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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

DATEANNUAL PAYMENTANNUAL INTEREST 15%LEASE RECEIVABLERECEIVABLE LIABILITY BALANCE
02.01.14   900000
31.12.14180000 (180000)720000
31.12.14 108000108000612000
01.01.15180000 180000432000
31.12.15 6480064800367200
01.01.16180000 180000187200
31.12.16 2808028080159120
01.01.17159120 1591200

 

JOURNAL ENTERIES BOOK OF LESSEE

DATEDETAILSRs.Rs.
02.01.14Lease Equipment

To Lease Liability

900000 

900000

31.12.14Interest Expenses

To Accumulated Depreciation

180000 

180000

31.12.14Depreciation Expenses

To Accumulated Depreciation

108000 

108000

01.01.15Lease Liability

To Cash

720000 

720000

31.12.15Interest Expenses

To Accumulated Depreciation

180000 

180000

31.12.15Depreciation Expenses

To Accumulated Depreciation

64800 

64800

 

Q 03:

ASSETSRsCAPITAL + LIABILITIESRs
Fixed Assets

Stock

Debtors

Bank

60000

20000

25000

5000

Share Capital

Reserves

Long-term loans

(Balance figure Current Liabilities)

50000

25000

15000

20000

TOTOAL110000TOTAL110000

 

Q 05:

BLUE LTD.

TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31.12.1992

 

 Rs Rs
Opening Stock

Purchase

Wages                        84800

Less Charges to Premises 10000

Freight

Gross Profit (c/d)

 

75000

185000

 

 

74800

13100

168100

Sales

Closing Stock

415000

101000

 

 516000 516000
General  Expenses

Salaries

Debenture Interest           9000

+ Outstanding                    9000

Director Fees

Preliminary Expenses

Deprecition Plant & machiner

Depreciton Fixtures

Provision for Bad Debts

Net Profit

 

16900

14500

 

18000

5740

1000

36000

360

2960

74050

 

Gross profit  (b/d)

Interest on Govt Securities

4% on Rs. 60000

168100

 

2400

TOTAL170500TOTAL170500

 

PROFIT AND LOSS APPROPRIATION A/C

PARTICULARSRs.PARTICULARSRs.
Provision for income tax

General Reserve

Interim Dividend

Proposed Dividend

Balance (c/d)

25000

10000

7500

23000

24040

Balance from the last year

Net Profit this year

14500

75040

TOTAL89540TOTAL89540

 

BALANCE SHEET

AS AT

31.12.2014

ASSETSRsCAPITAL + LIABILITESRs
FIXED ASSETS

Premises

Machinery                      360000

Less: Dep                           36000

Fixtures                                7000

Less: Dep                               360

Goodwill

Preliminary Expenses

 

CURRENT ASSETS

Investment                      60000

+ Interest due                    2400

Closing Stock

Sundry Debtors                87000

Less: Pro B.debts                4350

Cash in Hand

Cash at Bank

 

 

310000

 

324000

 

6840

25000

4000

 

 

 

62400

101000

 

82650

8250

39900

Share Capital & Reserves

Authorized Capital:-

60000 shares of Rs. 10 each

Issued, subscribed and paid up capitl

46000 shares of Rs. 10 each

 

RESERVE

Profit & Loss App A/C

General Reserve

 

CURRENT LIABILITES:-

6% Debentures

Interest Outstanding

Provision for Income Tax

Proposed dividend

Bill Payable

Sundry Creditors

 

 

600000

 

460000

 

 

24040

35000

 

 

300000

9000

25000

23000

38000

50000

 964040 964040

 

 

 

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