PMYSDP BATCH 04 “Computerized Accounting”

Quaid –e- Azam College of Commerce, University of Peshawar

Power Providers Pvt. Ltd., Peshawar is into trading business of different brands of Smart Phones like
iPhone, Samsung, and Nokia with different Models, from 2020.

The company does business within Khyber Pakhtunkhwa and now decided to maintain the financial data
in QuickBooks for the year 2022-23. They frequently purchase iPhone, Samsung, and Nokia which
belongs to different categories from the suppliers. The business has two branches located at University
Road and at Ring Road from where the company will make sales to different customers.

Based on this business scenario create the company for the financial year 22-23, then create the chart of
accounts and record the transactions:

The Accounting main necessary heads (Masters) of the company is shown in Table below:

Perpetual Inventory System (IAS-2)

Name Under Maintain Balances Bill by Bill

Create Two Branches University Road
Saddar
Jawad Mobile’s Trade Payables
DM Electric Mart (Vendors)
Nazeer Electric
DH Traders
Rani Traders Trade Receivables
Rahan Electricals (Customers)
AK Traders
Ajmal Traders

Ledgers Name Type

Faysal Bank Current A/C Bank Accounts
Meezan Bank Current A/C
Trade Payables Account Payable
Trade Receivables Account Receivables
Cost of Goods Sold Cost of Goods Sold
(Sub-account for each item)
Inventory Assets Inventory Assets
(Sub-account for each item)
Sales Accounts Sales Accounts
(Sub-account for each item)
Cash in Hand Cash Account
Salaries Administrative Expense
Rent
Electricity Expense Administrative Expense
Internet Expense (Utilities Expense)
Advertising Selling and Distribution Expense
Sales Commission

Inventory Stock Group Stock Category

iPhone iPhone XR
iPhone 13 pro max
Samsung S22 Ultra
Galaxy J5 prime
Nokia Nokia Lumia 665
Nokia Lumia 880

Following table is depicting the transactions details of Hassan Private Limited for the financial year 2022-
23.

Purchases and Purchase Returns

Date Transaction
1st July Started business with Cash in Hand Rs. 10,00,000, Faysal Bank Current Account Rs.
2,500,000/- Meezan Bank Current Account Rs. 600,000, Easypaisa Rs. 400,000.
Furniture and Fittings (PPE) Rs. 400,000
University Branch
1st July Purchase below item from DM Electric Mart on credit and created a bill of,
Bill No. SE012
Samsung (S22 Ultra) – Qty 10 @ Rs. 150,000 each
Samsung (Galaxy J5 prime) – Qty 15 @ Rs. 22,000 each

All the products are Purchased in University Road branch

rd
3 July Purchase and received below item from Jawad Mobile’s on credit without bill, Entry No.
DM119
iPhone (iPhone XR) Qty-10 @ Rs. 60,000 each
iPhone (iPhone 13 pro max) Qty-8 @ Rs. 100,000 each
Samsung (S22 Ultra) Qty-5 @ Rs. 150,000 each

All the products are Purchased in Saddar branch

4th July Purchase below item from DH Traders on Credit with Bill, Bill No. SE999
Nokia (Lumia 660) Qty-5 @ Rs. 15,000 each
Nokia (Lumia 880) Qty-5 @ Rs. 25,000 each
Samsung (J5 prime) Qty-5 @ Rs. 20,000 each
All the products are Purchased in Saddar branch

5th July Pay Cash of 330,000 to DM Electrics dated 1st July by Meezan Bank, Check No #2112342
 University Branch
Purchase below item from Nazeer Electric on credit with Bill, Invoice No. DT560
Nokia (Lumia 660) Qty-5 @ Rs. 15,000 each
5th July Samsung (J5 prime) Qty-5 @ Rs. 20,000 each
iPhone (iPhone XR) Qty-5 @ Rs. 60,000 each

All the products are Purchased in University Road branch

8th July Create a bill for the Purchases from Jawad Traders dated 3rd July, Bill No. DM119
Saddar Branch
9th July Pay Cash of 2,150,000 to Jawad Traders dated 3rd July by Faisal Bank Account, Check No.
#33904321

Saddar Branch
16th July Below goods are returned to Nazeer Electric due to damage of goods Against (invoice
No. DT560) dated 5th April
Nokia (Lumia 660) Qty-5 @ Rs. 15,000 each
Samsung (J5 prime) Qty-5 @ Rs. 20,000 each

Products were returned from University Road Branch

16th July Receive cash from Nazeer Electric against Purchase returns (i.e., Rs. 175,000)

University Branch
th
17 July Pay Cash of 300,000 to DH Traders dated 4th July by Easypaisa account, Entry No. SE999

Saddar Branch
18th July Pay Cash of 300,000 to Nazeer Electric dated 5th July, Entry No. DT560

University Road Branch

Sales and Sale Returns

18th July Sold below goods to Raja Traders from University Branch Store on credit, invoice.
number 111.
Nokia (Lumia 660) Qty-2 @ Rs. 20000 each
Samsung (J5 prime) Qty-3 @ Rs. 25,000 each
iPhone (iPhone XR) Qty-1 @ Rs. 70,000 each

20th July Sold below goods directly on Easy Paisa account to Ajmal Traders from Saddar Branch,
 Sale Receipt No. 421
iPhone (iPhone XR) Qty-4 @ Rs. 70,000 each
iPhone (iPhone 13 pro max) Qty-3 @ Rs. 130,000 each
Samsung (S22 Ultra) Qty-1 @ Rs. 180,000 each

Sold below goods to Rehan Electricals on credit from Saddar Branch, Invoice
No. 222.
27th July Nokia (Lumia 660) Qty-4 @ Rs. 20,000 each
Nokia (Lumia 880) Qty-3 @ Rs. 35,000 each
Samsung (J5 prime) Qty-5 @ Rs. 30,000 each

7th August Below Sales are returned due to damaged packing (i.e., dated 20th July) by Ajmal Traders
Sale Receipt No. 421 and Check No #888322
iPhone (iPhone XR) Qty-2 @ Rs. 70,000 each
iPhone (iPhone 13 pro max) Qty-2 @ Rs. 130,000 each

Saddar Branch
11th August Received cheque No. 000099 of Rs. 185,000 from Raja Traders against invoice no. 111
deposited the same in Faysal Bank Current Account.

University Road Branch

Sold below goods to AK traders in cash, Invoice no. 5
Samsung (S22 Ultra) – Qty 4 @ Rs. 170,000 each
19th August Samsung (Galaxy J5 prime) – Qty 8 @ Rs. 30,000 each

University Road Branch

th
19 August Cash Paid to Ajmal Traders against Sales Returned (i.e., Rs. 400,000)

Saddar Branch
19th August Received 335,000 Cash from Rehan Traders dated 27th July, of Invoice No. 222

Saddar Branch

Expenses and Others

21st August Paid rent Rs. 60,000 through check no. 66556 by Meezan Bank Current Account

University Road
22nd August Withdraw Cash @ 100,000 from Meezan Bank for University Road Branch, Check No #
233343

25th August Paid Salaries Rs. 100,000 through Faysal Bank Current Account Check no. 66567

University Road

28th August Paid Wi-Fi bill @ 2700 by Easypaisa Account from Saddar Branch.

28th August Paid rent of August, September and October Rs. 180,000 through Meezan Bank Current
Account Check no. 43456

University Branch
29th August The salary is payable 100,000 and will be paid next month.

Saddar Branch
th
30 August Paid Electricity Bill @ 10,000 by Saddar Branch.

31th Paid salaries through Meezan Bank Check no. 56656

August
Saddar Branch