Variation Proforma Journal Entries

zaheerswati@ciit.net.
pk Variation Proforma for entries (Solved)

14
Unit 2

VP # 2.1 VariationProformafor Journal Entries

S.No

Transactions
Chart of Accounts Accounting Pillars Reasons Debit Credit

1
Ali Started business with Cash Rs. 100,000
Cash Asset Increase 100,000
Owner Equity Owner Equity Increase 100,000

2

Purchases goods by Cash Rs. 5,000
Purchases Expense Increase 5,000
Cash Asset Decrease 5,000

3

Borrowing money as Bank Loan of Rs. 50,000
Bank Loan Liability Increase 50,000

4

Bought Furnitureon Account Rs. 3,000
Furniture Asset Increase 3,000
Account Payable Liability Increase 3,000

5

Paid Wages of Rs. 1,000 to daily basis worker
Wages Expense Increase 1,000

6

Credit Sales madeof worth Rs. 17,000
Account Receivable Asset Increase 17,000
Sales Revenue Increase 17,000

7

Paid Threeyear Rent in AdvanceRs. 15,000
Prepaid Rent Asset Increase 15,000

8

Owner withdraw Furnitureof Rs. 500
Drawing Drawing Increase 500
Furniture Asset Decrease 500

9

Cash Sales of worth Rs. 11,000

10

Bought MerchandisefromAhmed Rs. 2,000
Account Payable Liability Increase 2,000

11

Accrued Revenueworth Rs. 14,000
Account Receivable Asset Increase 14,000

zaheerswati@ciit.net.pk Variation Proforma for entries (Solved)

15
Unit 2


S.No

Transactions
Chart of Accounts Accounting Pillars Reasons Debit Credit

1

Cash received fromCustomer Rs. 6,000
Account Receivable Asset Decrease 6,000

2

Unpaid Salaries for December of worth Rs. 2,200
Salaries Expense Increase 2,200
Salaries Payable Liability Increase 2,200

3

Oneyear Rent has been expired of Rs. 5,000
Rent Expense Increase 5,000
Prepaid Rent Asset Decrease 5,000

4

Paid to Creditor of Rs. 1,500
Account Payable Liability Decrease 1,500

5

Charged Rs. 2,500 as Depreciation to Machinery by cost method
Depreciation Expense Increase 2,500
Accumulated Dep. C. Asset Decrease 2,500

6

Deposited Rs. 7,000 to Bank
Bank Asset Increase 7,000

7

Goods Distributed as FreeSampleRs. 300
FreeSample Expense Increase 300
Purchases Expense Decrease 300

8

Received Cash Discount worth of Rs. 100
Cash Asset Increase 100
Discount Revenue Increase 100

9

Retired Bank Loan of Rs. 10,000
Bank Loan Liability Decrease 10,000

10

Paid Commission to employeeRs. 1,800
Commission Expense Increase 1,800

11

Business Furnituresold on Cash Rs. 800
Furniture Asset Decrease 800


16
Unit 2


S.No

Transactions
Charts of Accounts Accounting Pillars Reasons Debit Credit
1
Khawar Mughal invested in his business Rs. 104,000 in cash and
building worth Rs. 246,000
Building
Asset

Increase

246,000

2 Purchased Equipments Rs. 31,500 on cash
Equipments Asset Increase 31,500
3
Purchased electrical Compressor for Rs. 47,750 from modern
Electric store
Electric Compressor Asset Increase 47,750
A/c Payable Liability Increase 47,750
4 Sold merchandiseRs. 21,700 to Ali Malik
A/c Receivable Asset Increase 21,700
Sale Revenue Increase 21,700
5 Paid Miscellaneous Exposes of Rs. 13,245
M. Expenses Expense Increase 13,245
6 Purchased electric typewriter for business useRs. 21,000
Typewriter Asset Increase 21,000
7
Purchased papers, files ribbons and carbon papers etc. Rs. 1,235on
account
OfficeStationery Expense Increase 1,235
8 Rented aportion of theshop and received rent Rs. 2,000
Rent Revenue Increase 2,000
9
Paid cash to modern Electric storeRs. 7,245 and wages Rs. 100
A/c Payable Liability Decrease 7,245
Wages Expense Increase 100


17
Unit 2
S.No Transaction
Chart of Accounts

Accounting Pillars

Reasons Debit Credit
1 Started business with Rs. 2,000 in thebank
Bank Asset Increase 2,000
2 Bought goods on credit fromC. Shaw Rs 900
Purchases Expense Increase 900
A/c Payable Liability Increase 900
3 Wereturned goods to C. Shaw Rs. 40
A/c Payable Liability Decrease 40
Purchases Return C. Expense Decrease 40
4 Bought goods by cash fromF. Mills Rs. 190
Cash Asset Decrease 190
5 Took Rs. 300 of cash and deposit it into thebank.
Bank Asset Increase 300
6 Bought machinery by check Rs. 550
Machinery Asset Increase 550
Bank Asset Decrease 550
7 Sold goods on credit to L. Peter Rs. 220
A/c Receivable Asset Increase 220
Sales Revenue Increase 220
8 G. wood returned goods to us Rs 140 acredit customer.
Sales Returns C. Revenue Decrease 140
A/Receivable Asset Decrease 140
9 Wereturned goods to Ali Rs. 30 which was purchased by cash
10 Bought Machinery on credit fromD. LeeRs 270
Machinery Asset Increase 270
A/c Payables Liability Increase 270


18
Unit 2

VP # 2.5 VariationProforma for Journal Entries
S.No Transactions Account Title Involved Accounting Pillars Reasons Debit Credit
1
X commenced business with Cash Rs. 50,000 and Bank
Loan Rs. 20,000

2
Purchased furnitureof worth Rs. 10,000 in which Rs. 7,000
by cash and 3,000 by issuing NotePayableto ABC Co.
NotePayable Liability Increase 3,000
3
Sold goods on of worth Rs. 12,000. Rs. 2,000 related to
credit and Rs. 10,000 of cash sales
4 Received commission of Rs. 25
Commission Revenue Increase 25
5
Sales returned by customer of Rs. 500 and reduced Account
Receivable
Sales Return C. Revenue Decrease 500
A/c Receivable Assets Decrease 500
6
Paid Transportation ExpenseRs. 450, CarriageExpenseRs.
150, Wages ExpenseRs. 200 and Taxes Rs. 100
Transportation Expense Increase 450
Carriage Expense Increase 150
Wages Expense Increase 200
Taxes Expense Increase 100
Cash Assets Decrease 900
7 X withdrew frombusiness for personal useRs. 2,400
Drawing Drawing Increase 2,400
8
Further invested by owner in theshapeof cash Rs. 10,000
and furnitureRs. 1,000
Cash Assets Increase 10,000
Furniture Assets Increase 1,000


19
Unit 2

VP # 2.6 Variation Proformafor Journal Entries
S.No Transactions Chart of Accounts
Accounting Pillars

1
Commenced business with cash Rs.10,000
2 Bought merchandising for cash Rs.300
3 Bought computer for cash Rs. 2,000
Computer Asset Increase 2,000
4 Sold goods to Nasir Rs.1,000
5 Purchased goods fromSalman & co. Rs.300
7
Received fromNasir Cash Rs.900 after allowed himDiscount
Rs.100
Discount Expense Increase 100
A/c Receivable Asset Decrease 1,000
9 Paid Salam& co, CashRs.290 after received Discount Rs.10
A/c Payable Liability Decrease 300
10 Bought Iron safefor cash Rs. 1,850
Iron safe Asset Increase 1,850
11 Paid Rent Rs.100
Rent Expense Increase 100


20
Unit 2

Accounting Pillars

1
Mohsin Ali Khan started business cash Rs. 150,000, Land
Rs. 30,000 and Van Rs. 100,000
Land Asset Increase 30,000
Van Asset Increase 100,000
2
Purchased merchandiseon account Rs. 12,000 and by cash
Rs. 8,000 formAli and Brothers.
3
Paid carriageon purchases Rs. 250 and salaries payable
Rs. 500
Carriage Expense Increase 250
Salaries Expense Increase 500
Salaries Payable Liability Increase 500
4
Payment madeto Ali and brother Rs. 11,800 receiving
cash discount 10 % on Rs. 12,000.
5
Loan taken fromthe HBL of Rs. 55,000 and retained in
business account in thebank
Bank Assets Increase 55,000
6 Further investment of Rs. 20,000 madeby owner
7
Paid salaries Rs. 2,500 and electricity bill for the month
Rs. 500
Salaries Expense Increase 2,500
Electricity Bill Expense Increase 500


21
Unit 2

Accounting Pillars

1
Naeemstarted business with Furnitureof worth Rs. 200,000
2 Purchased FurniturefromAhmed co. of Rs. 10,000
Furniture Assets Increase 10,000
3 Purchased goods of valueRs. 50,000 by Cash
Cash Assets Decrease 50,000
5 Bought OfficeEquipment on account Rs. 15,000
OfficeEquipment Assets Increase 15,000
8 Withdraw Furniture of Rs. 3,000 for Personal consumption
Drawing Drawing Increase 3,000
Furniture Assets Decrease 3,000
9 NaeemmakeAdditional Investment Rs. 15,000
10 Cash paid to Creditors of Rs. 25,000
11 Cash received fromDebtors of Rs.15,000
A/c Receivable Assets Decrease 15,000
12 Paid Factory Overhead (FOH) of Rs. 3,000
FOH Expense Increase 3,000
13 Paid Rs. 2,000 for Extension of Building.
Building Assets Increase 2,000


22
Unit 2
Accounting Pillars

1
Mr. A started business with Cash Rs. 50,000
Cash Asset Increasing 50,000
Owner Equity Owner Equity Increasing 50,000
2 Purchased Supplies Rs. 15,000
Supplies Asset Increasing 15,000
Cash Asset Decreasing 15,000
3 Sold goods Rs. 15,000 by Cash and 10,000 by NoteReceivable
NoteReceivable Asset Increasing 10,000
Sales Revenue Increasing 25,000
4 Purchased Goods fromJ for Cash Rs. 3,000
Purchase Expense Increasing 3,000
Cash Asset Decreasing 3,000
5 Supplies Assets has been expired during theperiod of Rs. 7,000
Supplies Expense Expense Increasing 7,000
Supplies Asset Decreasing 7,000
6 Bad debts during theyear are1,500
Bad Debts Expense Increasing 1,500
A/c Receivable Asset Decreasing 1,500
7 Unearned Sales wereearned during theFinancial year of Rs. 2,600
Unearned Sales Liability Decreasing 2,600
8 Sold goods to R Rs. 16,000
Account Receivable Asset Increasing 16,000
9 Purchased Patents for Rs. 7,000
Patents Asset Increasing 7,000
10 Paid for Stationary ExpenseRs. 300
Stationary Expense Increasing 300
Cash Asset Decreasing 300


23
Unit 2

VP # 2.10 Variation Proformafor Journal Entries
Accounting Pillars
1 Started Business with cash Rs 66,000
2 PurchaseInventory for cost Rs.11,000
Inventory Asset Increase 11,000
3 Bad Debts recovered of Rs. 1,000
Bad Debts Expense Decrease 1,000
4 PurchaseMerchandisefromSarwer Rs. 500
5 PurchaseMotorcyclefor cash Rs.19,000
Motor Cycle Asset Increase 19000
6 Sold Motor Cyclefor Cash Rs.22,000 Which costs Rs.19,000
Motor Cycle Asset Decrease 19,000
Profit and Loss Owner Equity Increasing 3,000
7 Received Cash Rs.5,200 fromAccounts Receivable
A/c Receivable Asset Decrease 5,200
8 Purchased aCar for Cash Rs 2,500.
Car Asset Increase 2,500
9 Withdrew Inventory for PrivateUseRs. 1,000.
Drawings Drawing Increase 1,000
Inventory Asset Decrease 1,000
10 Paid Outstanding Salaries to employees Rs. 3,000.
Salaries Payable Liability Decreasing 3,000


24
Unit 2

S.No
Transactions

Chart of Accounts Pillars of Accounts Reasons Debit Credit
1
Bad debts during theyear are1,500 and goods return by credit
customers of Rs. 500.
Bad Debts Expense Increasing 1,500
Sales Return C. Revenue Decreasing 500
A/c Receivable Asset Decreasing 2,000
2
Payment madeto Ahmed and brother Rs. 11,700 receiving cash discount
on Rs. 12,000.
3 InsuranceAssets has been expired during theperiod of Rs. 2,000
InsuranceExpense Expense Increasing 2,000
Prepaid Insurance Asset Decreasing 2,000
4

Depreciation Expenseon Furnitureof Rs. 1,500 by WDM
Dep. Exp_ Furniture Expense Increase 1,500
Furniture Asset Decrease 1,500
5 Sold old machinery for Cash Rs.27,000 Which costs Rs.30,000
Profit and Loss Owner Equity Decrease 3,000
Machinery Asset Decrease 30,000
6 Wereturned goods to Ali Rs. 300 which was purchased by cash

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zaheerswati@ciit.net.

pk Variation Proforma for entries (Solved)

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