Share:

Dear Students! Please share your Assignment files as you recieve in your lms so it can be discussed/solved timely. Share assignments files by click on UPLOAD button.

FIN611 Assignment 1 Solution & Discussion Fall 2019  

  RSS

admin
(@admin)
Admin
Joined: 1 year ago
Posts: 1361
20/11/2019 9:11 pm  

FIN611 Advanced Financial Accounting Assignment 1 Solution & Discussion Fall 2019


SEMESTER FALL 2019

ADVANCED FINANCIAL ACCOUNTING (FIN611)

ASSIGNMENTNO.01

DUE DATE: NOVEMBER 25, 2019

MARKS: 20

Question:

Irfan Traders situated in Lahore has a branch in Sheikhupura. Goods are invoiced to the branch at cost plus 25%. Mr. Anwar, the branch manager is instructed to deposit cash every day in the head office’s bank account. All expenses are paid through cheques by head office except the petty cash expenses which are paid by the branch manager.  Opening and closing stock at invoice price was Rs. 41,000 and Rs. 48,000 respectively. During the year the goods of Rs. 314,000 were sent to the branch.  Opening balance of furniture was Rs. 11,700. Additional furniture was purchased on 1st July 2018 of worth Rs.  1250 by Mr. anwar after the approval from head office the payment for which was made from amount collected through sales and debtors. Cash sales and credit sales are made during the year Rs. 200,650 and Rs. 186,050 respectively. Opening and closing debtors are reported Rs. 15,850 and 21, 075 respectively. During the year head office paid expenses of Rs. 66,000 and cash paid by branch Rs. 5,225. The branch recovered the previous year’s declared bad debts amount of Rs. 5,000. Depreciation on furniture is to be charged @ 10% p.a. where the financial year ended on 31st December of each year.  

Required:

What is the amount of depreciation and furniture reported at the end of the year? 

Prepare branch account to ascertained the profit or loss earned by branch  What amount has been received from branch? 

What amount has been received from debtors?

      

IMPORTANT:  

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience. 

 

IMPORTANT INSTRUCTIONS:  

  • Complete calculations are required for every part of the problem.
  • All the students are recommended to attempt the assignment their own.

 

OTHER IMPORTANT INSTRUCTIONS:  

DEADLINE:  

  • Make sure to upload the solution file before the due date on VULMS.
  • Any submission made via email after the due date will not be accepted.

 

FORMATTING GUIDELINES:  

  • Use the font style “Times New Roman” or “Arial” and font size “12”.
  • It is advised to compose your document in MS-Word format.
  • You may also compose your assignment in Open Office format.
  • Use black and blue font colors only.

 

Note related to load shedding: Please be proactive

Dear students!  

As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

*******************************************

How is this website, please share your feedback through this link: https://forms.gle/mZ5rsd995RxU2gEZ7


Quote
admin
(@admin)
Admin
Joined: 1 year ago
Posts: 1361
20/11/2019 9:12 pm  

FIN611 Advanced Financial Accounting Assignment 1 Solution & Discussion Fall 2019


 

Students having same subject can start discussion here to Solve assignment quiz and can clear their concepts until solution is provided. 🖐️

How is this website, please share your feedback through this link: https://forms.gle/mZ5rsd995RxU2gEZ7


ReplyQuote
Share:

Please Login or Register