AIOU SOLVED ASSIGNMENT CODE 444 ADVANCE ACCOUNTING

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AIOU SOLVED ASSIGNMENT CODE 444 ADVANCE ACCOUNTING

SOLVED ASSIGNMENT CODE 444

Q 01: Answer

Date Details Rs. Rs.
Joint Venture A/CTo AliTo WaliInvestment Deposited in Joint Bank A/C 700000 400000300000
Construction MaterialSmall ItemsTo Joint Bank A/C(Expenses Paid from Joint Bank A/C) 65000065000 715000
Joint Venture A/CTo Ali (Wages Paid)To Wali (Supply of Material)(Wages paid and material supplied.) 170000 15000020000
Joint Bank A/CTo Joint Venture A/C(Receipt of Contract price.) 950000 950000
Mr. AliTo Joint Venture A/C 36000 36000
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

DETAILS Rs DETAILS Rs.
Joint Bank A/CAliWaliAli ProfitWali Profit 715000150000200005771443286 Joint Bank A/CAli 95000036000
  986000   986000

 

 

 

ALI

DETAILS Rs. DETAILS Rs.
Joint Bank A/CProfit and Loss A/C 36000571714 Joint Bank A/CJoint Venture A/CJoint Venture A/C 40000015000057714
607714 607714

 

WALI

DETAILS Rs. DETAILS Rs.
Joint Bank A/C 363286 Joint Bank A/CJoint Venture A/CJoint Venture A/C 3000002000043286
363286 363286

 

Q 02: Answer

HAMMAD & CO., BOOKS (JOURNAL)

DATE DESCRIPTIONS FLIO DR. (Rs.) CR. (Rs.)
Consignment A/CTo Goods sent on consignment(Being goods sent on consignment.) 200000 200000
Consignment A/CTo Cash A/C(Paid insurance Charges 12000 12000
Bill Receivable A/CTo Jawad and Co., A/C(Advance against Consignment) 80000 80000
Jawad & Co., A/CTo Consignment A/C(Sales receivable from consignee) 210000 210000
Consignment A/CTo Jawad & Co., A/C(Consignee commission and expenses 16800 16800
Closing stock A/CTo Consignment A/C(Valuation of closing stock) 48400 48400
Goods sent on consignment A/CTo Consignment A/C(Difference of cost price and invoice price) 40000 40000
Consignment A/CTo profit and loss A/C\(Profit on Consignment.) 10000 10000

 

JAWAD & CO., BOOKS  (JOURNAL)

DATE DESCRIPTION FOLIO DR. (Rs.) CR. (Rs.)
Hammad & co., A/CTo Bill Payable A/C(Advance against the consignment) 80000 80000
Bill Payable A/CTo Cash A/C(Acceptance of honoured.) 80000 80000
Cash A/CTo Hammad & Co., A/C(Sold 800 cases of milk.) 210000 210000
Hammad & Co., A/CTo Cash A/CTo commission A/C(Expense and commission receivable from consignee.) 16812 16812
Hammad & Co., A/CTo Bank A/C(Payment made to Hammad & Co.,) 210000 210000

 

CONSIGNMENT ACCOUNT


DATE DESCRIPTION Rs. DATE DESCRIPTION Rs.
Goods sent on Consignment A/cHammad & Co., (exp)Jawad & Co., (Comm)Stock Reservice A/CProfit & Loss A/C 2000001200016800800061600 Jawad & Co., A/C (Sales)Stocn on ConsignmentGoods sent on Consignment A/C (Reserve) 2100004840040000
298400 298400

 

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

DATE DESCRIPITON Rs. DATE DESCRIPTION Rs.
Consignment A/C 210000 Bill Receivable A/CConsignment A/CBank A/C 8000016800113200
210000 210000

 

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

DATE DESCRIPTION Rs. DATE DESCRIPTION Rs.
Bill Payable A/CCash A/CCommission A/CBank A/C 800001216800210000 Cash A/CBank A/C 21000096812
306812 306812

 

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

DESCRIPTION Rs. DESCRIPTION Rs.
Branch StockGoods SentSalariesOther Exp.Manager CommissionBranch net Profit 30000090000010000040000300057000 SalesBranch Stock 1200000200000
1400000 1400000

 

Q 5: Answer

Sr. No DESCRIPTION DR. (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.) 420000 400000020000
Interest on Debenture A/CTo Outstanding interest on debenture A/C(Interest due on 4000 debentures @ 6% 25200 25200
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.) 200001000 168004200

Solved Assignment No.2 Code 444

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