310,000
305,000
303,000
293,000
273,000
263,000
213,000
205,000
213,000
203,000
198,000
28,000
13,000
113,000
23,000
123,000
623,000
598,000
588,000
488,000
338,000
347,000
325,000
325,000
325,000
325,000
325,000
325,000

TOTAL
-
10,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000

TOTAL
-
200,000
198,333
196,667
196,667
196,667
196,667
196,667
196,667

TOTAL
-
150,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000

TOTAL
-
20,000
40,000
40,000
40,000

TOTAL
-
20,000
42,000
42,000
42,000
42,000
42,000
42,000
42,000

TOTAL
-
225,000
223,125
221,250
221,250
221,250
221,250
221,250
221,250

TOTAL
-
70,000
69,417
68,833
68,833
 68,833
68,833
68,833
68,833

TOTAL
-
15,000
35,000
45,000
93,000
143,000
141,808
140,617
140,617

TOTAL
-
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000

TOTAL
-
- 8,000
- 17,000
- 17,000
- 17,000
- 17,000
- 17,000
- 17,000
- 17,000

TOTAL
-
15,000
14,000
11,500
6,500
 4,500
2,500
1,500
1,000

TOTAL
-
5,000
6,000
8,500
8,500
8,500
8,500
8,500
8,500

TOTAL
-
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000

TOTAL
-
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000

TOTAL
-
20,000
 20,000
20,000
20,000
20,000
20,000
20,000
20,000

TOTAL
-
10,000
60,000
65,000
70,000
70,000
70,000
70,000
70,000

TOTAL
-
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000

TOTAL
-
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000

TOTAL
-
10,000
 21,000
21,000
21,000
21,000
21,000
21,000
21,000

TOTAL
-
15,000
105,000
255,000
255,000
255,000
255,000
255,000
255,000

TOTAL
-
2,000
4,000
5,000
5,500
5,500
5,500
5,500
5,500

TOTAL
-
- 100,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000

TOTAL
-
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000

TOTAL
-
- 170,000
-
- 150,000
- 170,000
- 181,000
- 181,000
- 181,000

TOTAL
-
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000
- 500,000

TOTAL
-
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000

TOTAL
 -
- 100,000
- 100,000
- 100,000
- 100,000
- 100,000
- 100,000
- 100,000
- 100,000

TOTAL
-
5,317
10,633
10,633
10,633
10,633
10,633
10,633
10,633
ABC Business Lahore
TRIAL BALANCE
AS OF 28 FEBRUARY 20X1
Classification Head of Account Debit Rs. Credit Rs.
Share capital
SHARE CAPITAL ACCOUNT - 900,000
Non-current Assets
GeneratorA/C 196,667
COMPUTERS 221,250
UPS 68,833
FURNITURE 140,617
RENT SECURITY DEPOSIT 20,000

Current Assets
FAISALABAD CO. 400,000
KARACHI CO. - 500,000
BANK A/C 325,000
CASH 1,000
Current Liabilities
BROTHER - 100,000
EXPENSES PAYABLE - 181,000
Income
SALES / FEES - 500,000
BANK PROFIT - 17,000
Expenses
RENT A/C 20,000
ENGINEERS' SALARIES 300,000
OFFICE BOY SALARIES 40,000
GENERATOR FUEL 42,000
INTERNET EXPENSE 2,000
STATIONERY 8,500
website development expenses 5,000
ADVERTISEMENT 10,000
OFFICE REPAIRS & MAINTENANCE 70,000
microsoft office license subscription 8,000
UTILITIES 2,000
ELECTRICITY 21,000
TRAVELLING 255,000
ENTERTAINMENT & RELATED EXPENSES 5,500
UX/UI Expenses 25,000
DEPRECIATION 10,633

TOTAL 2,198,000 - 2,198,000

diff -
ABC Business Lahore
PROFIT AND LOSS STATEMENT
FOR THE PERIOD 1 JANUARY TO 28 FEBRUARY 20X1
Rs. Rs.
Income
SALES / FEES 500,000
BANK PROFIT 17,000
Total Income 517,000
Direct expenses
ENGINEERS' SALARIES 300,000
website development expenses 5,000
UTILITIES 2,000
ELECTRICITY 21,000
INTERNET EXPENSE 2,000
ADVERTISEMENT 10,000
microsoft office license subscription 8,000
TRAVELLING 255,000
UX/UI Expenses 25,000
DEPRECIATION 10,633
Total direct expenses 638,633
Gross profit / (loss) (121,633)

Operational expenses
OFFICE BOY SALARIES 40,000
RENT A/C 20,000
GENERATOR FUEL 42,000
STATIONERY 8,500
OFFICE REPAIRS & MAINTENANCE 70,000
ENTERTAINMENT & RELATED EXPENSES 5,500
Total Operational Expenses 186,000
Net profit / (loss) (307,633)
ABC Business Lahore ABC Business La
STATEMENT OF FINANCIAL POSITION / BALANCE SHEET STATEMENT OF
FOR THE PERIOD 1 JANUARY TO 28 FEBRUARY 20X1 FOR THE PERIOD
Non current Assets
Fixed Assets Opening Cash and Cash
GeneratorA/C 196,667
COMPUTERS 221,250 Cash inflows/(outflows
UPS 68,833
FURNITURE 140,617 627,367

RENT SECURITY DEPOSIT 20,000

647,367
Current Assets
FAISALABAD CO. 400,000
BANK A/C 325,000
CASH 1,000 Cash inflows/(outflows
Total 726,000
Less: Current Liabilities
BROTHER - 100,000 Cash inflows/(outflows
EXPENSES PAYABLE - 181,000
KARACHI CO. - 500,000
Total - 781,000
Net current assets - 55,000
Net assets 592,367 Closing cash and cash e

Represented by:
SHARE CAPITAL ACCOUNT - 900,000
Net Loss for the period 307,633 - 592,367
ABC Business Lahore
STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JANUARY TO 28 FEBRUARY 20X1
Opening Cash and Cash Equivalents NIL

Cash inflows/(outflows) from operating activities

Cash received from customers 600,000
BANK PROFIT 17,000
Direct Expenditure - 638,633
Operational Expenditure - 186,000
Rent Security Deposit - 20,000
Add Expenses Payable (not yet paid) 181,000
Add Depreciation (non cash expense) 10,633 - 36,000

Cash inflows/(outflows) from operating activities

Purchase of Fixed Assets - 638,000

Cash inflows/(outflows) from financing activities

Loan from Brother 100,000
Share Capital 1,000,000
Less: Drawings - 100,000 1,000,000

Closing cash and cash equivalents 326,000