UNIVERSITY OF CENTRAL PUNJAB

FALL 2020

FALL 2022

Course Title: Computerized Accounting

Course Code: ACCT4183

Assignment 1

Name of Course Instructor: Ghulam Mustafa

Section: A Program: BSAF Date: 8/11/2022

Program Learning Outcomes: Course Objectives: CO 01, Course Learning Outcomes:
PLO 01 and 04 02, 03 CLO 01, 02, 03
Name: m.umair akhtar (L1S20BSAF0024) Maximum Marks: 10

List down types of journals, subsidiary ledgers, and control ledgers involve in following transactions

1. Purchase inventory for cash:

Purchase Journal.

Inventory. (Purchases)

LEDGERS:

Merchandise Inventory.

Cash.

Page 1 of 4 Assignment 1
 2. Purchase inventory on account:
Purchase Journal.

Cash Payment Journal.

Inventory. (Purchases)

LEDGERS:

Account Payable.

Merchandise Inventory.

Cash.

3. Sales made on cash:

Sales Journal.

Cash Receipts Journal.

Inventory (cost of sales)

LEDGERS:
Cash.
Account Receivable.
Merchandise Inventory.
Cost of goods sold.
4. Sales made on credit:
Sales Journal.
Cash Receipts Journal.
Inventory (cost of sales).
LEDGERS:
Sales
Cash.
Account receivable.
Merchandise Inventory.

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 Cost of goods sold
5. Inventory return to supplier:
Journal.
Inventory (Purchases).
LEDGERS:

Account receivable.

Merchandise Inventory.

6. Sales return by customer:

Journal
Inventory. (Cost of sales)
LEDGERS:
Account receivable.
Sales return and allowance.
Merchandise inventory.
Cost of goods sold.
7. Cash received from customer with no discount:
Cash Receipts Journal.
Sales journal.
Inventory. (Cost of sales)
LEDGERS:
Cash.
Sales.
Cost of goods sold.
Merchandise Inventory.
8. Cash paid to supplier with no discount:
Cash Payments Journal.
Purchase Journal.
Inventory (Purchases)
LEDGERS:
Merchandise Inventory.
Cash.

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 9. Cash paid for expense:
Cash Payment Journal.
LEDGERS:
Cash.
Other expenses. (Other account)
10. Purchase an asset on account:
Purchase Journal.
Cash payment Journal.
LEGDERS:
Account payable.
Asset Account.

Page 4 of 4 Assignment 1