Single Entry System Exercise In Accounting

Welcome to Shamim collegiate here is a single entry incomplete record exercise Question as soon as possible I will provide you answer because I don't have much time to write. these questions are an assignment for my all students inshallah I will provide more questions
XII Commerce Single Entry Exercise One

single entry system 12th commerce project
SHAMIM COLLEGIATE
House NO# LA 54 Block 15 Gulshan e Mustafa FB Area karachi, Mobile :: 03433498272
1. Shamim collegiate started a business. He maintain his records on single entry system as summary cash receipt and cash payment as under
Cash receipt
Cash payment
Shamim collegiate capital         Rs 120,000
Equipment                                 60,000
Sales                                           Rs 100,000   
Payment to supplier                   40,000
Bank loan                                   Rs   50,000
Cash purchases                           80,000
Collection from customer          Rs  60,000
Prepaid insurance                       25,000

Salaries expense                          30,000

Drawing                                       10,000

Bank loan                                      20,000


During the year credit sale rs, 85000 and credit purchase rs 60,000
Additional information on December 31, 2014
Merchandise inventory valued at 50,000
Depreciation expense 6000
Prepaid insurance 5000
Unpaid salary 20,000



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Question 02 Single Entry System Exercise In Accounting.Shamim collegiate By sir Tariq started a business. He maintains his records on single entry system as summary cash receipt and cash payment as under
Cash receipt
Cash payment
Shamim collegiate capital         Rs 130,000
Equipment                                 70,000
Sales                                           Rs 110,000   
Payment to supplier                   50,000
Bank loan                                   Rs   60,000
Cash purchases                           90,000
Collection from customer          Rs  70,000
Prepaid insurance                       30,000

Salaries expense                          40,000

Drawing                                       20,000

Bank loan                                      30,000



During the year credit sale rs, 95000 and credit purchase rs 70,000
Additional information on December 31, 2014
Merchandise inventory valued at 60,000
Depreciation expense 7000
Prepaid insurance 10000
Unpaid salary 30,000
written by sir Tariq

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