Head of Accounts in Balance Sheet and Profit

and Loss statements

S.NO Description/Types
1 Non-Current Assets
Land
Property, Plant and Equiptments

2 Current Assets
Cash
Bank
Inventory
Accounts Receivable
Advances
Other Current Assests

3 Equity
Owners Equity
Retained Earnings

4 Long Term Liabilities

-
5 Short Term Liabilities
Accounts Payable
Other Current Liabilities

6 Revenue
Sales Income
Other Income

7 Expenditure
Cost of Goods Sold
General Administrative Expense
Other Expense
 Balance Sheet & Profit Loss Statement Specifications
S.No Trial Balance Ledger Accounts Effects Specific Head
1 Expense Profit and Loss statement General Admin Expense
2 Other Expense Profit and Loss statement General Admin Expense
3 Cash Balance Sheet Cash and Cash Equivalents
4 Bank Balance Sheet Cash and Cash Equivalents
5 Credit Card x x
6 Sales Income Profit and Loss statement Revenue
7 Other Income Profit and Loss statement Revenue
8 Accounts Receivable Balance Sheet Current Assets
9 Accounts Payables Balance Sheet Current Liabilites
10 Fixed Assets Balance Sheet Non Current Assets
11 Other Current Assests Balance Sheet Current Assets
12 Other Assets
13 Loan x x
14 Other Current Liabilities Balance Sheet Current Liabilites
15 Long Term Liabilities Balance Sheet Long term Liabilites
16 Equity Balance Sheet Equity
17 Cost of Goods Sold Profit and Loss statement Cost of Goods Sold
18
19
20
ifications
Specific Head

x
Sales Income
Other Income
Accounts R/a
Accounts P/a
Property Plants and Equiptment
Current Assets

x
Short term loans payable
Total Long term liabilities
 Perpetual Inventory System

S.No Description QTY DR CR

1 Inventory/Purchases Accounts (1000x250) 250,000

nt
E
Inventory (Frieght/Insurance) 5,000

es
as
Bank Accounts 255,000

chr
Pu
Inventory purchased from MC RWP 1000 Qty @ 250 each 255,000 255,000

2 Cash/Bank Accounts (500x450) 225,000

Sales Accounts 225,000
Sold 500 inventory @450 each

sE
le
x Cost of Goods Accounts (500x250) 125,000

Sa
Inventory Accounts 125,000
Inventory decreased by 500 @ 250

3 Cash/Bank Accounts (400x450) 180,000

Sales Accounts 180,000
Sold 400 inventory @450 each

n
sE
le
x Cost of Goods Accounts (400x250) 100,000

Sa
Inventory Accounts 100,000
Inventory decreased by 400 @ 250
 ry
T-Account of Inventory
nt
E
DR
es
as

Date Description Amout

chr
Pu

1 1000x250 250,000
5,000

255,000
ry
nt

Balance c/d
sE
le
Sa

ry
nt
sE
le
Sa
T-Account of Inventory
CR
Date Description Amount
2 500x250 125,000
3 400x250 100,000

225,000
100 Qty 30,000
MC Rawalpindi
Name Item SKU Cost Sale Qty
Vinyle Floor MC1068 200 400 S.No
Purchase 1

Freight 2

Sale 1

CGS 2

CGS 2

Received

Sales Return

Payment

Purchase Returned
Ph Invoice Date Description
1001 12-Jan-23 Inventory/Purchases Account
A/c payable to MC Rawalpindi
Purchased 1000qty Vinyle Floor @ 200 each from MC Rawalpindi on Credit

12-Jan-23 Inventory /Purchases Account/Freight Charges

Bank Askari Hardware & Trading
Carriage Inward against bill no 1001 paid

1001 12-Jan-23 Account Receivable Xpert Securities Limited A/c

Discount Account
Sales A/c
Inventory sold Qty 300 @ 400 each to Xpert securities limited

Cost of Goods Sold A/c

Inventory/ Purchases Account
Cost of goods sold included the Cost value + freight/Carriage charges of 300qty sold. Rs.
OR
Cost of Goods Sold A/c
Inventory/ Purchases Account
Freight Inward A/c
Bank Askari Harware & Trading
Cost of Goods Sold and Freight/Carriage Inward Entry passed saparetly.

1001 Askari Hardware & Trading F-10

Account Receivable Xpert Securities Limited A/c
Payment received from Customer

R1001 Sales Returned A/c

Account Receivable Xpert Securities Limited A/c
Sales returned made by Xpert Securities limited

A/c Payable to MC Rawalpindi

Askari Hardware & Trading
Payment Made to Vendor MC Rawalpindi Rs. 150000

A/c Payable to MC Rawalpindi

Purchase Returned Accounts
Purchase returned of 500 qty with cost value.@ 200 each
 Qty DR CR
1000 200,000 ok
200,000 ok

10,000 ok
10,000 ok 50 Disount per unit sold
Sale-Disount
400-40=350 105000 After discount the sale value

120000
300 105,000 1) When we made a sale the cost of good sold Ledger, Debited automatically wit
15,000 2) There is no Discount Ledger found in Trial Balance
120,000 Sales income Ledger credited after dicount less, it should be total sales before

300 63,000 The cost of goods sold included the Cost value + freight/ insurance charges of
63,000 Purchases/Inventory account is not credited when a sale is done, it should be
300qty sold. Rs.

300 60,000
60,000
300 3,000
3,000

105,000 Askari Hardware & Trading account not shows in Pos,

105,000 Xpert Securities Limited Ledger is not showing in Trial Balance Receivable Led

12.5 5,000 Sales Returns decresing the sale income accounts (No sales return ledger foun
5,000 Xpert Securities Limited Ledger is not showing in Trial Balance Receivable Led

150,000 The entry decreased/DR Trail Balance A/c Payable MC Rawalpindi Ledger as w
150,000 Payment made to MC Rawalpindi which decreased Askari Hardware & Trading

500 100,000 Edit the specific Purchased Order 1001 and add new qty with -ve quantity as -
100,000 When we entere negative quantity in the ADD PURCHASE for purchased retur
ount the sale value

ger, Debited automatically with the cost value and quantity sold. But it should be included the freight inward charges of sold quantities. An

it should be total sales before discount.

freight/ insurance charges of 300 quantity. Rs. 63000

en a sale is done, it should be credited with the sold quantity at cost value.

Pos payment received is not hiting to bank accounts Ledger in trial balance.
Trial Balance Receivable Ledger, but in people-customer Leger is working properly.

s (No sales return ledger found in trial balance which should be Debited with the sales returned entry) and stock increased in the B-17 sto
Trial Balance Receivable Ledger, but in people-customer Leger is working properly.

le MC Rawalpindi Ledger as well as PEOPLE-SUPLIER ledger. Both are correct. MC Rawalpindi

ed Askari Hardware & Trading Bank account in Trail Balance. Purchase 1000x200
Payment
Return 500x200
Balance
new qty with -ve quantity as -500
URCHASE for purchased return it shows INVALID VALUE. How purchase returned can be entered which decrease the quantity in respective
harges of sold quantities. And credited to the purchases Accounts with the sold quantity at cost value. Note: Xpert Securities Limited is no

ock increased in the B-17 store with the sales returned.

MC Rawalpindi
200000
-150000
-100000
-50000
ase the quantity in respective store and decrease DR the MC Rawalpindi Ledger in Trail balance Accounts payable Ledger aswell as in PEOP
: Xpert Securities Limited is not showing in Trial Balance Receivable Ledger but it is working properly in the PEOPLE-CUSTOMER Ledger.
yable Ledger aswell as in PEOPLE-SUPLIER Ledger.
EOPLE-CUSTOMER Ledger.