Financial Accounting I – III
BBA | BBA-BI | BBA-TT | BCIS 1st
PU 2014 Spring Q. No. 14 (10 Marks)
Pokhara Architects incorporated as licensed architects on April 1, 2014. During the first month of its, operation, the following transactions occurred:
a. April 1: Owners contributed Rs. 3,00,000 cash to incorporate the business.
b. April 3: Purchased office supplies of Rs. 8,000 on account from Spring supplier.
c. April 7: Complete blueprint of a carport and billed client of Rs. 25,000.
d. April 15: Paid office rent for the month Rs. 12,000.
e. April 16: Received Rs. 10,000 from J. Aryal who is provided a design of a new house.
f. April 21: Paid amount due Rs. 3,000 to Spring supplier.
g. April 30: Paid Rs. 5,000 to receptionist for the month’s salaries.
Required: Journalize the transactions and post to respective T accounts or directly post transactions into T accounts, and then prepare a trial balance of Pokhara Architects dated on April 20, 2014.
In the book of Pokhara Architects
Cash a/c Dr. Rs. 3,00,000
Share capital a/c Rs. 3,00,000
(To record the cash contribution for capital)
Office supplies a/c Dr. Rs. 8,000
Accounts payable a/c Dr. Rs. 8,000
(To record the purchase of office supplies from Spring supplier on credit)
Bills receivable a/c Dr. Rs. 25,000
Service revenue a/c Rs. 25,000
(To record the billed to the client)
Rent expenses a/c Dr. Rs. 12,000
Cash a/c Rs. 12,000
(To record the payment of rent)
Cash a/c Dr. Rs. 10,000
Bills receivable a/c Rs. 10,000
(To record the cash received from J. Aryal (from April 7)
Account payable a/c Dr. Rs. 3,000
Cash a/c Rs. 3,000
(To record the payment to Spring supplier)
Salary expenses a/c Dr. Rs. 5,000
Cash a/c Rs. 5,000
(To record the payment of monthly salary to the receptionist)
April 30, 2014
|S.N.||Particulars||Dr. Rs.||Cr. Rs.|
|Total||Rs. 3,30,000||Rs. 3,30,000|