Thursday, 12 March 2015

QuickBooks Practice Assignments

Question 1
 
You work as an accountant with Paulatech Investments, a company dealing with the purchase and resale of stock commodities.  Set up your company and enter the details below.
CUSTOMERS

1.  FAIZA ENTERPRISES                                 3.  DELUX STORES LTD
WAIYAKI WAY                                                 UHURU HIGHWAY
P. O. BOX 900                                                     P. O BOX 4777
NAIROBI                                                             MOMBASA
TEL 254-02-440888                                             TEL 254-011-967555

2.  JUDY ENTERPRISES                                   4.  NISHA LTD
JUJA ROAD                                                        JASHO ENTERPRISES
P. O BOX 45679                                                  P. O BOX 37665
NAIROBI                                                             NAIROBI
TEL 254-02-0978877                                           TEL 254-02-754679

VENDORS

1.   OMMOLLO GENERAL STORES                                     3.   LUCINA MANUFACTURERS LTD
HABIB HIGHWAY                                            JANJA AVENUE
P. O BOX 21725                                                  P. O BOX 36566
NAIROBI                                                             NAKURU
TEL 254-02-925666                                             TEL 254-037-88786

2.  MALIK STORES                                            4.  NDEGE DEALERS LTD
SHABAB PLACE                                               BOMBOLULU LANE
P. O BOX 24466                                                  P. O BOX 2545
MOMBASA                                                         MALINDI
TEL 254-011-987666                                           TEL 254-0123-87544
Your company deals in the following goods

CODE                                    NAME                                   PURCHASE PRICE     SALES PRICE
1000                            Maize Flour                 700/= per bag              1100/= per bag
1001                            Wheat Flour                890/= per bag              1432/= per bag
1002                            White Sugar                1225/= per bag            1900/= per bag
1003                            Brown Sugar               1315/= per bag            1915/= per bag
1004                            Rice                             1200/= per bag            1750/= peer bags
1005                            Cooking Fat                600/= per 2kgs            870/= per 2kgs
1006                            Dry Cells                     100/= per dozen          180/= per dozen

Your company ordered for the following goods, which were delivered in full by the respective VENDORS.

1.   25 bags of Maize flour from Malik stores
2.   40 bags of Rice from Ndege Dealers Ltd.
3.   180 Dozens of Dry Cells from Ommollo General Stores
4.   111 bags of White Sugar from Lucina Manufacturers Ltd.
5.   117 bags of Brown sugar from Malik Stores


The following customers placed their orders which were fully delivered by your
company.
1.   19 bags of Maize flour by FAIZA ENTERPRISES
2.   30 dozens of Dry cells by Delux Stores Ltd
3.   3 bags of Maize Flour by NISHA Ltd.
4.   26 bags of Rice by JUDY Enterprises.
5.   90 bags of Brown Sugar by NISHA Ltd.
6.   68 bags of White Sugar by FAIZA ENTERPRISES.
7.   40 bags of White Sugar by Delux Stores.
8.   100 dozens of Dry Cells by JUDY Enterprises.

The following cheques were received from the customers being full payment for the
goods delivered.

CHEQUE NO                        CUSTOMER                              AMOUNT
AA000897                              FAIZA ENTERPRISES              FULL
BC172000                               DELUX STORES                       FULL

The following cheques were received from the customers being PART payment for the
goods delivered.

CHEQUE NO                        CUSTOMER             GOODS                      AMOUNT
ZL09788                                               NISHA LTD                         MAIZE FLOUR                   4000/=
AA54322                                              JUDY ENTERPRISES        DRY CELLS                         17000/=
ZL98766                                               NISHA LTD                         BROWN SUGAR                 173000
AA34422                                              JUDY ENTERPRISES        RICE                                      36000

You made cheque payments to all your VENDORS except Ommollo Enterprises.  Use
different cheques for payment of different goods.

Prepare the Trial Balance for your Company.                              
Profit/Loss Account for your Company                                         
Bank Statement for your company's Bank account                      

Question 2



Paulatech Investments                     QuickBooks Practice

Riverside Traders is a company that deals in all sorts of trade and recently they have asked you (Their Accountant) to computerize their accounting system for next year starting 1/1/15. 

Balances in the books at the close of this year stand as follows.

                                                      Trial Balance as at 12/31/2014

Particulars                                                         Dr                                Cr

Motor vehicle                                               50,000
Furniture                                                      40,000
Computers                                                   30,000
Bank                                                            30,000
Cash                                                             20,000
Debtors                                                        10,000
James brown                                       4000
Rana Carriers                                      6000
Creditors                                                                                          20,000
Santana                                               8000
Aldus                                                  4000
Infotech                                              5000
Alaban                                                3000
Loan                                                                                                10,000
Capital                                                                                           150,000

Riverside buys its items for resale from the following companies.

Cornerstone P.O. Box 23113 Nrb
Aldus International P.O. Box 009870 Nrb
Santana Superchargers P.O. Box 343333 Nrb tel 898833
Alaban Millers P.O. Box 768303 Nku Tel 998655 Fax 876900

Riverside on the other hand sells to the following People.

James Brown P.O. Box 778766 Atlanta.
Alphonse Master P.O. Box 098789 Nrb tel. 909999
Crown paints P.O. Box 778232 Ksm Tel. 782522
Rana Carriers P.O. Box 90043 Nrb Fax. 09000
Multioptions Ltd P.O. Box 662113 Msa. Tel 02-897657
Nairobi distributors P.O. Box 1232122 Atlanta.

Riverside Buys and sells the following items.

Item                                                           in stock
Computers                                                        300
Printers                                                              200
Cables                                                               150
Printing Paper                                                    120
Books                                                             1000
Televisions                                                        250

Tax is 16%

 RS also at the end of the month has to pay for the following items.

Rent
Electricity
Water
Telephone
Stationery


Riverside received the following documents on the dates shown.

1/1/13 Inv. 100 For purchase of two computers from Cornerstone 40,000/=.
2/1/13 Inv. 202, Purchase of a printer from Aldus 12,000/=.
7,1,13 Inv. 106, Purchase of 2 cables 700/= and Printing paper 500/= from Santana.
8/1/13 Inv. 444, Purchase of 20 books from Alban 4,000/=.
8/1/13 Inv. 445, Purchase of Printing paper from Alban 500/=.
10/1/13 Inv. 446, Purchase of Computer from Cornerstone 27,000/=.
17/1/13 Inv. 767, Purchase of Printer from Aldus 15,000/=
15/1/13 Inv. 747, Purchase of 10 cables from Santana.

RS sent the following.

20/1/13 Inv. 001 Sale of Printer to James 20,000/=.
21/1/13 Inv. 002 Sale of printer to Alphonse 22,000/=.
21/1/13 Inv. 003 Sale of Cables to Crown 6,000/=.
21/1/13 Inv. 005 Sale of Books to Rana 7,000/=.
21/1/13 Inv. 006 Sale of paper to Nairobi 2,000/=.
21/1/13 Inv. 007 Sale of Cables to Crown 3,000/=.
20/1/13 Inv. 008 Sale of Computer to Multi 59,000/=.
21/1/13 Inv. 009 Sale of Cables to Rana 1,000/=.
21/1/13 Inv. 010 Sale of Books to Nairobi 4,000/=.

23/1/13 RS paid up invoice 202 completely CHQ 001.
23/1/13 RS paid up invoice 106 HALF CHQ 002.
23/1/13 RS paid invoice 767 Complete CHQ 003.
23/1/13 RS paid invoice 446 Quarter CHQ 004.
22/1/13 RS completed payment for invoice 106 CHQ 005.

24/1/13 RS received payment for invoice 004 CHQ 78789.
24/1/13 RS received payment for invoice 008 CHQ 7865 HALF PYMT.
24/1/13 RS received payment for invoice 010 CHQ 777117 FULL
25/1/13 RS received payment invoice 002 FUL. CASH RCT 6654
25/1/13 RS received payment invoice 001 FULL  CASH RCT 090
26/1/13 Cash received for sale of a computer 15,000/= RCT 002
27/1/13 Cash for sale for two books 1,000/= and 3 Cables 2,100/=  
28/1/13 Cash purchase of 10 books 2,500/=

30/1/13 RS paid for the following by cash.
Rent                                                          10,000/=
Electricity                                                    2,000/=
Water                                                          1,000/=
Casual Labour                                             2,000/=
Stationery                                                    4,000/=
Telephone                                                   2,000/=
Donation                                                     5,000/=

Generate the following reports
Profit and loss statement
Trial balance
Balance sheet
Propellerads