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AIOU SOLVED ASSIGNMENT CODE 444 ADVANCE ACCOUNTING

AIOU SOLVED ASSIGNMENT CODE 444 ADVANCE ACCOUNTING

SOLVED ASSIGNMENT CODE 444

Q 01: Answer

DateDetailsRs.Rs.
Joint Venture A/CTo AliTo WaliInvestment Deposited in Joint Bank A/C700000400000300000
Construction MaterialSmall ItemsTo Joint Bank A/C(Expenses Paid from Joint Bank A/C)65000065000715000
Joint Venture A/CTo Ali (Wages Paid)To Wali (Supply of Material)(Wages paid and material supplied.)17000015000020000
Joint Bank A/CTo Joint Venture A/C(Receipt of Contract price.)950000950000
Mr. AliTo Joint Venture A/C3600036000
Joint Venture A/CTo Ali ProfitTo Wali Profit(Distribution of Profit)Ali

Wali

To Joint Bank A/C

(Final Payment from Joint Bank)

101000571714

363286

 

5771443286 

 

935000

 

 

JOINT VENTURE ACCOUNT

DETAILSRsDETAILSRs.
Joint Bank A/CAliWaliAli ProfitWali Profit715000150000200005771443286Joint Bank A/CAli95000036000
 986000 986000

 

 

 

ALI

DETAILSRs.DETAILSRs.
Joint Bank A/CProfit and Loss A/C36000571714Joint Bank A/CJoint Venture A/CJoint Venture A/C40000015000057714
607714607714

 

WALI

DETAILSRs.DETAILSRs.
Joint Bank A/C363286Joint Bank A/CJoint Venture A/CJoint Venture A/C3000002000043286
363286363286

 

Q 02: Answer

HAMMAD & CO., BOOKS (JOURNAL)

DATEDESCRIPTIONSFLIODR. (Rs.)CR. (Rs.)
Consignment A/CTo Goods sent on consignment(Being goods sent on consignment.)200000200000
Consignment A/CTo Cash A/C(Paid insurance Charges1200012000
Bill Receivable A/CTo Jawad and Co., A/C(Advance against Consignment)8000080000
Jawad & Co., A/CTo Consignment A/C(Sales receivable from consignee)210000210000
Consignment A/CTo Jawad & Co., A/C(Consignee commission and expenses1680016800
Closing stock A/CTo Consignment A/C(Valuation of closing stock)4840048400
Goods sent on consignment A/CTo Consignment A/C(Difference of cost price and invoice price)4000040000
Consignment A/CTo profit and loss A/C\(Profit on Consignment.)1000010000

 

JAWAD & CO., BOOKS  (JOURNAL)

DATEDESCRIPTIONFOLIODR. (Rs.)CR. (Rs.)
Hammad & co., A/CTo Bill Payable A/C(Advance against the consignment)8000080000
Bill Payable A/CTo Cash A/C(Acceptance of honoured.)8000080000
Cash A/CTo Hammad & Co., A/C(Sold 800 cases of milk.)210000210000
Hammad & Co., A/CTo Cash A/CTo commission A/C(Expense and commission receivable from consignee.)1681216812
Hammad & Co., A/CTo Bank A/C(Payment made to Hammad & Co.,)210000210000

 

CONSIGNMENT ACCOUNT

DATEDESCRIPTIONRs.DATEDESCRIPTIONRs.
Goods sent on Consignment A/cHammad & Co., (exp)Jawad & Co., (Comm)Stock Reservice A/CProfit & Loss A/C2000001200016800800061600Jawad & Co., A/C (Sales)Stocn on ConsignmentGoods sent on Consignment A/C (Reserve)2100004840040000
298400298400

 

CONSIGNEE A/C (In The Books of Hammad & Co., A/C)

DATEDESCRIPITONRs.DATEDESCRIPTIONRs.
Consignment A/C210000Bill Receivable A/CConsignment A/CBank A/C8000016800113200
210000210000

 

CONSIGNEE A/C (In The Books of Jawad & Co., A/C

DATEDESCRIPTIONRs.DATEDESCRIPTIONRs.
Bill Payable A/CCash A/CCommission A/CBank A/C800001216800210000Cash A/CBank A/C21000096812
306812306812

 

Q 03: Answer

DEPARTMENT ACCOUNTS:

Modern life is very automatic especially in large cities. The people of such cities expect all the goods and services just under a sole roof. Contemplating the need of the consumers, the business men are also given that the expected service to the consumers; the business men are also providing the probable service to the consumer just under a roof by opening large scale departmental stores. The departmental stores are the example of large scale retail selling just under a single roof. Different departments are concerned for different goods to be sold out. To calculate the net result of the whole business, a fully fledged trading and profit and loss account is to be prepared. But to appraise individual department, it will be valued to prepare individual trading and profit and loss account. Such entity accounts will help to evaluate and control the special types of departments.

OBJECTIVE

The main objectives of departmental accounting are following:-

  • To set up a system applicable to the company.
  • To ensure an accurate and proper documentary cycle.
  • To prepare the final and periodic financial reports.
  • To manage, coordinate and monitor and implementing of the financial plans.
  • To regulate the financial procedures.

 ASSIGNMENT # 02 CODE 444

ADVANTAGES OF DEPARTMENTAL ACCOUNTS:

  • To know profits: By departmental accounts not only the profits of the departments are known but also the profit of the whole concern can be ascertained.
  • Help in increasing Efficiency: When a businessman does not keep departmental accounts and does not earn as much profit as he expects from it, then he regards whole business as bad and he starts thinking to do some other business. If the profit of that business is determined by preparing departmental accounts, then it can be found out that whole business is not bad but only some departments are inefficient. Under such circumstances, businessman will pay his maximum attention to increase the efficiency of inferior departments and thus he will be able to increase his profits.

Q 4: Answer

DESCRIPTIONRs.DESCRIPTIONRs.
Branch StockGoods SentSalariesOther Exp.Manager CommissionBranch net Profit30000090000010000040000300057000SalesBranch Stock1200000200000
14000001400000

 

Q 5: Answer

Sr. NoDESCRIPTIONDR. (Rs.)CR. (Rs.)
Bank A/CTo 6% Debenture A/CTo Premium A/C(Being issue of 4000 Debentures of 100 each issue at premium 25 on per debenture.)420000400000020000
Interest on Debenture A/CTo Outstanding interest on debenture A/C(Interest due on 4000 debentures @ 6%2520025200
6% Debentures A/CPremium on issue of debentures A/CTo Ordinary Share Capital A/CTo Premium on issue of Share A/C(Conversion of 200 6% Debentures of Rs. 100 each issued at Rs. 105 Each into 168(i.e 21000 + 125) ordinary share of 100 each issued at 125.)200001000168004200

Solved Assignment No.2 Code 444

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/jutt.lyallpuriya

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