Advanced Accounting Code 444 Solved Assignment 2 spring 2017, cod 444
Close


Bachelor

Advanced Accounting Code 444 Solved Assignment 2 spring 2017


Follow ME ON FB

Advanced Accounting Code 444 Solved Assignment 2 spring 2017 is being uploaded for the students of B.Com Class. Advance accounting code 444 is offered in third semester so students needs in third semester advance accounting code 444 solved assignment 2 spring 2017. Advance accounting is very interesting and very knowledgeable subject. That’s why you could not ignore the advance accounting code 444 solved assignment 2 spring 2017. Due to the importance of advance accounting we are being uploaded the assignment of code 444 spring 2017.

Q#4 The aflac ltd has a nominal capital has a nominal capital of Rs 6 million divided into shares of aflac ltd trading and profit and loss for the year ended 31-de c2016.

Answer:

 

Particular Amount Particular Amount
Opening stock 120000 Sales 6640000
Purchases 2960000 Closing stock 156000
Wages 135680
Less: premises 10000 125680
Freight 20960
Gross profit c/d 257360
820000 820000
Salaries 23200 Gross profit b/d 257360
General exp 27040 Interest on govt securities 3840
Dep on furniture 1728
Depreciation of plant 115200
Write of preliminary exp 1600
Director fee 9184
Bad  debts 3376
Add: provision 6960
Less: old provision 5600 4736
Interest on debenture 28800
Net profit c/d 49712
261200 261200

Advanced Accounting Code 444 Solved Assignment 2 spring 2017

Profit and loss appropriation account

Particular Amount Particular Amount
Interim dividend paid 12000 Balance from last year 23200
General reserve 15000 Current year profit 49712
Final dividend 73600
Provision for taxation 20000 Balance loss transferred to B/S 47688
120600 120600

 

aflac ltd balance as on 31 dec 2016

Liabilities Amount Assets Amount
Share capital and reverse Fixed assets
Authorized capital Premises 480000
600000 share @ Rs.100 each 6000000 Add: wages 1000 490000
Issued subscribed paid up share capital Plant and mach 576000

Less: dep 20% (11520

460800
7360 share @ 100 each 736000 Furniture 11520
Reserve Less: dep (1728)



Intangible

9792
General reserve

40000+15000)

55000 Good will deferred cost 40000
Balance loss 47688 Preliminary exp 6400
Long term liabilities Long terms assets

4% government securities

Current assets

96000
6% debenture 480000 Debtors 139200
Current liabilities Less: provision (6969) 132240
 Bill payable 60800 Cash in hand 13200
Final dividend 73600 Cash in bank 63840
Interest on debenture 14400 Interest on govr securities 3840
Sundry creditors 800000 Closing stock 156000
Provision for taxation 200000
1472112 1472112

Advanced Accounting Code 444 Solved Assignment 2 spring 2017 B.Com / B. A.

Q 5 Jawadbrothers leases acar on is January 2016 that has fair values of RsAnnual rentals payable.

Answer:

 

Pmt = 1500000  (PVIFA 12%,4)

Pmt = 150000 3.0373

Pmt = 493859.678

  1. b) Amortization schedule
End of year loan payment Beginning of year principal Payment

Interest                   principal

End of principal
1 493859.678 1500000 180000 313859.6778 1186140.322
2 493859.678 1186140.32 142336.84 351522.84 834617.4826
3 493859.678 834617.4826 100154.0979 393705.58 440911.9025
4 493859.678 440911.9025 52909.43 440911.908 0

The difference in the last years beginning and ending principal is due to rounding

Working notes

Interest = 1500000  = 180000

Principal = 493859.678-180000= 313859.678

End of year principal = 1500000-313859.678

=1186.322

FIND HERE TOO:- AIOU SOLVED ASSIGNMENT 1 CODE 444 SPRING 2017

  1. C)
lessor lessor
1-1-16 Lease receivable

1993859.678

Equipment 1500000

Un-earned interest revenue

4938859.678

Lease property 1500000

Lease liability 313859.678

Interest exp 180000

Cash 493859.678

Cash 493859.678

Lease receivable 493859.678

Depreciation 300000

Accumulation dep 300000

150000/5=3000000

Un-earned interest revenue

180000

Interest revenue

180000

1-1-17 Cash 493859.678

Lease receivable

493859.678

Lease liability 351522.84

Interest exp 142336.84

Cash 4938859.678

Un-earned interest revenue

142336.84

Interest revenue

Depreciation 300000

Accumulated dep 300000

 

سوال نمبر 1 سے 3 کے ليے يہاں کلک کريں



DMCA.com Protection Status

About the author

#hamsi

السَّلآمُ عَلَيْكُمْ وَرَحْمَةُ الله وبَرَكآتُه. Assalam-O-Alaikum, Dear, Students we are providing free of cost solved assignments. Get it & Share it. For More Assignments Stay Connect with us. "DON'T MISS NAMAZ"
https://www.fb.com/hamsijutt

6 Comments

Leave a Comment