AIOU SOLVED ASSIGNMENT 1 CODE 444 spring 2015

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AIOU SOLVED ASSIGNMENT CODE 444 ADVANCE ACCOUNTING SPRING 2015

SPRING 2015 SOLVED ASSIGNMENT # 01 COURSE CODE 444

SOLVED ASSIGNMENT # 01 CODE 444 SPRING 2015

Q 01:

Date Details   Rs. Rs.
  Joint Venture A/C

To Red

To Green

Investment Deposited in Joint Bank A/C

  575000  

250000

325000

  Red A/C

Expenses A/C

To Cash

Purchase of goods on cash

  250000

50000

 

 

300000

  Joint Venture A/C

To Green A/C

Purchase of Goods

  375000  

375000

  Profit and Loss A/C

To Joint Venture A/C

Balance lost by fire

  150000  

150000

 

RED A/C

DETAILS Rs. DETAILS Rs.
Joint Bank A/c

Profit and loss A/c

250000

150000

Joint Bank A/C

Joint Venture A/C

Joint Venture A/C

250000

50000

100000

TOTAL 400000 TOTAL 400000

 

GREEN A/C

DETAILS Rs DETAILS Rs
Joint Bank A/C 375000 Joint Bank A/C

Joint Venture A/C

325000

50000

 

Q 02:

DATE DETAILS L.F Rs Rs
  Consignment A/C

To Goods sent on Consignment

(Being goods sent on consignment)

  1000000  

1000000

  Consignment A/C

To Cash A/C

(Paid insurance charges)

  10600  

10600

  Consignee A/C

To Consignment A/C

(Sales receivable from consignee)

  840000  

840000

  Consignment A/C

To Consignee A/C

(Consignee commission and expenses

  42000  

42000

  Closing Stock A/C

To Consignment A/c

Valuation of closing stock

  300000  

300000

 

  Consignment A/C

To Profit & Loss A/C

(Profit on Consignment)

  160000  

160000

 

CONSIGNMENT A/C

DETAILS Rs. DETAILS Rs.
Goods sent on Consignment A/c

Insurance Charges

Consignee A/C (Commission)

P & L A/C

 

1000000

10600

42000

160000

 

Consignee A/C (Sales)

Stock on consignment A/C

Goods sent on Consignment A/C (Unsold in stock)

840000

300000

 

72600

 

TOTAL 1212600 TOTAL 1212600

 

Q 03:

BRANCH ACCOUNT

DETAILS Rs. DETAILS Rs.
Goods sent in Rawalpindi Branch A/C

Expenses

Stock reserve

P & L A/C

 

123750

16500

5775

6384

 

Cash Sales   41250

Received from Debtors 43250

Goods sent to Rawalpindi  Branch returns

Rawalpindi Branch Drs

Branch Stocks

Petty Cash

Goods sent to Rawalpindi

Branch  (adjustment)

 

 

84500

 

4125

8512

23100

250

 

31922

 

TOTAL 152409 TOTAL 152409

 

Q 04: A)                DEPARTMENTAL ACCOUNT: An accounting department provides accounting services and financial support to the organization it belongs to. The department records, accounts payable and receivable, inventory, payroll, fixed assets and all other financial elements. The department’s accountants review the records of each department to determine the company’s financial position and any changes required to run the organization cost effectively.


IMPORTANT DEPARTMENTAL ACCOUNTS:

Accounts Payable (Money Out) In order to maintain great relationships with vendors making sure that everyone gets paid on time is a vital role. The role of the accounting department includes keeping an eye on opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly. At the very least, account payable should be scheduled to assure that the least amount of money has to go out per payment, i.e, no late payment charges!

ACCOUNTS RECEIVEDABLE AND REVENUE TRACKING (Money in):- Another critical duty of accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices. The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.

PAYROLL:- Payroll is a critical function of the accounting department and includes making sure all employees are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies.

REPORTINING AND FINANCIAL STATEMENTS:- The primary reason you collect data properly in your accounting software is to prepare financial reports that can be used for budgeting, forecasting and other decision making processes. In addition, these and other reports are needed for communication to investors, banks and other professional that play a role in the growth of your business.

FINANCIAL CONTROLS:-  Financial controls include reconciliations, dividing the responsibilities and following the GAAP standards of accounting principles, all of which are implemented with view toward compliance, fraud and theft prevention. The role of the Controller is to ensure procedures are set up properly to manage that process without errors.

These are just some of the main roles and functions of the accounting department in businesses, there are many more responsibilities the accounting department is responsible for and a number of subcategories. Those will depend upon the specific nature of your business. For instance, inventory control and tracking, government forms and tax filings and fund raising might be other essential areas of focus that your accounting department would be responsible for.

B:-

Allocation of expenses in Departmental Accounting: The expenses which can be specially incurred for a particular departments like salary to salesman, can be charged directly to the department, but the expenses which could not be allocated precisely to a particular department may be divided among the different departments are as follows:-

SALE OF EACH DEPARTMENT

  • Salesman’s commission
  • Discount allowed
  • Bad debts
  • Carriage outwards
  • Advertisement
  • Packing expenses
  • Provision for discount on debtors
  • Traveling salesman’s salary and commission

PURCHASE OF EACH DEPARTMENT

  • Discount received
  • Provision for discount on creditors
  • Carriage inward
  • Freight

AREA OF FLOOR SPACE OF EACH DEPARTMENT

  • Rent
  • Rates taxes
  • Repair and maintenance of building
  • Insurance on building
  • Air conditioning expenses
  • Heating

VALUE OF ASSETS IN EACH DEPARTMENT

  • Depreciation of machinery
  • Repairs and maintenance of plant
  • Insurance premium

NUMBER OF WORKERS

  • Workmen’s compensation insurance
  • Canteen expanses
  • Labor welfare expenses
  • Time keeping
  • Personnel office
  • Supervision

DIRECT WAGES

  • Compensations to workers
  • Holiday pay
  • Provident fund contribution
  • Group insurance premium

NUMBER OF LIGHT POINTS

  • Lighting expenses

HORSE POWER OF MACHINE AND / OR PRODUCTION HOURS

  • Electric power

TIME DEVOTED BY HIM FOR EACH DEPARTMENT.

  • Work manager’s salary.

 

 

Q 05:

  1. A) AT PAR
Sr.No Particulars Rs. Rs.
  Land & Building A/C

Furniture A/C

Machinery A/C

Debtors

To Creditor A/C

To Moon Ginning Ltd., A/C

(Asset & liabilities Acquired at book Value)

100000

25000

50000

15000

 

 

 

 

90000

100000

  Moon Ginning Ltd., A/c

To Ordinary Shares Capital A/C

(2000 Shares allotted at Rs. 50 (Par Value) in full settlement of purchase consideration)

100000

 

 

100000

 

  1. B) AT 20% PREMIUM
Sr.No Particular Rs Rs.
  Land & Building A/c

Furniture A/C

Machinery A/C

Debtors A/C

To Creditor A/C

To Moon Ginning Ltd., A/c

(Asset & liabilities acquired at Book Value)

100000

25000

50000

15000

 

 

 

 

90000

100000

  Moon ginning Ltd., A/C

Discount on Shares A/C

To Ordinary Shares Capital A/C

(2000 Shares of Rs. 50 (Par value) issued at a discount, in full settlement of purchase consideration

100000

10000

 

 

 

110000

 

 

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1 Comment
  1. Reply hamza ali khan August 27, 2016 at 3:58 am

    444 ka assignment chaheye 2016

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