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    MRK - Fall 2022 - MGT101

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    HAROON EDITZ
    The document provides accounting transactions for AZ & Brothers for the month of October 2022. It lists opening account balances, purchases and sales of inventory, payments received and made, and a long term loan taken. Based on these transactions, the required closing account balances for accounts receivable, inventory, accounts payable, long term loan, cash, bank, and profit/income are calculated.

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    MRK - Fall 2022 - MGT101

    Uploaded by

    HAROON EDITZ
    31 views6 pages
    The document provides accounting transactions for AZ & Brothers for the month of October 2022. It lists opening account balances, purchases and sales of inventory, payments received and made, and a long term loan taken. Based on these transactions, the required closing account balances for accounts receivable, inventory, accounts payable, long term loan, cash, bank, and profit/income are calculated.

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    Mrk_Fall 2022_MGT101_

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    The document provides accounting transactions for AZ & Brothers for the month of October 2022. It lists opening account balances, purchases and sales of inventory, payments received and made, and a long term loan taken. Based on these transactions, the required closing account balances for accounts receivable, inventory, accounts payable, long term loan, cash, bank, and profit/income are calculated.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views6 pages

    MRK - Fall 2022 - MGT101

    Uploaded by

    HAROON EDITZ
    The document provides accounting transactions for AZ & Brothers for the month of October 2022. It lists opening account balances, purchases and sales of inventory, payments received and made, and a long term loan taken. Based on these transactions, the required closing account balances for accounts receivable, inventory, accounts payable, long term loan, cash, bank, and profit/income are calculated.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    FINANCIAL ACCOUNTING (MGT101)

    ASSIGNMENT NO 1

    ROLL NO: MUHAMMMAD HAROON KHALID(BC220418192)

    QUESTION NO 1

    Some events are given in first column. Write the relevant type of event in the second column, from the
    following types of event against each given event:  Monetary event  Non-monetary

    First column Second Column


    Events Type of Event

    Loss by fire Monetary event

    Foreign exchange gain Monetary event

    Winning a game Non-monetary event


    QUESTION NO 2

    On 1st October 2022, some accounts balances from the books of AZ & Brothers were Accounts
    receivable Rs. 300,000, Stock Rs. 400,000, Accounts payable Rs. 45,000 and Long term loan Rs.
    700,000. In addition, some transactions of AZ & Brothers for the month of October 2022 are
    given below:

    Date Transactions

    3rd October AZ & Brothers purchased stock/inventory from Falak Traders amounting

    to Rs. 60,000. AZ & Brothers paid Rs. 20,000 to Falak Traders at the time

    of purchase and promised to pay the remaining amount within a period of

    two months.

    5th October AZ & Brothers sold out stock/inventory to XY Traders amounting to Rs.

    15,000 without earning a profit to increase the sale volume. AZ &

    Brothers received only Rs. 10,000 from XY Traders at the time of sale and

    agreed to receive the remaining amount within a period of three months.

    10th October Cheque of Rs. 8,000 given by AZ & Brothers to Falak Traders to reduce

    the burden of his reaming due amount.

    19th October A loan of Rs. 300,000 taken from bank for a period of three years.

    25th October Sold out stock/inventory costing of Rs. 12,000 for Rs. 16,000 to the

    customer XY Traders on account.

    Next page
    28th October Cash of Rs. 10,000 given by XY Traders to AZ & Brothers.

    30th October Amount of Rs. 400,000 paid by AZ & Brothers to the bank for reducing

    the burden of his long term liability.

    Required:

    Based on the above transactions, calculate the amount/balance of the following


    accounts at the end of October 2022.

    1- Accounts receivable
    2- Stock/Inventory
    3- Accounts
    payable 4- Long
    term loan

    ANSWER NO 1

    Accounts Receivable:

    Opening = 300,000 Cash = 10,000

    Stock = 5,000 Balance = 311,000

    Stock = 16,000
    Total = 321,000 Total = 321,000

    STOCKS/INVENTORY:

    Opening = 400,000 Receivables = 15,000

    Payable = 60,000 Receivables = 12,000

    Balance = 433,000

    Total = 460,000 Total = 460,000

    ACCOUNT PAYABLE:

    Bank = 8,000 Opening = 45,000

    Inventory = 40,000

    Balance = 77,000
    Total = 85,000 Total = 85,000

    LONG TERM LOAN:

    Az&Brothers = 400,000 Opening = 700,000

    Balance = 600,000 Cash = 300,000

    Total = 10,00,000 Total = 10,00,000

    CASH:

    Stock = 10,000 Inventory = 20,000

    Loan = 300,000 Loan = 400,000

    Receivable = 10,000
    Balance = 100,000

    Total = 420,000 Totoal = 420,000

    BANK:

    Balance = 8,000 payable = 8,000

    Total = 8,000 Total = 8,000

    PROFIT/INCOME:

    Balance = 4,000 Stock = 4,000

    total = 4,000 total = 4,000

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