ASSIGNMENT OF ACCOUNTING II

CLASS: BBA IV

DEPARTMENT: LAHORE BUSINESS SCHOOL (LBS)

NAME: JUNAID AHMED BBA07183027

ASSIGNMENT No # 2

SUBMITTED TO MA’AM Ammara

Dr. Cr.
Rs Rs
salaries 20,000 Gross profit 64,000
Insurance 4,800 Discount Received 2,000
Printing charges 14,000 Interest Received 18,00
Advertisement 16,000
Discount allowed 2,400
Bed debts 1,000
Net profit transfer to capital A/c 9,600
67,800 67,800

Question No 7:
Prepare trading profit and loss account and balance sheet.
MR. ZUBAIR
Trading Profit and Loss A/c
For year ended 31 December 2017

Dr. Cr.
Rs Rs
Opening Stock 8,000 Sales 300,000
Less: Return 800 299,200
Purchases 1,66,660 Closing stock 6,000
Less Return 4,000 162,660
Carriage Inward 5,360
Wages 13,800
Gross profit transfer to P& L A/c 115,380
305,200 305,200
Carriage Outward 1,580 Gross profit Transfer to Capital A/c 115,380
General Expenses 1,280 Discount Received 600
Printing Charges 880
Interest Paid 760
Net profit transfer to capital A/c 111,480
115,980 115,980
 Balance Sheet
As on 31 December 2017
Assets Rs. Liabilities Rs.
Cash in hand 60,000 Bill Payable 4,000
Cash at bank 72,000 Sundry Cr 102,520
Sundry Dr 112,000 Loan 32,000
Closing Stock 6,000 Capital 180,000
Machinery 44,000 -Drawings 12,000
Furniture 12,000 + Net profit111,480
Building 112,000 279,480
418,000 418,000

Question No 8:
Prepare trading profit and loss account and balance sheet.

Trading Profit and Loss A/c

Dr. Cr.
Rs Rs
Opening Stock 660,000 Sales 25,40,000
Less: Return 18,000 25,22,000
Purchases 18,74,000 Closing stock 728,400
Less Return 4,400 18,69,600
Carriage Inward 7,600
Wages 100,000
Gross profit transfer to P& L A/c 613,200
32,50,400 32,50,400
Trade Expenses 32,000 Gross profit Transfer to 613,200
Rent Rate 148,400 Capital A/c
Electric Charges 34,000
Salaries 44,400
Discount Allowed 8,000
Net profit transfer to capital A/c 346,400
613,200 613,200
 Balance Sheet
As on 31 March 2017
Assets Rs. Liabilities Rs.
Cash in hand 72,000 Bill Payable 200,000
Cash at bank 120,000 Creditors 400,000
Debtors 280,000
Closing Stock 728,400 Capital 14,00,000
Machinery 370,000 -Drawings 26,000
Building 750,000 + Net profit 346,400 1,720,400

23,20,400 23,20,400

Question No 9:
Prepare trading profit and loss account and balance sheet.
REHMAN & SONS
Trading Profit and Loss A/c
For year ended 31 December, 2017

Dr. Cr.
Rs Rs
Opening Stock 120,800 Sales 408,000
Less: Return 7,280 400,720
Purchases 463,200 Closing stock 80,000
Motive Power 4,600
Wages& salaries 33,480
Dock & Clearing Charges 2,600

Coal, Gas, Water 3,400 Gross loss transfer to P& L A/c 147,360

628,080 628,080
Gross loss Transfer to Capital A/c 147,360
General Expenses 13,960
Interest Overdraft 8,880
Salaries 19,640 Net loss transfer to capital A/c 189,840

189,840 189,840

Balance Sheet
 As on 31 March 2017
Assets Rs. Liabilities Rs.
Cash in hand 1,360 Bank Overdraft 207,120
Cash at bank 17,440 Sundry Creditors 240,000
Sundry Debtors 219,320
Closing Stock 80,000 Capital 240,000
Plant 45,240 -Drawings 33290
Building 100,000 -Net loss 223,760 16,240

463,360 463,360