Term Project

Financial Accounting 1

Group members:
Maheen Majid
Hamna Jamil
Fizzah Awais
Marriyam Naeem
Date: 13th Dec 2022

Submitted to:

Miss Azka Sarosh Mir

1
Contents
Executive Summary...............................................................................................................................3
Opening Trial Balance:...........................................................................................................................3
General Journal:....................................................................................................................................3
Special Journals:..................................................................................................................................11
General Ledger:...................................................................................................................................13
Subsidiary Ledgers:..............................................................................................................................22
Unadjusted Trial Balance:....................................................................................................................24
Adjustments:.......................................................................................................................................24
Adjusted Trial Balance:........................................................................................................................25
Worksheet:..........................................................................................................................................26
Statements:.........................................................................................................................................26
Closing Entries.....................................................................................................................................28
Post- Closing Trial Balance...................................................................................................................29

2
Executive Summary
Introduction:

Service Options: In store shopping and home delivery.

Shop Address: Shop # 3, Sector A Market, Askari 11, Lahore, Punjab

Shop Name: Noor Fatima General Store

Shop Timings: 9am to 12 pm (Monday- Sunday)

Noor Fatima General Store is located in Lahore within the vicinity of Askari 11. The shop has different
sections of items available, from mostly local to a few international products as well. The shop is
equipped with freezers to accommodate products like Ice-cream, milk, yogurt etc. The store has
flexible payment methods with both cash and debit and credit cards. The shop has 4 employees that
come around in pair of two according to their shifts and one security guard that stay there through
out.

Opening Trial Balance:

Noor Fatima General Store
Opening Trial Balance
Assets
20000
Cash 0
Accounts Receivables 15000
21500
0
Liabilities
Accounts Payable 60000
Owner’s Equity
15500
Capital 0
21500
0

General Journal:
Journal Page 1
Pos
Dat t
e Description Ref Debit Credit
22-
Oct
PKR
1 Cash 11 1,500,000
Noor Fatima, Capital 31 Rs1,500,000

3
 THD Store-Purchases 13 Rs5,120
Cash 11 Rs5,120

THD Store-Purchases 13 Rs35,910

Accounts Payable 21 Rs35,910

Zahir Traders Lahore -

Purchases 13 Rs7,155
Cash 11 Rs7,155

Wages, Team A 54 Rs30,000

Cash 11 Rs30,000

Cash 11 Rs13,070
Sales 43 Rs13,070

2 Supplies 14 Rs39,248
Accounts Payable-Jabbir
Traders 21 Rs39,248

Supplies 14 Rs2,525
Cash 11 Rs2,525

Accounts Recievables -
Hawai Traders Co. 12 Rs3,950
Sales 43 Rs3,950

ABD Traders Purchases 13 Rs21,800

Cash 11 Rs21,800

3 Zahir Traders Purchases 13 Rs8,215

Accounts Payables 12 Rs8,215

Transportation Expense 53 Rs25,000

Cash 11 Rs25,000

Cash 11 Rs15,000
Fees Earned- delivery 42 Rs15,000

4 Supplies 14 Rs7,300
Accounts payable-AOL
Corporation 21 Rs7,300

A rahim foods-Purchases 13 Rs37,420

Cash 11 Rs37,420

Cash 11 Rs37,117
Sales 43 Rs37,117

4
 Cantt Expenses 51 Rs10,000
Cash 11 Rs10,000

Account Recievables- Raza

5 co. 12 Rs2,200
Sales 43 Rs2,200

AA Brothers Purchases 21 Rs1,246

Cash 11 Rs1,246

Water Expenses 52 Rs2,528

Cash 11 Rs2,528

Supplies 14 Rs4,420
Cash 11 Rs4,420

Cash 11 Rs20,928
Sales 43 Rs20,928

6 Shop Repair Expense 61 Rs5,000

Cash 11 Rs5,000

Ijaz Traders- Cash 11 Rs4,605

Sales 43 Rs4,605

Water Expenses 52 Rs4,740

Cash 11 Rs4,740

Cash 11 Rs12,800
Sales 43 Rs12,800

Cash 11 Rs21,158
Supplies 14 Rs21,158

Transportation Expense 53 Rs28,400

Cash 11 Rs28,400

7 Bilal Javed- Cash 11 Rs7,480

Sales 43 Rs7,480

Mumtaz Traders Purchases 13 Rs3,777

Cash 11 Rs3,777

Cash 11 Rs14,420
HZET Traders-Sales 43 Rs14,420

Generator Expense 62 Rs35,000

5
 Cash 11 Rs35,000

Cash 11 Rs3,400
MNF Enterprises- Sales 43 Rs3,400

Cash 11 Rs69,000
Mehar Foods LHR-Sales 43 Rs69,000

Purchases 13 Rs7,122
Cash 11 Rs7,122

8 Supplies 14 Rs19,640
Cash 11 Rs19,640

Cash 11 Rs5,786
KK Traders-Sales 43 Rs5,786

Cash 11 Rs10,463
Sales 43 Rs10,463

Cash 11 Rs12,060
Eman Traders-Sales 43 Rs12,060

Rs243,65
Electricity Expense 55 0
Cash 11 Rs243,650

9 Cash 11 Rs3,870
Atta Bakery-Sales 43 Rs3,870

Cash 11 Rs18,070
Supplies 14 Rs18,070

Miscellaneous Expense 56 Rs26,000

Cash 11 Rs26,000

10 Farm Pure-Purchase 13 Rs 3160

Cash 11 Rs3,160

Merchandise Inventory-
Desi Ghee-Shop 13 Rs20,000
Accounts Payable 21 Rs20,000

Accounts payables 21 Rs2,000

Cash 11 Rs2,000

Accounts Recievable 12 Rs32,000

Sales 43 Rs32,000

6
11 Cash 11 Rs10,000
Accounts Recieveable -
A.Rahim Foods 12 Rs10,000

Chair- office equipment 15 Rs5,000

Cash 11 Rs5,000

RS
Wages - security guard 54 15,000
Cash 11 Rs15,000

Accounts recievables-
12 nadim shop 12 Rs46,201
Sales 11 Rs46,201

Merchandise inventory 13 Rs10,600

Accounts Payable- Zahid
Traders Lahore 21 Rs 10,600.00

Rs
13 Delivery expense 53 5,000
Cash 11 Rs5,000

Cash 11 Rs12,564
Sales-Eijaz traders 43 Rs12,564

14 Purchases Khan & Khan 13 RS 3,342

Cash 11 Rs3,342

Repairs expense 61 Rs1,200

Cash 11 Rs1,200

Cash 11 Rs3,880
Sales- Food Fellows 43 Rs3,880

15 Wages, Team B 54 Rs30,000

Cash 11 Rs30,000

Cash 11 Rs2,134
Sales 43 Rs2,134

16 Purchases Zulifiqar traders 13 Rs7,150

Cash 11 Rs7,150

Cash 11 Rs17,219
Sales 43 Rs17,219

7
17 Internet bill exp 60 Rs3,000
Cash 11 Rs3,000

Cash 11 Rs12,764
Sales- RS & F 43 Rs12,764

18 Purchases -Mumtaz Traders 13 Rs8,628

Account Payable 21 Rs8,628

Income tax paid 59 Rs5,500

Cash 11 Rs5,500

Accounts Recievables- sajid

super store 12 Rs5,000
Sales 43 Rs5,000

19 Drawings-Noor Fatima 32 Rs12,000

Cash 11 Rs12,000

Purchases - Nafees Traders 13 PKR 5,483

Cash 11 Rs5,483

Cash 11 Rs6,000
Sales 43 Rs6,000

20 Cash 11 Rs15,000
Noor Fatima (additional)
investment 31 Rs15,000

Fridge equpiment 15 Rs 30,000

Cash 11 Rs 30,000

Cash 11 Rs5,000
Sales 43 Rs5,000

21 Water expense 52 Rs2,000

Cash 11 Rs2,000

Cash 11 Rs10,000
Sales 43 Rs10,000

Purchases - Sharif Milk

products 13 Rs10,350
Cash 11 Rs10,350

account Recievebles-
22 neccessties store 12 Rs10,000
Sales 43 Rs10,000

8
 Supplies 14 Rs4,000
Cash 11 Rs4,000

23 Cash 11 Rs10,000
Sales 43 Rs10,000

Purchases Wali & Co 13 Rs2,934

Cash 11 Rs2,934

Drawings - Noor Fatima 32 Rs 5,000

Cash 11 Rs 5,000

Rs
24 Cash 11 11,000
Rs 11,000
Sales 43 Rs 11,000

Delivery expenses 53 Rs 2,200

Cash 11 Rs 2,200

Purchases - Dastagir Rs
25 Brothers & Co. 13 16,325
Accounts Payables 21 Rs 16,325

Rs
Cash 11 25,000
Accounts Recievables- X2
Co. 12 Rs 25,000

Cables expense 58 Rs 800

Cash 11 Rs 800

Rs
26 Cash 11 12,000
Sales 43 Rs 12,000

Supplies 14 Rs 9,000
Cash 11 Rs 9,000

Window installation -
Equipment 15 Rs 7,500
Cash 11 Rs 7,500

27 Drawings -Noor Fatima 31 Rs 5,000

Cash 11 Rs 5,000

Account Recivables- kalam 12 Rs 9,500

9
 book store
Sales 11 Rs 9,500

Rs
28 Cash 11 15,000
Sales 43 Rs 15,000

Delivery expense 53 Rs 3,000

Cash 11 Rs 3,000

Purchases- Sigma Co 21 Rs 6,333

Accounts Payable 12 Rs 6,333

Purchases - Defence Rice Rs

29 Store 21 19,281
Cash 11 Rs19,281

Rs
Cash 11 20,000
Sales 43 Rs 20,000

Account Recievebles- Owais Rs

30 rice store 12 12,000
Sales 11 Rs 12,000

Rs
Cash 11 20,000
Fees Earned 42 Rs 20,000

Rs
31 Cash 11 15,000
Rent Earned 41 Rs 15,000

Rs
Cash 11 10,000
Sales 43 Rs 10,000

Account Recievebles-Qioum Rs
flour shop 12 12,050
Sales 43 Rs 12,050

Account Recievebles-
31 Signma Co. 12 5000
Fee Earned 42 5000

Account Recievebles- Kamal

31 Traders 12 10000
Fee earned 42 10000

10
 31 Cost of merchandise sold 43 406351
Merchandise Inventory 13 406351

Special Journals:
Revenue Journal

Purchases Journal:

11
Cash Receipt Journal:

Cash Payments Journal:

12
General Ledger:
Account Noor Fatima Capital Account Number: 31
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct (1) CR1 155000 155000
Oct (1) CR1 1500000 1655000
20 CR1 15000 1670000

Account Office equipment Account Number:15

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct (11) CR1 5,000 5,000
30,00 35,00
20 CR1 0 0
26 CR1 7500 42500

Account Wages Expense Account number:54

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-01 CP1 30000 30000
11 CP1 15,00 45000

13
 0
30,00
15 CP1 0 75000

Account Transport Expense Account Number: 53

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-03 CP1 25000 25000
6 CP1 28400 53400
13 CP1 5000 58400
24 CP1 2200 60600
28 CP1 3000 63600
10,00 70,60
31 Adjusting GJ 0 0

Account Rent Earned Account number: 41

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-31 CR1 15000 15000

Account Supplies Account Number:14

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-02 CP1 39248 39248
2 CP1 2525 41773
4 CP1 7300 49073
5 CP1 4420 53493
6 CR1 21158 32335
7 CP1 19640 51975
9 CR1 18070 33905
22 GP1 4000 37905
26 CP1 9000 46905
31 Adjusting 7399
Account Fees Earned Account number:42
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-03 CR1 15000 15000
30 CR1 20000 35000
31 CR1 5000 40000
CR

31 1 10000 50000
Account Cantt Expense Account number: 51
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-04 CP1 10000 10000

14
 Account Water Expense Account Number:52
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-05 CP1 2528 2528
6 CP1 4740 7268
21 CP1 2000 9268

Account Account Recievables Account Number:12

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-01 RJ1 15000 15000
Oct-02 RJ1 3950 18950
5 RJ1 2200 21150
10 RJ1 32000 53150
11 CR1 10000 43150
12 RJ1 46201 89351
18 RJ1 5000 94351
22 RJ1 10000 104351
25 CR1 25000 79351
27 RJ1 9500 88851
30 RJ1 12000 100851
31 RJ1 12050 112901
31 RJ1 5000 117901
31 RJ1 10000 127901
127901

Account Repair Expense: Account Number: 61

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-06 CP1 5000 5000
CP1

14 1200 6200

Account Generator Expense Account Number:62

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-07 CP1 35000 35000

15
 Account Electricity Expense Account number: 55
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-08 CP1 243650 243650

Account Miscellaneous Expense Account number:56

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-09 CP1 38437 38437

Account Rent Expense Account No.63

Balance
Date Item Post Ref Dr. Cr. Dr. Cr.
20-Oct CP1 15,000 15,000

Account Merchandising Inventories Account number:13

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
1 5120 5120
1 GJ 35910 41030
1 GJ 7155 48185
2 GJ 21800 69985
3 GJ 8215 78200
4 GJ 37420 115620
5 GJ 1246 116866
7 GJ 3777 120643
7 GJ 7122 127765
10 GJ 3160 130925
14 GJ 3342 134267
16 GJ 7150 141417
18 GJ 8628 150045
19 GJ 5483 155528
21 GJ 10350 165878
23 GJ 2934 168812
25 GJ 16325 185137
28 GJ 6333 191470
29 GJ 19281 210751

16
 Oct-10 GJ 20000 230751
12 GJ 10600 241351
Account Internet Expense Account Number: 60
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-17 CP1 3000 3000

Account Income Tax Expense Account Number:59

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-18 CP1 5500 5500

Account Cable Expense Account Number:58

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-25 CP1 800 800

Account Account Payable Account Number: 21

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-01 GJ 60000 60000
Oct-01 GJ 35910 95910
Oct-02 GJ 39248 135158
3 GJ 8215 143373
4 GJ 7300 150673
10 GJ 20000 170673
10 GJ 2000 168673
12 GJ 10600 179273
18 GJ 8628 187901
25 GJ 16325 204226
28 GJ 6333 210559

Account Cost of merchandise sold Account number:57

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
Oct-31 CP1 406351
Account Sales Account Number:43
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
1 CR1 13070 13070
2 CR1 3950 17020

17
 3 CR1 37117 54137
5 CR1 2200 56337
5 CR1 20928 77265
6 CR1 4605 81870
6 CR1 12800 94670
7 CR1 7480 102150
7 CR1 14420 116570
7 CR1 69000 185570
7 CR1 3400 188970
8 CR1 5786 194756
8 CR1 10463 205219
8 CR1 12060 217279
9 CR1 3870 221149
10 CR1 32000 253149
12 CR1 46201 299350
13 CR1 12564 311914
14 CR1 3880 315794
15 CR1 2134 317928
16 CR1 17219 335147
17 CR1 12764 347911
18 CR1 5000 352911
19 CR1 6000 358911
20 CR1 5000 363911
21 CR1 10000 373911
22 CR1 10000 383911
23 CR1 10000 393911
26 CR1 12000 405911
26 CR1 9500 415411
27 CR1 15000 430411
28 CR1 20000 450411
29 CR1 12000 462411
30 CR1 10000 472411
31 CR1 12050 484461
23 CR1 11000 495461

Account Cash Account Number:11

Balance

18
Date Item Post ref. Dr. Cr. Dr. Cr.
1 CR1 200000 200000
1 CR1 1500000 1700000
1 CR1 13070 1713070
1 CP1 5120 1707950
1 CP1 7155 1700795
1 CP1 30000 1670795
2 CP1 2525 1668270
2 CP1 25000 1643270
3 CR1 15000 1658270
3 CP1 21800 1636470
4 CR1 37117 1673587
4 CP1 37420 1636167
4 CP1 10000 1626167
5 CR1 20928 1647095
5 CP1 1246 1645849
5 CP1 2528 1643321
5 CP1 4420 1638901
6 CR1 4065 1642966
6 CR1 12800 1655766
6 CR1 21158 1676924
6 CP1 5000 1671924
6 CP1 4740 1667184
6 CP1 28400 1638784
7 CR1 7480 1646264
7 CR1 14420 1660684
7 CR1 69000 1729684
7 CR1 3400 1733084
7 CP1 3777 1729307
7 CP1 35000 1694307
7 CR1 7122 1687185
7 CP1 19640 1667545
8 CR1 5786 1673331
8 CR1 10463 1683794
8 CR1 12060 1695854
8 CP1 243650 1452204
9 CR1 3870 1456074
9 CR1 18070 1474144
9 CP1 26000 1448144
10 CP1 3160 1444984
10 CP1 2000 1442984
11 CR1 10000 1452984
11 CP1 5000 1447984
11 CP1 15000 1432984
13 CR1 12564 1445548
13 CP1 5000 1440548
14 CP1 3880 1444428
14 CP1 3342 1441086

19
 14 CP1 1200 1439886
15 CR1 2134 1442020
15 CP1 30000 1412020
16 CR1 17219 1429239
16 CP1 7150 1422089
17 CR1 12764 1434853
17 CP1 3000 1431853
18 CP1 5500 1426353
19 CR1 6000 1432353
19 CP1 12000 1420353
19 CP1 5483 1414870
20 CR1 15000 1429870
20 CR1 5000 1434870
20 CP1 30000 1404870
21 CR1 10000 1414870
21 CP1 2000 1412870
21 CP1 10350 1402520
22 CP1 4000 1398520
23 CR1 10000 1408520
23 CR1 11000 1419520
23 CP1 2934 1416586
23 CP1 5000 1411586
24 CP1 2200 1409386
25 CR1 25000 1434386
25 CP1 800 1433586
26 CR1 12000 1445586
26 CP1 9000 1436586
26 CP1 7500 1429086
27 CP1 5000 1424086
28 CR1 15000 1439086
28 CP1 3000 1436086
29 CP1 19281 1416805
29 CR1 20000 1436805
30 CR1 20000 1456805
31 CR1 15000 1471805
31 CR1 10000 1482345

Accoun
t supplies Expense Account Number: 14
Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
Adjustin
Oct-31 g GJ 39506

20
 Account Transport Expense Account Number:53
Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
Adjustin
Oct-31 g GJ 70600 7000

AccountTransport payable Account Number: 23

Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
Adjustin
Oct-31 g GJ 70600

Account Unearned rent Account Number:22

Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
Adjustin
Oct-31 g GJ 10000

Account Rent earned Account Number:41

Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
31-Oct adjusting GJ 10000

Account Accounts Receivables Account Number:12

Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
31-Oct adjusting GJ 10000

Balance
Post
Date Item ref. Dr. Cr. Dr. Cr.
31-Oct adjusting GJ 10000

Account Wages expense Account Number:54

Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
31-Oct adjusting GJ 3500

21
 Account Wages payable Account Number: 23
Balance
Date Item Post ref. Dr. Cr. Dr. Cr.
31-Oct adjusting GJ 3500

Subsidiary Ledgers:
Revenue Ledger:

Accounts Receivable

Cash Receipt:

22
Accounts Payable Subsidiary Ledger:

Cash Receipt Subsidiary Journal:

23
Unadjusted Trial Balance:
Noor Fatima General Store
Unadjusted Trial Balance
October 31, 2022
Account No. Debit Credit
Cash 11 1,482,345
Supplies 14 46,905
Sales 43 495,461
Merchandising Inventory 13 241,351
Account Receivables 12 127901
Equipment 15 42,500
Account Payables 21 210,559
Noor Fatima, Capital 31 1,670,000
Noor Fatima, Drawing 32 22,000
Fees Earned 42 50,000
Wages Expense 54 75,000
Transport Expense 53 63,600
Cantt Expense 51 10,000
Water Expense 52 9,268
Repairs Expense 61 6,200
Generator Fuel Expense 62 35,000
Electricity Expense 55 243,650
Miscellaneous Expense 56 26,000
Internet Expense 60 3,000
Income Expense 59 5,500
Cable Expense 58 800
Rent Expense 63 15,000

2,441,020 2,441,020

Adjustments:
Adjusting Entries
1) Supplies on hand at Oct 31 Rs 7399
Description Debit Credit
39,50
Supplies Expense 6
Supplies 39,506

2) Accrued Transport Expense at Oct 31, Rs 7,000

Description Debit Credit
70,60
Transport Expense 0
Transport Payable 70,600

24
3) Unearned rent at Oct 31, Rs 5,000
Description Debit Credit
10,00
Unearned Rent 0
Rent Revenue 10,000

4) Fee earned but unbilled on Oct 31 , Rs 10,000

Description Debit Credit
10,00
Account Recievable 0
Fee Earned 10,000

5) Wages accrued but not paid Oct 31, Rs 3,500

Description Debit Credit
Wages Expense 3,500
Wages Payable 3,500

Adjusted Trial Balance:

Noor Fatima General Store
Adjusted Trial Balance
October 31,2022
Account No. Debit Credit
Cash 11 1,482,345
Supplies 14 7,399
Account Recieveables 12 137,901
Sales 43 495,461
Merchandise Inventory 13 241,351
Equipment 15 42,500
Account Payables 21 210,559
Wages Payable 22 3,500
Transport Payable 23 7,000
Unearned Rent 24 10,000
Noor Fatima, Capital 31 1,670,000
Noor Fatima,Drawing 32 22,000
Rent Revenue 41 15,000
Rent Earned 41 10,000
Fees Earned 42 60,000
Cantt Expense 51 10,000
Water Expense 52 9,268
Repairs Expense 61 6,200
Generator Fuel Expense 62 35,000
Electricity Expense 55 243,650
Miscellaneous Expense 56 26,000
Internet Expense 60 3,000

25
 Income Expense 59 5,500
Cable Expense 58 800
Wages Expense 54 78,500
Transport Expense 53 70,600
Supplies Expense 65 39,506
2,471,520 2,471,520

Worksheet:

Statements:
Income Statement

Noor Fatima General Store

Income Statement
For the Month ended Oct 31 2022
Rs Rs
Fee earned 60,000

26
 495,46
sales 1
Rent earned 25,000
580,46
1
Less:Cost of goods Sold
406,35
Cost of merchandise sold 1
174,11
0
less:Expenses
Wages Expense 78,500
Transport expense 70,600
Cantt expense 10,000
Water expense 9,268
repairs expense 6,200
Generator Fuel expense 35,000
243,65
Electricity Expense 0

Miscellaneous expense 26,000

Internet expense 3,000
Income Tax 5,500
Cable Expense 800
Rent expense 15,000
Supplies expense 39506
543024
-
Net Loss 368914

Statement of owner’s equity

Noor Fatima General Store

Statement of owners equity
For the Month ended Oct 31 2022
Rs Rs
Noor Fatima, Capital Oct 1 2022 1515000
Net loss for the month 368914
less: Drawings 22000
Decrease in Capital 390914
Noor Fatima, Capital Oct 31 2022 1680437

Balance Sheet

Noor Fatima General Store

Balance sheet
Oct 31 2022
Assets

27
Current Assets Rs
148234
Cash 5
Accounts recievable 137901
Merchandise Inventory 241351
Supplies 7399
186899
Total current assets 6
Plant & equipment
office equipment 42500
Total plant & equipment 42500
191149
Total Assets 6

Liabilities
Current Liabilities Rs
Accounts Payables 210559
Wages Payable 3500

Transport payable 7000

Unearned Rent 10,000
Total Liabilities 231059
Owner's Equity
Rs
168043
Noor Fatima, Capital 7
191149
Total liabilities and owner's equity 6

Closing Entries
Closing Entries
2022
3
Oct 0 Fee Earned 60000
Rent Earned 10000
Sales 495461
Wages 78500
Transport 70600
Cantt exp 10000
Water 9268
repairs 6200
Generator Fuel 35000
Electricity Exp 243650

Miscellaneous 38437
Internet 3000
Income Tax 5500

28
 Cable Exp 800
Rent exp 25000
Supplies exp 39506
Noor fatima, capital 22000
Noor Fatima, Drawings 22000
587461 587461

Post- Closing Trial Balance

29
Appendix:
Transactions:

OCT 1

1) Invested 1500000 into the business

2) Purchased goods from THD on cash 5120
3) Purchased Goods on Account for 35910
4) Purchased good on cash for 7155
5) Paid wages to Team A on cash 30000
6) Cash sales for 13070

OCT 2

1) Bought supplies on account for 39248

2) Bought supplies on cash for 2525
3) Made sales of Account for 3950
4) Purchased goods on account for 21800

OCT 3

1) Purchased goods on account for 8210

2) Paid for transportation expense 25000
3) Received cash for the deliveries made 15000

OCT 4

1) Bought supplies on account for 7300

2) Made Purchases on cash for 37420
3) Made sales on cash for 37117
4) Cantt expense paid for 10000

OCT 5

1) Made sales on Account for 2200

2) Bought Goods on Cash from AA brothers 1246
3) Paid for water expense on cash for 2528
4) Bought supplies on cash for 4420
5) Cash sales for 20928

OCT 6

1) Made some shop repairs on cash for 5000

2) Made cash sales for 4605
3) Paid for water expenses on cash for 4740
4) Made cash sales for 12800
5) Sold supplies on cash for 21158

30
 6) Paid transportation expense by cash 28400

OCT 7

1) Made cash sales to Bilal Javed on cash for 7480

2) Purchased goods on cash from Mumtaz Traders for 3777
3) Cash sales for 14420
4) Paid for generator expense for cash 35000
5) Received cash for sales 3400
6) Made Cash sales for 69000
7) Made purchases on cash for 7122

OCT 8

1) Bought Supplies on cash for 19640

2) Made cash sales for 5786
3) Cash sales for 10463
4) Received cash for sales 12060
5) Paid Electricity bill on cash 243650

OCT 9

1) Made cash sales for 3870

2) Sold supplies on cash for 18070
3) Miscellaneous expense for 26000 on cash

OCT 10

1) Purchased goods on cash for 3160

2) Bought Merchandise inventory on account for 20000
3) Bought Goods on Account for 2000
4) Sold goods on Account for 32000

OCT 11

1) Received cash for sales for 10000

2) Bought Office equipment for 5000
3) Paid security guard wages on cash 15000

OCT 12

1) Made sales on account for 46201

2) Bought Merchandise Inventory from Zahid traders for 10600

OCT 13

1) Paid cash 5000 for delivery expense

2) Sold goods on cash for 12564

OCT 14

1) Purchased goods on cash for 3342

2) Made some repairs in the store on cash for 1200
3) Received cash for sales 3880

OCT 15

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 1) Paid wages to Team B on cash 30000
2) Made sales 17219 on cash

OCT 16

1) Purchased from Zulifiqar traders on cash 7150

OCT 17

1) Internet bill expenses paid on cash 3,000

2) Made sales on cash for 7164

OCT 18

1) Purchases on account from Mumtaz Traders for 8628

2) Income tax paid on cash for 5,500

3) Sales made on account from Sajid Super store 5,000

OCT 19

1) Noor Fatima withdrew cash 12,000

2) Purchased from Nafees Trader on cash 5483

3) Sales were made on cash worth 6,000

OCT 20

1) Additional investment by Noor Fatima on cash worth 15,000

2) Purchased equipment on cash for Rs 30,000

3) Sales were made worth 5,000

OCT 21

1) Water expense paid on cash 2,000

2) Sales were made on cash 10,000
3) Purchases from Sharif milk products were made on cash 10,350

OCT 22

1) Sales on account from necessities store worth 10,000

2) Made sales on cash worth Rs 4,000

OCT 23

1) Made sales on cash worth 10,000

2) Purchases made from Wali & Co. on cash worth 2,934
3) Noor Fatima withdrew cash worth 5,000

OCT 24

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1) Made sales on cash worth 11,000
2) Delivery expense paid on cash worth 2,200

OCT 25

1) Purchases made on account from Dastagir Brothers & Co. worth 16,325
2) Cash received on account from X2 Co. worth 25,000
3) Cable expense paid on cash 800

OCT 26

1) Made sales on cash worth 12,000

2) Supplies were bought for Rs 9,000
3) Bought equipment on cash for 7,500

OCT 27

1) Noor Fatima withdrew cash worth 5,000

2) Made sales from Kalam bookstore worth 9500

OCT 28

1) Made cash sales for 15,000

2) Paid delivery expense worth 3,000
3) Purchases from Sigma Co. on account Rs 6,333

OCT 29

1) Purchases from Defence rice store made on cash worth Rs 19,281

2) Made sales on cash Rs 20,000

OCT 30

1) Sales were made on account from Owais rice store worth Rs 12,000
2) Fees earned on cash worth Rs 20,000

OCT 31

1) Rent Earned Through Cash 15,000

2) Made sales on cash 10,000
3) Made sales on account from Qiuom flour shop worth 12,050
4) Fees earned on account from Sigma Co. worth 5,000
5) Fees earned on account from Kamal traders worth Rs 10,000
6) Cost of goods sold for 406,351

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