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Peachtree Class Practice Question

The document provides instructions to set up a new sole proprietorship company called "Medical Services - student name" located in Sukkur, Pakistan that uses the accrual basis of accounting and has a fiscal year starting in January 2016. It also provides a trial balance, instructions to create inventory items, vendors, customers and record transactions from February 2016. Finally, it asks to reconcile the cash at bank account based on discrepancies found in the bank statement.

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Nazar Muhammad
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1K views4 pages

Peachtree Class Practice Question

The document provides instructions to set up a new sole proprietorship company called "Medical Services - student name" located in Sukkur, Pakistan that uses the accrual basis of accounting and has a fiscal year starting in January 2016. It also provides a trial balance, instructions to create inventory items, vendors, customers and record transactions from February 2016. Finally, it asks to reconcile the cash at bank account based on discrepancies found in the bank statement.

Uploaded by

Nazar Muhammad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

Prepare a new company setup having following specifications:

Name: “Medical Services -student name”,

Address: Sukkur

Telephone No. 03123456789,

Business Type: SOLE PROPRIETORSHIP.

Business Type: MERCHANDISING COMPANY,

Accounting Method: ACCRUAL,

First period of fiscal year: JANUARY 2016

2. Given following is Adjusted Trial Balance of “Medical Services – Student Name”. Create
chart of account for each account of trail balance, with amount mentioned as balance
on 31/Jan/2016.

Medical Services -……..

Adjusted Trial Balance

January 31, 2016.

Account Title Debit Credit

Cash at Bank/Checking Account 70000

Account Receivable 10000

Inventory 30000

Property & Equipment’s 10000

Account Payable 45000

Capital 50000

Sales Revenue 75000

Wages Expense 40000

Utilities Expense 5000

Advertising Expense 5000


3. Create three Vendors by putting data as follows:

Name Beginning Balance Invoice Date Credit Term Invoice No.

Mr. A Rs:15000 Jan/10/2016 2/10,n/30 01

Mr. B Rs. 20000 Jan/20/2016 2/10,n/30 02

Mr. C Rs. 10000 Jan/25/2016 2/10,n/30 03

Help: For entering Beginning Balance/invoice Date /Invoice No. go to:

Maintain Vendors >History>Vendor Beginning Balances

4. Create three customers by putting only following data :

Name Beginning Balance Invoice Date Invoice No. Credit Term

Mr. X Rs:2000 Jan/01/2016 04 2/10,n/30

Mr. Y Rs. 3000 Jan/15/2016 05 2/10,n/30

Mr. Z Rs. 5000 Jan/30/2016 06 2/10,n/30

Help: For entering Beginning Balance/invoice Date /Invoice No. go to:

Maintain customers/prospects >History>Vendor Beginning Balances

5. Create Five Items for Inventory by putting data as follows:

Item Name Cost Method Beginning Bal.

Unit Price Qty

X-RAY MACHINE FIFO 1000 05

LASER LIGHTS FIFO 100 50

ULTRASOUND MACHINE FIFO 5000 02

CT SCANNER FIFO 1000 05

PUMPS FIFO 50 100

6. Record following transactions of Medical Services, company have policy to record sales
on gross and purchase on net and make adjusting entries at the end of month:
1. On Feb/02, 2016, Purchased 5 X-RAY MACHINES @ Cost RS.1500 from Mr. A. terms
2/10,n/30.

2. On Feb /05/2016 Received monthly car maintenance services bill of Rs. 1200 for the
month of February, from Overnight Auto due on 28/Feb /2015.

3. On Feb /06/2016 Made Purchase order for 04 ULTRASOUND MACHINES from Mr. B @
cost of RS: 4000 per piece

4. On Feb /08/2016 received inventory against order made on Feb/06/2015 to Mr. B.


Owner paid Rs. 6000 at purchase and remaining payment terms due in net 30 days.

5. On Feb/09/2016 issued sales quote to Mr. Z for sale of 5 X-Ray Machine at the price of
Rs. 3000 per unit with additional Rs. 500 sales tax per X-Ray Machine and total Rs. 750
freight charges.

6. On Feb/09/2016 issued sales quote to Mr. Y for sale of 4 X-Ray Machine at the price of
Rs. 6000 per unit including sales and freight charges.

7. On Feb/09/2016 Mr. Z accept the quote for purchase of 5 X-Ray Machine, terms 2/10,
n/30.

8. On Feb /10/2016 Purchased 06 CT SCANNER from Mr. C for cash total Rs. 6000.

9. On Feb/12/2016 Received and paid electricity bill of Rs.5000/= for the month of Jan
2015.

10. On Feb/15/2016 Sold 60 LASER LIGHTS at price of Rs.120/piece and 40 PUMPS at price
of Rs.200/piece to Mr. X, terms 2/10, n/30.

11. On Feb/16/2016 sold 01 ULTRASOUND Machine to a retail customer for cash Rs.
12000/=

12. On Feb/17/2016 cleared bill of Mr. A for purchased made on Feb/02/2015 at gross
price.

13. On Feb/19/2016 Mr. Z paid his bill of Feb/09/2016, in full.

14. On Feb/20/2016 purchased 12 months insurance policy for Rs: 8000 cash.

15. On Feb/20/2016 two CT SCANNER purchased from Mr. C for cash, proved out of order
and returned to Mr. C. Mr. C promised to reimburse amount within 10 days.

16. On Feb/25/2016 Ten Laser Lights and 15 PUMPS were returned by Mr. X purchased on
Feb/15/2016. Owner made full adjustment of sale returned by passing credit memo at
purchased price.

17. On Feb/28/2016 Paid salaries to employees Rs. 10000/= cash.


7. Owner of Medical Equipment Corp found that his bank statement is overstated by Rs.
6000 on 28/Feb/2015. After enquiring he found that Bank has added Rs.15000 as
interest income and deducted Rs. 9000 as services charges. You are required to
reconcile the account of cash at bank/checking account to clear this imbalance.

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