# AIOU SOLVED ASSIGNMENT 02 CODE 444 ADVANCE ACCOUNTING

## 2015 SPRING SOLVED ASSIGNMENT # 02 ADVANCE ACCOUNTING CODE 444

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### SOLVED ASSIGNMENT # 02 COURSE CODE 444 SPRING 2015

Q 01:

Annual Rentals Payable= Interest + Annual interest

=180000+108000=288000

AMORTIZATION SCHEDULE

 DATE ANNUAL PAYMENT ANNUAL INTEREST 15% LEASE RECEIVABLE RECEIVABLE LIABILITY BALANCE 02.01.14 900000 31.12.14 180000 (180000) 720000 31.12.14 108000 108000 612000 01.01.15 180000 180000 432000 31.12.15 64800 64800 367200 01.01.16 180000 180000 187200 31.12.16 28080 28080 159120 01.01.17 159120 159120 0

JOURNAL ENTERIES BOOK OF LESSEE

 DATE DETAILS Rs. Rs. 02.01.14 Lease EquipmentTo Lease Liability 900000 900000 31.12.14 Interest ExpensesTo Accumulated Depreciation 180000 180000 31.12.14 Depreciation ExpensesTo Accumulated Depreciation 108000 108000 01.01.15 Lease LiabilityTo Cash 720000 720000 31.12.15 Interest ExpensesTo Accumulated Depreciation 180000 180000 31.12.15 Depreciation ExpensesTo Accumulated Depreciation 64800 64800

Q 03:

 ASSETS Rs CAPITAL + LIABILITIES Rs Fixed AssetsStockDebtorsBank 6000020000250005000 Share CapitalReservesLong-term loans(Balance figure Current Liabilities) 50000250001500020000 TOTOAL 110000 TOTAL 110000

Q 05:

BLUE LTD.

TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31.12.1992

 Rs Rs Opening StockPurchaseWages                        84800Less Charges to Premises 10000FreightGross Profit (c/d) 75000185000  7480013100168100 SalesClosing Stock 415000101000 516000 516000 General  ExpensesSalariesDebenture Interest           9000+ Outstanding                    9000Director FeesPreliminary ExpensesDeprecition Plant & machinerDepreciton FixturesProvision for Bad DebtsNet Profit 1690014500 180005740100036000360296074050 Gross profit  (b/d)Interest on Govt Securities4% on Rs. 60000 168100 2400 TOTAL 170500 TOTAL 170500

PROFIT AND LOSS APPROPRIATION A/C

 PARTICULARS Rs. PARTICULARS Rs. Provision for income taxGeneral ReserveInterim DividendProposed DividendBalance (c/d) 250001000075002300024040 Balance from the last yearNet Profit this year 1450075040 TOTAL 89540 TOTAL 89540

BALANCE SHEET

AS AT

31.12.2014

 ASSETS Rs CAPITAL + LIABILITES Rs FIXED ASSETSPremisesMachinery                      360000Less: Dep                           36000Fixtures                                7000Less: Dep                               360GoodwillPreliminary Expenses CURRENT ASSETSInvestment                      60000+ Interest due                    2400Closing StockSundry Debtors                87000Less: Pro B.debts                4350Cash in HandCash at Bank 310000 324000 6840250004000   62400101000 82650825039900 Share Capital & ReservesAuthorized Capital:-60000 shares of Rs. 10 eachIssued, subscribed and paid up capitl46000 shares of Rs. 10 each RESERVEProfit & Loss App A/CGeneral Reserve CURRENT LIABILITES:-6% DebenturesInterest OutstandingProvision for Income TaxProposed dividendBill PayableSundry Creditors 600000 460000  2404035000  300000900025000230003800050000 964040 964040

#### OSCAR

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