Quickbooks Practice Problem- Try it out all quickbooks students

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

______________________________________________________________________________________



Let me know what amounts you got for :

1) COGS
2) Opening and Closing Bank Balance
3) Net Income figure on your Income Statement



Thanks!
Casu

Comments

  • ConstructionConstruction Posts: 25Registered
    I have had requests to post answers to this problem set:

    please find attached a pdf of the trial balance which balances.

    So there's my answers.......tell me if you got the same thing.

  • CasuCasu Posts: 101Registered, Users Awaiting Email Confirmation
    Where are your workings?

    The question asks for you to prepare:
    The Trial Balance for your Company.
    Profit/Loss Account for your Company
    Bank Statement for your company's Bank account

    Where are these?
  • ConstructionConstruction Posts: 25Registered
    well try the problem and see f you get the same trial balance as me
  • ConstructionConstruction Posts: 25Registered
    Casu said:

    Where are your workings?

    The question asks for you to prepare:
    The Trial Balance for your Company.
    Profit/Loss Account for your Company
    Bank Statement for your company's Bank account

    Where are these?

    Sorry there are no calculations, I did everything on quickbooks
  • CasuCasu Posts: 101Registered, Users Awaiting Email Confirmation
    You can produce your 'working's from QB. Indeed you can also produce more than just a TB! A test for you!

    Just so you know the AAT is a professional body for Accountants and Bookkeepers and students on here will be doing the AAT exams so will be learning from courses, textbooks, lectures and tests provided for by AAT itself and AAT accredited trainers. Anyone doing the software exam will, most likely, be using sage and not QB.
  • ConstructionConstruction Posts: 25Registered
    Casu said:

    You can produce your 'working's from QB. Indeed you can also produce more than just a TB! A test for you!

    Just so you know the AAT is a professional body for Accountants and Bookkeepers and students on here will be doing the AAT exams so will be learning from courses, textbooks, lectures and tests provided for by AAT itself and AAT accredited trainers. Anyone doing the software exam will, most likely, be using sage and not QB.

    What workings are you referring to?

    I am hoping another eager student can do the problem with me.....

    When I was in university I would study for hours on Friday and Sat nights when my mates where in the bar, I have more than enough motivation to do a few bookkeeping exercises

    Could anyone refer other bookkeeping forums (yes I did google)

    Thanks
  • CasuCasu Posts: 101Registered, Users Awaiting Email Confirmation
    Post this Q on AWEB - they love helping students out
    MarieNoelle
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