Saleem Sports International

Saleem sports is one finest name in sporting manufacturer and exporting goods and working in
this field since 2012 with great success and providing reliable sports goods worldwide. Dealing
with boxing gloves, bag mitts, fitness/gym gloves, leather jackets etc.
They have their own well established production unit with highly dedicated, skilled and innovative
employees’ team. They manufacture high quality products with competitive prices to compete and
challenges of new era and demands of our valued customers.
Company History:
It was formed in 2012 by M.SALEEM.
Till 2015 it was limited to Pakistan but in 2016 started to work with foreign countries in order to
expand their target market as well as allow others to get to know Pakistan’s quality products.

Our Project experience with Saleem SPORT

Saleem SPORTS was humble to let us allow to perform our activity there. Through this project we
learned how everything we are learning about accounting is used in practical life. We build a strong
team work bond.

General Journal

Date Account Titles & Explanation Ref. Debits Credits

1-6-18 Cash Account to 800000
Capital Account 800000
Last month’s revenue
2-6-18 Cash Account to 500000
Revenue Account 500000
3-6-18 Furniture Account to 2500
Cash Account 2500
Purchased furniture
3-6-18 Salaries Account to 15000
Cash Account 15000
Paid salaries
4-6-18 Machine Account to 50000
Cash Account 50000
Purchased stitching machine
5-6-18 Mold Account to 20000
Cash Account 20000
Purchased molds for gloves

1
6-6-18 Phone Bills Account to 500
Cash Account 500
Paid phone bills
6-6-18 Racks Account to 150000
Account payable 150000
Installed racks in office
7-6-18 Zips Account to 5000
Cash Account 5000
Purchased zips for Jackets
7-6-18 Account payable (Racks) to 150000
Cash Account 150000
Account payable paid for racks
8-6-18 Insurance Account to 4000
Insurance Payable 4000
Company insurance payable
8-6-18 Office supplies Account to 7000
Cash Account 7000
Purchased files, pens, papers for daily use in office
9-6-18 Electricity Bill Account to 10000
Cash Account 10000
Paid electricity bill
9-6-18 Prepaid truck Fair Account to 2000
Cash Account 2000
Prepaid truck fair for shipment
10-6-18 Insurance payable Account to 4000
Cash Account 4000
Insurance payable is paid
11-6-18 Rent Account to 5000
Cash Account 5000
Paid building rent
11-6-18 Salaries Account to 20000
Cash Account 20000
Paid salaries
12-6-18 Account Receivable to 10000
Goods Account 10000
Sold jackets on credit
12-6-18 Sales Tax Account to 3000
Cash Account 3000
Paid sales tax
13-6-18 Drawing Account to 5000
Cash Account 5000
Owner’s withdraw
14-6-18 Cash Account to 150000
Revenue Account 150000
15-6-18 Cash Account to 300000
Revenue Account 300000

2
16-6-18 Land Account to 100000
Cash Account 100000
Purchased land
16-6-18 Cash Account to 200000
Note Payable 200000
Took loan from bank
17-6-18 Account receivable to 20000
Goods Account 20000
Sold gloves on credit
17-6-18 Electricity repairing Account to 5000
Cash Account 5000
Repaired electricity wiring
17-6-18 Note payable to 50000
Cash Account 50000
Returned ¼ of loan to bank
18-6-18 Interest Account to 6000
Interest payable 6000
Interest payable on bank loan
19-6-18 Laces Account to 10000
Cash Account 10000
Purchased laces for gloves
19-6-18 Interest payable Account to 6000
Cash Account 6000
Interest payable is paid
21-6-18 Note payable to 100000
Cash Account 100000
Returned 2/4 of loan to bank
22-6-18 Cash Account to 20000
Account receivable 20000
22-6-18 Dividend Account to 50000
Cash Account 50000
Paid Partner
23-6-18 Building repairing Account to 3000
Cash Account 3000
Repaired Building
23-6-18 Generator Account to 60000
Cash Account 60000
24-6-18 Piping Account to 10000
Cash Account 10000
Purchased piping for gloves
24-6-18 Furnishing Account to 5000
Cash Account 5000
Renewed paint
24-6-18 Leather Account to 20000
Cash Account 20000
Purchased leather

3
25-6-18 Vehicle Account to 700000
Cash Account 700000
Purchased car for company use
26-6-18 Printing Account to 10000
Cash Account 10000
Printing on gloves
27-6-18 Investment Account to 200000
Cash Account 200000
Investment in business by partner
27-6-18 Petrol Account to 3000
Cash Account 3000
Petrol refill for vehicle
28-6-18 Cash Account to 1200000
Revenue Account 1200000
29-6-18 Machine repairing Account to 5000
Cash Account 5000
Repaired stitching machine
29-6-18 Computer account to 100000
Cash account 100000
Purchased computer for office use
30-6-18 Depreciation Account to 2000
Acc.Depreciation 2000
Depreciation of stitching machine
30-6-18 Cash Account to 10000
Account Receivable 10000
Received cash for goods sold on credit
T-Accounts
Dr. Cash Account Cr. Dr. Acc.Dep Cr. Dr. Computer Acc Cr.
800000 2500 2000 100000
500000 15000
150000 50000
300000 20000
200000 500
20000 5000
1200000 150000 Dr. Dep.Exp Cr. Dr. Capital Acc Cr.
10000 7000 2000 800000
10000
2000
4000
5000
5000 Dr. Furnishing Acc Cr. Dr. Leather Acc Cr.
20000 5000 20000
3000
5000
100000
5000 Dr. Vehicle Acc Cr. Dr. Revenue Acc Cr.

4
 50000 700000 500000
10000 150000
6000 300000
10000 1200000
100000 Dr. Furniture Acc Cr.
15000 2500 2150000
50000
3000
60000 Dr. Salary Acc Cr. Dr. Machine Acc Cr.
10000 15000 50000
5000 20000
20000
700000 35000
10000
200000 Dr. Mold Acc Cr. Dr. Phone Bill Acc Cr.
3000 20000 500
5000
100000
Dr. Printing Acc Cr. Dr. Investment Acc Cr.
31800000 1766000 10000 200000

1414000
Dr. Petrol Acc Cr. Dr. Machine exp Cr.
3000 5000

Dr. Racks Acc Cr. Dr. Acc Payable Cr.

150000 150000 150000
50000 200000
100000

300000 350000
50000
Dr. Insurance Acc Cr. Dr. Zips Acc Cr. Dr. Insurance Payable Cr. Dr. Prepaid Rent
Cr.
4000 5000 4000 4000 15000

Dr. Office Supp Cr. Dr. Electricity Bill Cr. Dr. Prepaid truck fair Cr. Dr. Drawing
Acc Cr.
7000 10000 2000 5000
5000

10000

5
 Dr. Rent Acc Cr. Dr. Account Receivable Cr. Dr. Good Acc Cr. Dr. Dividend
Acc Cr.
5000 10000 20000 10000 5000
20000 10000 20000

30000

Dr. Sales tax Acc Cr. Dr. Land Acc Cr. Dr. Electricity repairing Acc Cr. Dr. Interest
Acc Cr.
3000 100000 5000 6000

Dr. Building repairing Acc Cr. Dr. Interest Payable Cr. Dr. Laces Account Cr. Dr. Piping
Acc Cr.
3000 6000 6000 10000 10000

Dr. Generator Acc Cr.

60000

Saleem Sports International

Trial Balance
For the month of June
Account Names Debit Credit
Cash Account 1414000
Computer Account 100000
Leather Account 20000
Vehicle account 700000
Furniture account 2500
Mold account 20000
Machine account 50000
Racks account 150000
Piping account 10000
Lace account 10000
Generator 60000
land 100000
Insurance account 4000
Prepaid rent 15000
Zips account 5000
Packing account 10000
Prepaid truck fair 2000

6
Goods account 30000
Account payable 50000
Acc.Depreciation 2000
Drawing account 10000
Dividend account 50000
Investment account 200000
Capital 800000
Revenue account 2150000
Dep expenses 2000
Furnishing expenses 5000
Salary expenses 35000
Phone bill expenses 500
Printing expenses 10000
Petrol expense 3000
Machine expense 5000
Office supplies expense 7000
Electricity bill 10000
Rent expense 5000
Building expense 3000
Sales tax expense 3000
Electricity expense 5000
Interest expense 6000
Total 3032000 3032000`

Saleem Sports International

Income Statement
For the month of June
Description Amount Dr. Amount cr.
Revenue 2150000
Dep expenses 2000
Furnishing expenses 5000
Salary expenses 35000
Phone bill expenses 500
Printing expenses 10000
Petrol expense 3000
Machine expense 5000
Office supplies expense 7000
Electricity bill 10000
Rent expense 5000
Building expense 3000
Insurance 4000
Electricity expense 5000
EBIT 94500
Interest expense 6000

7
EBT
100500
EAT
Sales tax expense 3000
Net profit 2046500

Saleem Sports International

Owner’s Equity statement
For the month of June
Description Amount Dr. Amount Cr.
Beginning Capital 800000
Good A/c 30000
-Drawing 10000
+Net Profit 2046500
-Dividend 50000
Ending Capital 2816500

Saleem Sports International

Balance sheet
As on month ended
Assets Amount Liability + O.E Amount
Current Assets
Cash 1414000 Account payable 50000
Leather 20000 Ending capital 2816500
Mold 20000
Piping 10000
Laces 10000
Investment 200000
Prepaid rent 15000
Zips 5000
Packing 10000
Prepaid fair 2000
Fixed Assets
Computer 100000
Vehicle 700000
Furniture 2500
Machine 50000

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Racks 150000
Generator 60000
Land 100000
Acc.Dep 2000
Total 2866500 Total 2866500