Tuesday, 24 March 2015

QuickBooks service Industry practice



QuickBooks service Industry practice
Cornerstone training Institute wants to computerize its accounts from January 2014.
Create the following Chart of Accounts with opening balances


Bank (KCB)                850000
Cash                            30000
Computers                   265000
Furniture                     270000


Enter the following clients who are the students.

-        Marete Ndumba
-        Catherine M. Kimathu
-        Daniel K. Muthusi
-        Carolyne A. Nyambok
-        Felister M. Mwololo
-        Kenneth J. Kioko
-        James N. Onchoke
-        David O. Nyamuro
-        John A. Ngoha
-        Edward Githua
-        Stella Omokong’a
-        Peter Okoth Owino
-        Ariri Lawrence Nyagol


The following are its suppliers

ACCA UK
Paulatech Investments
Computer world (K) Ltd


It deals with the following Services:

ACCA                                     38500
Computer Based Exams         12000
ICDL                                      24500
Consultancy                            35000


ACCA UK sent an invoice of 25000 for ACCA fees. Enter this bill
Invoice the following students and receive payments as shown and deposit to the Bank Account

 ACCA students
Catherine M. Kimathu
Marete Ndumba 
-        Daniel K. Muthusi
-        Carolyne A. Nyambok
-        Felister M. Mwololo

ICDL students
-        Kenneth J. Kioko
-        James N. Onchoke
-        David O. Nyamuro
-        John A. Ngoha
-        Edward Githua

Computer based Exams

-        Peter Okoth Owino
-    Stella Omokong’a
-        Ariri Lawrence Nyagol


ACCA tuition, Computer Based Exams, ICDL CICT (Income Accounts) ACCA fees, Printing, Photocopying Stationary (Expenses)

Pay the following Accounts using the Bank Account

Rent                            155000
Telephone                    18000
Salaries                        245000
Service charge             28000


ACCA UK (fees) 25000, Paulatech for printing 25000, Computer world (K) Ltd Stationary 28600
-        Prepare the Trial Balance for Cornerstone Institute
-        Balance as at the end of January
-        Profit/Loss Account for your Company                                                          
-        Bank Statement for Cornerstone’s Bank activities
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