Assignments for Quick books

QuickBooks Assignment 1:
ABBAS MOBILES
Create your own charts of accounts.

Assets Accounts
Account Name Account type Beginning Balance
Cash in Hand Other Current Assets 30,000
Petty Cash Other Current Assets 10,000
MCB Bank 300000
HBL Bank 50000
Accounts Receivables Accounts Receivables 0
Employee Loan Other Current Assets 0
Inventory Assets Other Current Assets 400000
Office Furniture Fixed Assets 100000
Office Computers Fixed Assets 30000
Office Supplies Other Current Assets 20000
Accumulated Depreciation Fixed Assets
Pre-paid Insurance Other Assets

Liabilities Accounts
Account Name Account Types Beginning Balance
Account Payable Account Payable
Payroll Liabilities Other Current Liability
Sales Tax Payable Other Current Liability
Bank Loan Long term Liability
Equity Accounts
Account Name Account Type Beginning Balance
Owner’s Equity Equity 92,2000
Owner’s Draw Equity
Sales Accounts
Account Name Account Type Beginning Balance
Service Income Income
Sale Nokia Mobiles Income
Sale Samsung Mobiles Income
Sale LG Mobiles Income
Sales Discounts Income
Sales Returns Income

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 Purchase Accounts
Account Name Account Type Beginning Balance
Purchase Nokia Mobiles Cost of goods sold
Purchase Samsung Cost of goods sold
Mobiles
Purchase LG Mobiles Cost of goods sold
Purchase Discounts Cost of goods sold
Purchase Return Cost of goods sold

Expense Accounts
Account Name Account Type Beginning Balance
Automobile Expense
Automobile Insurance Expense
Automobile Fuel Expense
Repairs and Maintenance Expense
Bad Debt Expense
Bank service charges Expense
Depreciation expense Expense
Freight Delivery Expense
Insurance Expense
Rent expense Expense
Utilities(Gas, electricity, Expense
phone)
Payroll Expense Expense
Office Supplies Expense
Depreciation expense Expense

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Requirement 3: Setting Up Customers

Address Info
Company Name Shahzaib Mobiles Vohra Mobiles Sunny Mobiles
Mr/Mrs Optional Field Optional Field Optional Field
Last Name Shah Khan Mohammad
First Name Shahzaib Asif Ali
Contact Optional Field Optional Field Optional Field
Phone 5678766 6767678 4455667
Fax 5467774 6755443 4676656
Address Bill To Shop no A12/4 Line House Shop CITE Area, Plot no
Tariq Road Karachi no 14 Gulshan e 56 Karachi
Iqbal

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 Additional Info
Customer Type Retail Retail Retail
Terms N/30, 2/10 N/30, 2/10 N/30, 2/10
Send Method Hand Deliver Hand Deliver Hand Deliver
Tax Code Select If You Have Select If You Select If You
Have Have
Price Level None None None
Payment Info
Account Number None None MCB-764334-6788
Credit Limit 3000000 3000000 4000000
Payment Method Check Check Check

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Requirement no 4: Setting Up Vendors

Address Info
Company Name Nokia Mobiles Co Samsung Mobiles LG Mobiles
Mr/Mrs Mr Mr Mr
First Name Elizabeth Johansson Faisal
Last Name Red Wool Nisar
Contact Elizabeth Johansson Faisal
Phone 0911-9875555 0743-7654345 8765433
Fax 9658880 78765555 8765557
Alternate Phone None None None
Alternate Contact None None None
Email None None None
Cc None None None
Print on Check As None None None
Additional Info
Account Number
Vendor Type Whole Sale Whole Sale Whole Sale
Terms N/30, 2/5 N/30, 2/5 N/30, 2/5
Credit Limit 1,00,00,000 8,00,00,00 9,00,00,00

Requirement 5: Setting Up Inventory Items

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 Type Inventory Part Inventory Part Inventory Part
Item Name Nokia Mobile Samsung Mobile LG Mobile
Cost 10,000 6,000 7,000
COGS Account Select COGS A/c Select COGS A/c Select COGS A/c
Preferred Vendor Optional Field Optional Field Optional Field
Sales Price 12,000 8,000 10,000
Tax Code Link the tax code Link the tax code Link the tax code
Income Amount Select Sales A/c Select Sales A/c Select Sales A/c
Asset Account Inventory Asset Inventory Asset Inventory Asset
Reorder Point 50 50 50
On Hand 10 15 20
Total Value Automatic Automatic Automatic
Calculates Calculates Calculates
Unit of Measure Each Each Each

Requirement no 6: Setting up Sales Tax

Tax Name: Sales Tax
Vendor: FBR (Federal Board of Revenue)
Type: Tax Agency
Tax Rate: 16%

Requirement no 7: Charts of Accounts/ General Journal

Transactions:
1. Transferred cash from bank HBL to Cash in hand Rs 20000.
2. Bought Office Table for cash Rs 2000.
3. Purchased Office Supplies on account Rs 200.
4. Sold one Nokia for 12000 cash.
5. Purchased 5 Nokia Mobiles for 50000 “MCB”
6. Amount Withdrawn from bank MCB for personal use Rs 30000.
7. Paid Salaries to employees Rs 40000 from MCB.
8. Sold one LG mobile for cash Rs 10000.
9. Transferred cash from MCB to HBL Rs 50000.
10.Purchased 10 Nokia Mobiles for Rs 10000 each “MCB”.
11.Paid Office rent for Rs 20000 from HBL.
12.Sold 2 Nokia Mobile for 24000 on Account to Vohra Mobiles.
13.Received full payment from Vohra Mobiles against the sale of Nokia Mobiles.
14.Sold 2 LG mobiles to Shahzaib Mobiles for 10000 on account.
15.Shahzaib mobiles returned one LG Mobile.
16.Purchased 10 Nokia Mobiles from Nokia Company for 100000 on account.

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17.Returned one Nokia Mobile to Nokia Company.
18.Paid utility bills Rs 5000 for telephone and Rs 3000 for electricity from HBL.
19.Purchased office telephone set for 1000 “Cash In Hand”.

Check Reports: -
 Trial Balance
 General Journal, General Ledger
 Balance Sheet, Income Statement
 Inventory Items.
 Customer, Vendor details.

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