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FALL 2022

Course Title: Computerized Accounting

Course Code: ACCT4183

Quiz 1

Name of Course Instructor: Ghulam Mustafa

Section: Program: BSAF Date: 23/11/2022

Program Learning Outcomes: PLO 01 and 04 Course Objectives: CO 01, 02, 03 Course Learning Outcomes: CLO 01, 02, 03

Name: Maximum Marks: 40

Fine Leathers deals in leather products and sells two products to retailers Bags and Jackets. Price of both products are not fixed and vary from customer to customer. Trial balance of the company at the start of the year 2022 as given below

Accounts Titles Debit ($) Credit ($)

Cash 585,000

Accounts receivable 250,000

Merchandise Inventory 450,000

Equipment 800,000

Accounts Payable 310,000

Capital 500,000

Retained Earnings 1,275,000

Detail of Subsidiary Ledgers

Company maintain subsidiary ledgers for cash, inventory, accounts receivable, and accounts payable. For cash company have two subsidiary ledgers which are HBL A/c#589655 with balance of Rs. 300,000 and MCB A/c#895668 with balance of Rs.285,000. Balance in accounts receivable include one customer Craft Shop. Accounts payable include balance one vendor wit name of KIM Ltd.

At the beginning of the year company had 50 units of bags at the cost of Rs.2000 each and 100 units of Jackets at the cost of Rs.3,500 each. Company uses Perpetual Inventory system and assign cost to units sold on FIFO basis.

Company uses four special journals for transactions of Sales, Cash Receipt, Cash Payment, and Purchases (for purchase of inventory only)

Transactions taken place during the month of January are given below

Jan 1 Shares were issued to shareholders at par value of Rs.80. Total 100,000 shares were issued. Cash were deposited in MCB account (Marks 2)

Jan 2 200 units of Bags was purchased from KIM Ltd at Rs.1,900 per unit on account. Credit terms were 1/15, n/40. (Marks 2)

Jan 3 500 units of Jackets was purchased from Quality Leathers at Rs.3,800 per unit on account. Credit terms were 2/10, n/30. (Marks 2)

Jan 8 Purchased computers for office use worth Rs.400,000 on account from Modern Computers. (Marks 2)

Jan 10 Returned 20 units of Jackets to supplier against purchase made on Jan 3. (Marks 3)

Jan 11 Sold 500 units of Bags at Rs.3,000 each and 500 units of Jackets at Rs.7,500 each to Style Shop on account. Credit terms were 1/10, n/35. (Marks 5)

Jan 13 Cash paid to Quality Leather for purchases made on Jan 3 from account of MCB. (Marks 4)

Jan 15 Sold 100 units of Jackets at Rs.6,800 each and 150 units of Bags at Rs.3,000 to Craft Shop for cash. Cash were deposited in HBL bank Account. (Marks 5)

Jan 18 Style Shop returned 50 units of Jackets and 80 units of Bags against sales made on Jan 11. (Marks 4)

Jan 20 Purchased 200 units Bags for Rs.1,600 per unit and 400 units of Jackets for Rs.3,100 per unit from Diamond Traders. Cash was paid at time of purchase from MCB account. (Marks 2)

Jan 22 Cash paid to Modern Computers for computers purchased on Jan 8. Payment was made from MCB account. (Marks 3)

Jan 25 Cash paid to KIM Ltd. to settle their account. Payment was made from HBL bank. (Marks 4)

Jan 27 Payment was made from MCB account for electricity bill of the month amounted to Rs.50,000. (Marks 2)

This document contains ink, shapes an... Firie Leathers deals in leatber products and solls two products to retatlers Bngs and Jarhets. Price of both jroduets are niok Detall of Sulusidiary Ledger wit name of kiM5 Lad. At the becinnine of the sent company had 50 units of bage at the cost of R=2000 each and 100 tanits of Jacket at the cost of R. 3.500 vach. Company uses Perpetual Inveatosy ayatean aad useagn eat to uaits hold on Fifo basis. itventery only) Tramactian taken pileen dararg the pasth of Janiary are ghen below Han 1 Shares were ianued to shareholiders at par-value of Ro. 60 . Tatal 100.000 sharea Credit terma were U16,n/40. Marks 3 ) Jan'] 500 units of Juchots was purchased froma Quality Leathess ut RS. 3.300 per uat on nocount Credst terms were 2/10, n/30. Oarks 2) Coaiputera (Marles 2) Jan 10 Returned 20 unite of Jaciketa to atpplier asainst purchase mnde on Jas 3. (MInrles 3) Ain 11 Sold 500 units of Bagn at Pa, 3,000 en cha and 500 units of Jackuts at Re 7500 wach to Style Shop an hecouat. Credit terans were 1/10, a/35 (BLurles 5) Jan 13 Cash pand to Rualty Leatber for purchasea made on Jan 3 from aconunt of MCB. (M)arits 4) Wan 15. Sold 100 units of Jacketa at Fe. 6,800 eath and 150 units af Bagn at Fie 3,000 to Craft Shep for caeh Cash were deposted in HBL bank Account Olarks 6) Inn 18: Style Shop xeturned 50 ualtu of Jachots and 80 unati af Bags agaiast aales made on dan 11 : (Marks 6) Jan 20 Purchased 200 units. Bags for Pes 1,600 per tuit and 400 units of Jankets for Rs 3,100 por unie from Danmond Tradors Cush was paid at tana of purelase from MCB account: (Mricles 2) Jan 22 Cash paid to Modern Computero for eamputers purvhased on dan 9 Payment was made frams MCB arenuat (Marles 3) Jan 25. Cash paid to KES Ltal to settle their accotut Payment was made from HBL bank Marks 4) Jan 27. Payment was made from MCB account for electricity ball of the month amoanted to B- 500000 (Marks 8) This document contains ink, shapes an... Firie Leathers deals in leatber products and solls two products to retatlers Bngs and Jarhets. Price of both jroduets are niok Detall of Sulusidiary Ledger wit name of kiM5 Lad. At the becinnine of the sent company had 50 units of bage at the cost of R=2000 each and 100 tanits of Jacket at the cost of R. 3.500 vach. Company uses Perpetual Inveatosy ayatean aad useagn eat to uaits hold on Fifo basis. itventery only) Tramactian taken pileen dararg the pasth of Janiary are ghen below Han 1 Shares were ianued to shareholiders at par-value of Ro. 60 . Tatal 100.000 sharea Credit terma were U16,n/40. Marks 3 ) Jan'] 500 units of Juchots was purchased froma Quality Leathess ut RS. 3.300 per uat on nocount Credst terms were 2/10, n/30. Oarks 2) Coaiputera (Marles 2) Jan 10 Returned 20 unite of Jaciketa to atpplier asainst purchase mnde on Jas 3. (MInrles 3) Ain 11 Sold 500 units of Bagn at Pa, 3,000 en cha and 500 units of Jackuts at Re 7500 wach to Style Shop an hecouat. Credit terans were 1/10, a/35 (BLurles 5) Jan 13 Cash pand to Rualty Leatber for purchasea made on Jan 3 from aconunt of MCB. (M)arits 4) Wan 15. Sold 100 units of Jacketa at Fe. 6,800 eath and 150 units af Bagn at Fie 3,000 to Craft Shep for caeh Cash were deposted in HBL bank Account Olarks 6) Inn 18: Style Shop xeturned 50 ualtu of Jachots and 80 unati af Bags agaiast aales made on dan 11 : (Marks 6) Jan 20 Purchased 200 units. Bags for Pes 1,600 per tuit and 400 units of Jankets for Rs 3,100 por unie from Danmond Tradors Cush was paid at tana of purelase from MCB account: (Mricles 2) Jan 22 Cash paid to Modern Computero for eamputers purvhased on dan 9 Payment was made frams MCB arenuat (Marles 3) Jan 25. Cash paid to KES Ltal to settle their accotut Payment was made from HBL bank Marks 4) Jan 27. Payment was made from MCB account for electricity ball of the month amoanted to B- 500000 (Marks 8)