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Assignment 3

The document outlines an assignment for accounting students at Abasyn University Peshawar, focusing on recording transactions for ABC Company starting from January 1, 2021. It includes a series of financial transactions such as cash sales, purchases, salary payments, and other expenses. Students are required to record these transactions in a journal, classify accounts into a ledger, and prepare a trial balance from the ledger.

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8 views1 page

Assignment 3

The document outlines an assignment for accounting students at Abasyn University Peshawar, focusing on recording transactions for ABC Company starting from January 1, 2021. It includes a series of financial transactions such as cash sales, purchases, salary payments, and other expenses. Students are required to record these transactions in a journal, classify accounts into a ledger, and prepare a trial balance from the ledger.

Uploaded by

fahadrehmann07
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ABASYN UNIVERSITY PESHAWAR

Assignment 3

Fundamentals of Accounting Course Instructor: Miss. Hina Gul

ABC Company 1st January, 2021.

1. Ali started his business with cash Rs. 1, 00,000/-.

2. Sold Goods on cash Rs. 20,000/-.

3. Purchase Goods from Fahim Rs. 10,000/-.

4. Sale Goods on credit to Salman Rs. 30,000/-.

5. Salaries paid by cash Rs. 3,000/-.

6. Electricity bills paid by cash Rs. 1000/-.

7. Cash collected from Salman Rs. 30,000/-.

8. Goods return to Fahim Rs. 1,000/-.

9. Purchase building for cash Rs. 20,000/-.

10. Wages paid by cash Rs. 1,500/-.

Required:

 Record these transactions in the Journal.


 Classify accounts in to ledger
 Prepare trial balance from ledger

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