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salam every one plzzzz share the solution of this assignment 
SEMESTER FALL 2011
Advanced Financial Accounting (FIN611)
Assignment No. 1
Due Date: 16/11/2011 Marks: 15
Assignment:
Following is the Receipts and Payments Account of Lahore Gymkhana Club for the year ended on
31st December 2009.
Additional information:
1. Outstanding and unexpired expenses on 31st December were:
Particulars Year 2008
(Rs.)
Year 2009
(Rs.)
Rent due 720 1,440
Electricity bill due 2,560 800
Subscription due 1,000 1,600
Unexpired Insurance 200 280
2. Cost of refreshments sold was amounting to Rs. 15,000.
3. On 31st December 2008 book value of furniture was Rs.12, 000. New furniture was purchased
on 1st October 2009. Depreciation is to be provided @10% p.a.
4. Entrance fee is not to be capitalized.
5. Loan from Mr. Ali was taken on 1st November 2009. Interest on loan is payable at 15% p.a.
Required:
Prepare Income and Expenditure Account for the year ended on 31st December 2009
and Balance Sheet as on that date.
Receipts Rs. Payments Rs.
Cash in hand
Entrance fee
Subscription:
2007-2008
2008-2009
2009-2010
Sales of refreshments
Loan taken form Mr. Ali
80
19,000
1,000
12,200
1,400
30,000
1,000
Salary
Rent
Electricity
Printing and stationery
Insurance premium
Miscellaneous expenses
Purchase new furniture
Cash in hand
16,640
7,440
3,120
1,320
720
7,840
18,000
9,600
TOTAL 64,680 TOTAL 64,680
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plz plz help me in dis assignment plz

 

any one plz share the solution!!!!!!!!!!!!11

 

hellloooooooooooo y nobody replying to this assgmt ?? hhhuuhhh ????? please sharee kar doooo...

kaise ko mila is ka solution \???

kuch pata chalaa ???/

Waiting for solution any one please help me.

lagta ha marks gaye koi solution he nai mila yeh subject kisi ka ha bhi k nai..........:((

less then 2 hours remains

 

keep looking

Assignment of Advanced Financial Accounting (FIN611)

Dated: 11, 17, 11

Subscription Income Account


Subscription due on the year 2008 (31st December 2008)                       1,000

Subscription received during the year 2008 (31st December 2008)         1,000

Subscription due on the year 2009 (31st December 2008)                       1,600

Subscription received during the year 2009 (31st December 2009)         12,200  

 

Subscription received during the year 2010 (31st December 2010)         1,400

(to save time I will skip the data of 2010, because requirement is of 2009)

 

Calculate the amount of subscription at the closing of 2009.             13,200

 

 

 

Working: Rupees

Cash received during the year ended on 31st December 2009              63,680                                             

Less Opening balance of accrued income                                              13,200

Add Closing balance of accrued income                                                2,600                    

Add Opening balance of advance receipts                                                 N/A

Less Closing balance of advance receipts                                                  N/A        

Income for the year                                                                               53,080

 

 

----------------------------------------------------------------------------------------------------

Income and Expenditure Account

For the year ended December 31, 2009

(Extract)

Incomes                                                                                         Rupees

Subscription income                                                                      53,080

 

 

 

-----------------------------------------------------------------------------------------------------

                                                                 Balance Sheet

As at December 31, 2008

(Extract)

 

Assets                                                                                             Rupees                 

Subscription receivable                                                                 1,600

 

Liabilities

Subscription received in advance                                                  12,200

 

------------------------------------------------------------------------------------------------------

Note*

Extract means make normal balance sheet and put these values in it

 

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