Balance Sheet of an Islamic Bank

							        The following balance sheet Al-Quads as at 31December2007
        Computer                    5000           Islamic bank Loan          10000
                                                  Income tax payable          14000

    Ending Inventory                 25000                 Capital            130000
Withholding & prepayments             9000
           cash                      60000
       Islamic bank                  55000

                                  Items value
     Items             Quantity                 Price                 total
     Socks               500                      6                   3000
     T-shirt             200                     30                   6000
    Trousers             400                     40                  16000
                                                        total        25000

implementing the necessary transformation from the manual
accounting system to computerized accounting system
   open new group
   Prepare a chart of accounts
   record opening entry
   record opening storage transaction
   record these transactions
1/1company bought 200 socks price per unit including vat
at 7 NIS, T-shirt 100 price per unit including vat at 40NIS
from the supplier Jmal . price per unit including vat at 7
NIS, invoice number 444 and the invoice paid in cash
2/1 the company sold 20 t-shirt to the customer radi,
price per unit 44 NIS include VAT ,the invoice received in
cash
3/1 customer radi returned 3 t-shirt price per unit 44NIS
include VAT, the invoice paid in cash
5/1 company deposited 10000 NIS in the Islamic bank
6/1 the company sent Trousers 10 according delivery to
radi
8/1 the company sent the sale invoice related to previous
delivery, price per unit 50 non including VAT , the half
amount of invoice received in cash