1413 Assignment No 1 Solution 2022-Q 2-AIOU-Autumn 2022-Financial Accounting

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00:00bismillahirrahmanirrahim assalamu alaikum dear students and viewers in this video we

00:04cover the solution of question number two which is related to the assignment

00:08number one of the subject national appointing which has subject 11413

00:14this assignment is related to attempt 2022 of AIU examination system so let's

00:22start reading the question number two then we will move to its solution that I

00:26have made in Excel sheet or Excel workbook so here is a question open the

00:34following key account cash repair supplies repair equipment accounts

00:39payable T or nega capital withdrawals repairs fees earned salaries expense and

00:46and and expense so regard the following transaction for the month of June

00:52directly in the three accounts use the letters to identify the transactions in

00:57your three accounts determine the balance in each account so number of

01:07coins and the title has already already given to you in the Christians you are

01:11just going to understand analyze this these transactions and then post it

01:18post into their respective key accounts after that you are going to find out the

01:23balance status either it is a debit balance or credit balance so here is the

01:30first transaction so I am going to tell you that whenever you are going to have

01:37a transaction please pass the general entry of that transaction after that you

01:42will be easily placed and the respective side of each transaction to

01:49their corresponding or concerned key accounts so the first step is to be

01:54either the Christian demand or not you make it your habit and permanent

02:00habitat you always pass the general entry of any transaction then we'll move

02:05to the next step so I'm always follow this step in my life so you have to be

02:13followed this one has an advice and Tony or nega open or nega repair services by

02:19investing rupees 4300 in cash and rupees 16,000 in repair equipment the

02:26transaction is that and the mr. or nega who has opened a repair services

02:31company or shop or something else you can assign him a name so at that time

02:38he is investing in cash rupees 4300 and he has been about an equipment repair

02:46equipment which has values 16,000 after that there's a second transactions

02:54paid rupees 800 for the month rent and this transaction is to the rent

03:02expense for the June month June purchase repair supplies on credit rupees 1100

03:11or 1100 purchase additional repair equipment for cash rupees 600 paid salary to

03:17helpers for rupees 900 again expense count and salaries account and pay rupees

03:24400 of annual amount purchased on credit in C in this C transaction 1100

03:30that we are going to be reduce our liability by paying amount of rupees

03:36400 accept cash for repair complete rupees 3720 so we have offer repair

03:45services after completion of repair services we have achieved the cash and

03:48withdraw rupees 1000 in cash this is also known as primes so let's move to

03:55our excel sheet where I have completed this solution as I told you that I have

04:03passed these transactions in January form so after that I just pick up the

04:12amount and place into the their respective C accounts cash count 4300

04:18repair equipment is equal to 16,000 total will be equal to the on NIGA

04:25capital account 20,300 then the second transaction is related to the rent

04:29expense which is paid in cash and expense count to cash count 800 800 and

04:35this is debit side and this is credit side that transaction is related to the

04:40repair supplies to account payable account and 1100 1100 and further

04:46additional purchasing of repair equipment in cash equal to 600 rupees

04:52and after this the cases salary expense account is equal to 900 and cash

04:57counter is equal to 900 account payable has been reduced by the 400 by retiring

05:04of the portion of the liability of 400 to cash count 400 then we see the payment

05:13against completing the repair services which is equal to 3720 to repair repairs

05:19fee on account 3720 with withdraw account which is also known as dining

05:26account 1000 and to cash account to cash count to 1000 now come to the cash

05:34first cash count all the transactions of related to cash account have been placed

05:41in three account on debit and credit side so total is 1020 and balance brought

05:49forward it is a debit balance which is moved to the next month 4320 so the

05:56second account is repair equipment account so repair equipment account is

06:06so not to is to to or nega capital account 6000 and we by additional repair

06:18equipment of rupees 600 we will place it here in the cash count so 16600

06:25total and this is a debit balance again and move to the next month as a opening

06:34balance taking position in debit side and now we will move with the

06:43this county on a nigga or nega capital account on a capital account is cash

06:57count and repair by repair equipment account and total is twenty thousand

07:01three hundred and this is a credit balance as is a credit balance is twenty

07:08thousand three hundred we already discussed this one so now I'm going to

07:14count payable first we have purchased a pair supplies on credit which is equal

07:19to eleven hundred and then we are going to make a portion of the payment equal

07:23to 400 400 so the credit balance in this account payable account is rupees 700

07:31so let's move with the account number seven withdrawal account which is a last

07:37transaction so withdrawal account is cash count 1000 and the debit balance is

07:44equal to 1000 and repair fees and we receive cash and get completing the

07:49services so cash by cash count to 3720 and this is a credit balance amounting

07:58to 3720 and the service expense account the balance is 900 and this is a debit

08:06balance and the end expense is also debit balance so here's the question is

08:11completed so I hope you will find this question useful and if you have any

08:17query or question you can ask me in comment section and one further request

08:22please if you found any mistake regarding calculation please mention in

08:27the comment section or if you want to add something more from your side to

08:31improve the quality of the solution then must drop your suggestion but with

08:36logical arguments or logical supportive arguments thanks for watching and please

08:42like and share with your friends this video. Assalamu Alaikum

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