On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000 Prepare basic transactions using National Accounts Chart (NAC)
On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000 Prepare basic transactions using National Accounts Chart (NAC)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:
- Purchase Furniture for Cash Rs. 7,000.
- Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
- Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
- Owner withdrew of worth Rs. 2,000 for personal use.
- Paid Khalid Retail Store Rs. 500.
- Received Rs. 10,000 from Khan Brothers.
- Paid Salaries Expense Rs. 2,000
Prepare basic transactions using National Accounts Chart (NAC).

Transcribed Image Text:Section
Account Ne
Account Title
Non-current assets (long-lived)
10
Intangible assets
101
Intangible assets - Cost
102
Intangible assets - Amortization
Capitalization costs for Intangible assets
103
Property, plant and equipment
Property, plant, equipment - Cost
Property, plant, cquipment - Depreciation
Capitalization costs for Property, plant, equipment
11
II
112
113
12
Real Estate Investment
121
Real Estate Investment-Cost
122
Real Estate Investment -Depreciation
Biological assets
Biological assets-Cost
Biological assets -Depreciation
13
131
132
14
Natural resources
141
Natural resources -Cost
142
Natural resources -Depletion
Investments accounted for using the equity method.
15
151
Investment in associates
152
Investment in joint associates
16
Deferred tax assets
161
Deferred profit tax assets
162
Other tax assets
17
Long-term receivables
Long-term receivables of buyers and customers
171
Long-term receivables of subsidiaries (dependent) enterprises
172
173
Long-term receivables principal management staff
174
Long-term lease receivables
Long-term construction contracts receivables
175
176
Long-term interest receivables
177
Other long-term receivables
18
Other long-term financial assets
181
Long-term investments stored until payment (maturity)
182
Long-term loans issued
183
Other long-term investments
Adjustments due to a decrease in the value of other long-term financial
assets
184
19
lother long-term assets

Transcribed Image Text:19
Other long-term assets
191
Prepaid expenses
192
Issued long-term advances
193
Other long-term assets
2
Short-term assets
20
Inventory.
201
Materials, raw materials
202
Production expenses
203
Work in process on construction contracts
204
Finished goods
205
Goods, products
206
Other assets held for sale
207
Other inventory
208
Adjustments due to the decrease in value of inventories
21
Short-term receivables
Short-term receivables of buyers and customers
211
212
Short -term receivables of subsidiaries (dependent) enterprises
213
Short -term receivables principal management staff
214
Short -term lease receivables
Short -term construction contracts receivables
215
216
Short -term interest receivables
217
Other Short-term receivables
218
Adjustments on bad debts
22
Cash and equivalents
221
Cash & Petty cash
222
Cash in transit
223
Bank account
224
Other bank accounts
225
Cash equivalents
23
Other short-term financial assets
231
Short-term investments held for sale
232
Short-term investments stored until payment
233
Short term loans issued
234
Other short-term investments
Adjustments due to a decrease in the value of other short-term financial
235
assets
24
Other short-term assets
VAT substitutable
Prepaid expenses
241
242
243
Short-term advances issued
244
Accountable amounts
245
Other short-term assets
anital
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