AIOU SOLVED ASSIGNMENT 02 CODE 444 ADVANCE ACCOUNTING

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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 Equipment

To Lease Liability

900000  

900000

31.12.14 Interest Expenses

To Accumulated Depreciation

180000  

180000

31.12.14 Depreciation Expenses

To Accumulated Depreciation

108000  

108000

01.01.15 Lease Liability

To Cash

720000  

720000

31.12.15 Interest Expenses

To Accumulated Depreciation

180000  

180000

31.12.15 Depreciation Expenses

To Accumulated Depreciation

64800  

64800

 

Q 03:

ASSETS Rs CAPITAL + LIABILITIES Rs
Fixed Assets

Stock

Debtors

Bank

60000

20000

25000

5000

Share Capital

Reserves

Long-term loans

(Balance figure Current Liabilities)

50000

25000

15000

20000

TOTOAL 110000 TOTAL 110000

 

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

TOTAL 170500 TOTAL 170500

 

PROFIT AND LOSS APPROPRIATION A/C

PARTICULARS Rs. PARTICULARS Rs.
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

TOTAL 89540 TOTAL 89540

 

BALANCE SHEET

AS AT

31.12.2014

ASSETS Rs CAPITAL + LIABILITES Rs
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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