4. Fixed Assets: Handle accounts of all assets like machinery, buildings, etc.
5. Investments: It keep records of overall investment like shares, Govt. securities, Deposits etc.
6. Loans (liability): It keeps an account of the loans taken by company and has following three
subgroup:
(A) Bank OD accounts: Keep all overdraft accounts.
(B) secured loans: Keep track of loans taken by the company securities against the fixed assets.
(C) Unsecured Loans: Unconditional loan obtained from Partners/ Directors or other parties.
7. Suspense Account: This account is used to enter the transactions whose detai9ls are ye to tbe
finalized.
8. Branch / Divisions: All the names of branches, divisions and subsidiaries of the company.
12. Direct income: This group is used for entering all direct incomes like sales of goods.
13. Indirect income: This group maintains the all incomes other than sales. That means it keeps record
of all incomes like rent received, interest received etc.
14. Direct expenses: This group is used for recording all direct expenses means the purchase of raw
material, or wages of workers.
15. Indirect expenses: This group is used to maintain the records of all expenses other than direct
expense. All salary paid, rent paid, advertisement charges are under indirect expenses.
Group creation
Name
(alias)
Under:
Group behaves like a sub – ledger? No.
To create subgroup under one parent group, select that group in the option under group.
b. To create subgroups under more than one parent group, select all items in the option under group.
Ledger is a book that is used to store detail of each account. It is actual account heads to which transaction is
identified.
1. When user creates a company, at that time very first user creates different ledgers.
2. When user wants to create single ledger account of different group then user must select single ledger option.
3. But if user wants to create different accounts of same group then user must select multiple ledger options.
For creating ledger user follows following steps.
Ledger Group
Mr. Shamroz a/c Capital a/c
Bank a/c Bank a/c
Furniture a/c Fixed assets
Building a/c Fixed assets
Purchase a/c Purchase a/c
Mr. Aasim a/c Sundry creditor
Wages a/c Direct expenses
Salary a/c Indirect expenses
Discount a/c Indirect expenses
Sales a/c Sales a/c
Mr. Raheel Sundry debtor
Interest a/c Indirect expenses
Old newspapers Indirect income
AM COMPUTER CLASSES
I. Record the following transactions in the books of “M/s Albert & Brothers”.
1. Aasim starts business with Rs. 50,000.
2. He opens a SBP saving bank account and deposits Rs. 20,000.
3. Bought furniture for Rs. 5,000, machinery for Rs. 10,000.
4. Purchased goods for Rs. 14,000.
5. Sold goods for Rs.8, 000.
6. Purchased goods from AK & Company for Rs. 11,000.
7. Paid telephone rent for the year by Cheque Rs. 500
8. Bought one typewriter for Rs. 2,100 from ‘Universal Typewriter Co’. on credit.
9. Sold goods to Junaid for Rs. 12,000.
10. Sold goods to Husnain for Rs. 2000 cash.
11. Amount withdrawn from bank for personal use Rs. 1,500.
12. Received cash from Junaid Rs. 11,900 and discount allowed Rs. 100.
5
Date Bill no. Party name Stock item Godown Qty Selling
price
ST
1 MAY OM Real store V.2 Mall Road 15 650
P001
TH
5 MAY OM Hyperstar C.1 MM 40 675
P002 store ALAM
TH
6 MAY OM Omtex store V.2 MM 53 685
P003 ALAM
TH
8 MAY OM Uk store BASIC Mall Road 31 695
P004
TH
10 MAY OM Philips store FINAL Mall Road 100 902
P005
TH
17 JUNE OM Omtex store INTERMEDIATE SION 20 625
P006
TH
19 JULY OM Pk store ADVANCE SION 36 635
P006
RD
23 JULY OM Real Store SIMPLE DHARAVI 90 644
P007
TH
29 AUGUST OM Philips store C.2 SION 42 702
P008
nd
2 MAY BABAJI STORE CASH --------------------- 30000
nd
2 MAY AMU STORE CASH --------------------- 20000
nd
2 MAY IMRAN STORE CHEQUE 8459625 18000
nd
2 MAY BASHIR STORE CHEQUE 6548721 6000
nd
2 MAY AZIM’S STORE CHEQUE 9685721 22000
nd
2 MAY AA STORE CASH --------------------- 3000
Contra Entries
st
1. On 1 September, Withdraw Rs. 50000 from Abhyudaya/ Punjab bank for business purpose.
th
2. On 30 November, With drawn Rs. 25000 from Cash in bank for business purpose.
th
3. On 28 February, Deposit Rs. 25000 in Punjab bank.
Charging Depreciation
On 31 – 3 – 2011 Charge depreciation @ 10% on furniture, 20% on computer, 12.5% on Machinery,
7.5% on Building.
11
Contra Entries
st
4. On 1 September, Withdraw Rs. 50000 from Punajb bank for business purpose.
th
5. On 30 November, With drawn Rs. 25000 from Cash in bank for business purpose.
th
6. On 28 February, Deposit Rs. 25000 in Punjab bank.
Charging Depreciation
On 31 – 3 – 2011 Charge depreciation @ 10% on furniture, 20% on computer, 12.5% on Machinery,
7.5% on Building
13
14
16