Chart of Accounts
Account groups used for automatic posting from sales, purchases, payments, expenses and payroll.
Assets
PKR 9,115,000| Code | Account | Balance |
|---|---|---|
| 1000 | Cash in Hand | PKR 845,000 |
| 1010 | Bank — Meezan Current A/C | PKR 2,150,000 |
| 1100 | Accounts Receivable (Customers) | PKR 1,240,000 |
| 1200 | Inventory — Steel Stock | PKR 4,380,000 |
| 1300 | Supplier Advances | PKR 500,000 |
Liabilities
PKR 1,351,000| Code | Account | Balance |
|---|---|---|
| 2000 | Accounts Payable (Suppliers) | PKR 1,070,000 |
| 2100 | GST Payable | PKR 96,000 |
| 2200 | Salaries Payable | PKR 185,000 |
Equity
PKR 6,500,000| Code | Account | Balance |
|---|---|---|
| 3000 | Owner's Capital | PKR 6,500,000 |
Revenue
PKR 3,502,100| Code | Account | Balance |
|---|---|---|
| 4000 | Sales — Steel | PKR 3,539,100 |
| 4100 | Sales Returns | PKR -37,000 |
Cost of Sales
PKR 3,180,150| Code | Account | Balance |
|---|---|---|
| 5000 | Cost of Goods Sold | PKR 3,180,150 |
Expenses
PKR 722,000| Code | Account | Balance |
|---|---|---|
| 6000 | Freight & Transport | PKR 52,000 |
| 6100 | Loading / Labour | PKR 30,000 |
| 6200 | Rent | PKR 150,000 |
| 6300 | Electricity | PKR 42,000 |
| 6400 | Salaries & Wages | PKR 430,000 |
| 6900 | Miscellaneous | PKR 18,000 |
Automatic Posting Rules
Auto-posting (conceptual)
- Cash sale — Dr Cash in Hand · Cr Sales — Steel (+ Cr GST Payable)
- Credit sale — Dr Accounts Receivable · Cr Sales — Steel
- Cost of sale — Dr Cost of Goods Sold · Cr Inventory — Steel Stock
- Credit purchase — Dr Inventory — Steel Stock · Cr Accounts Payable
- Cash purchase — Dr Inventory — Steel Stock · Cr Cash / Bank
- Supplier payment — Dr Accounts Payable · Cr Cash / Bank
- Customer receipt — Dr Cash / Bank · Cr Accounts Receivable
- Expense — Dr Expense account · Cr Cash / Bank
- Payroll — Dr Salaries & Wages · Cr Salaries Payable, then Dr Salaries Payable · Cr Cash / Bank
CLIENT CONFIRMATION REQUIRED — Chart of accounts codes, GST treatment (18% shown) and whether purchases post to Inventory or a Purchases account all need client confirmation.