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Submitted By: Muhammad Shahid Khan

Submitted To:- Sir. Safdar Iqbal

Assignment No: 01

Subject: Financial Accounting II

Registration No. 18635

Department: Management Sciences

Dated: 18.04.2021

Department of Management Sciences

Abasyn University Ring Road, Peshawar
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Problem No. 03
 On September 1, Samardo Office Supply had an inventory of 30 calculators at a cost of
$20 each. The company uses a periodical inventory system. During September, the
following transactions occurred.
 On September 6 Purchased1000 calculators at $30 each from Samuels Co. for cash.
 On September 9 Paid freight of $1000 on calculators purchased from Samuels Co.
 On September 10 Returned 3 calculators to Samuels Co. for $31 credit (including
freight) because they did not meet specifications.
 On September 12 Sold 26 calculators costing $31 (including freight) for $65 each to
Trent Book Store, terms n/30.
 On September 14 Granted credit of $65 to Trent Book Store for the return of one
calculator that was not ordered.
 On September 20 Sold 30 calculators costing $31 for $62 each to Plaisted’s Card Shop,
terms n/30.
Instructions: Journalize the September transactions:
1. If Perpetual Inventory System
2. If Periodical Inventory System

General Journal (Periodical Inventory System)

For the month of 30th September

Date Particulars L.F Dr. Cr.

Sept-06 Purchase A/C $30,000.00
To Cash A/C $30,000.00
Purchased 1000 calculators at $30 each from
Samuels Co
Sept-09 Freight In A/C $1,000.00
To Cash A/C $1,000.00
Paid freight on calculators purchased from
Samuels Co
Sept-10 Cash A/C $93.00
To Purchase Return A/C $90.00
To Freight In $3.00
Returned 3 calculators to Samuels Co. for $31
credit (Including Freight)
Sept-12 A/Receivable A/C $1,690.00
To Sales A/C $1,690.00
Sold 26 calculators for $65 each to Trent Book
Store, terms n/30
Sept-14 Sales Return A/C $65.00
A/Receivable A/C $65.00
Granted credit of $65 to Trent Book Store for
the return of one calculator
Sept-20 A/Receivable A/C $1,860.00
To Sales A/C $1,860.00
Sold 30 calculators for $62 each to Plaisted’s
Card Shop, terms n/30.
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General Journal (Perpetual Inventory System)

For the month of 30th September

Date Particulars L.F Dr. Cr.

Sept-06 Inventory A/C $30,000.00
To Cash A/C $30,000.00
Purchased 1000 calculators at $30 each from
Samuels Co
Sept-09 Freight In A/C $1,000.00
To Cash A/C $1,000.00
Paid freight on calculators purchased from
Samuels Co
Sept-10 Cash A/C $93.00
To Inventory A/C $90.00
To Freight In $3.00
Returned 3 calculators to Samuels Co. for $31
credit (Including Freight)
Sept-12 A/Receivable A/C $1,690.00
To Sales A/C $1,690.00
Sold 26 calculators for $65 each to Trent Book
Store, terms n/30
Sept-12 Cost of Sales A/C $806.00
To Inventory A/C $806.00
Cost of Sales recorded @ of 26*31
Sept-14 Sales Return A/C $65.00
A/Receivable A/C $65.00
Granted credit of $65 to Trent Book Store for
the return of one calculator
Sept-14 Inventory A/C $31.00
To Cost Sales A/C $31.00
Cost of goods returned recorded
Sept-20 A/Receivable A/C $1,860.00
To Sales A/C $1,860.00
Sold 30 calculators for $62 each to Plaisted’s
Card Shop, terms n/30.
Sept-20 Cost of Sales A/C $930.00
To Inventory A/C $930.00
Sold 30 calculators for $62 each to Plaisted’s
Card Shop, terms n/30.