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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)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:
  2. Purchase Furniture for Cash Rs. 7,000.
  3. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
  4. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
  5. Owner withdrew of worth Rs. 2,000 for personal use.
  6. Paid Khalid Retail Store Rs. 500.
  7. Received Rs. 10,000 from Khan Brothers.
  8. Paid Salaries Expense Rs. 2,000

Prepare basic transactions using National Accounts Chart (NAC). 

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: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
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
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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