ASSIGNMENT # 01
FINANCIAL ACCOUNTING
IDEA SOLUTION
Q # 01
| Date | Particulars | Amount | Date | Particulars | Amount |
| | | Rs. | | | Rs. |
| | | | | | |
| Mar. 01 , 2010 | Capital | 100,000 | Mar. 02 , 2010 | Furniture | 5,000 |
| | introduced | | | Purchased | |
| Mar. 27 , 2010 | Received | 1,000 | Mar. 03 , 2010 | Goods | 20,000 |
| | from Umar | | | Bought | |
| | | | Mar. 12 , 2010 | Paid to Taha | 500 |
| | | | Mar. 15 , 2010 | Weighing | 1,000 |
| | | | | scale & iron | |
| | | | | Safe | |
| | | | | purchased | |
| | | | Mar. 28 , 2010 | Salaries | 2,000 |
| | | | | paid | |
| Mar. 09 , 2010 | | | Mar. 31 , 2010 | Personal | 1,000 |
| | | | | Expenses | |
| Q # 02 | | |
| Administrative Expenses: | | Rs. |
| Rent | = | 7,000 |
| Printing & stationery | = | 3,000 |
| Postage & Telegram | = | 5,000 |
| Insurance | = | 4,000 |
| Salaries paid to Employees | = | 9,000 |
| Total | = | 28,000 |
| Selling Expenses: | | |
| Carriage outward | = | 8,000 |
| Advertisement | = | 10,000 |
| Commission | = | 6,000 |
| Total | = | 24,000 |
| NET PROFIT: | | |
| Gross Profit | = | 312,000 |
| Admin Expenses | = | -28,000 |
| Selling Expenses | = | -24,000 |
| Net Profit | = | 260,000 |
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