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FIN611 Assignment No 01 Solution & Discussion Due Date: 06-11-2017

Announcement for Assignment # 01 Dated:Nov 06, 17 Importantannouncement Assignment No. 01 Advanced Financial Accounting (FIN611) Dear Students This is to inform you that Assignment No. 01 will be opened on Nov 08, 2017 and due date of assignment submission will be Nov 14, 2017. A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience. Short Demo: If you want to know how to downloadand submit an assignment on VULMS, watch the following shortdemo on VU Facebook page. Click here to see demo Important: · To open the assignment file, you must have Adobe Acrobat Reader/PDF Reader installed on your computer. · For acquiring the relevant knowledge, do not rely only on handouts but watch the course video lectures and read additional material available online or in any other mode. 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 and GDBs.

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Please Discuss here about this assignment.Thanks

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P.S:    Please always try to add the discussion in proper format title like “CS101 Assignment / GDB No 01 Solution & Discussion Due Date: ___________”

SEMESTER FALL 2017

ADVANCED FINANCIAL ACCOUNTING (FIN611)

ASSIGNMENT NO. 01

DUE DATE: NOVEMBER 14, 2017

MARKS: 10

LEARNING OBJECTIVE:

The students are expected to learn that how accounting system works in nonprofit organizations.

LEARNING OUTCOMES

After going through this activity, the students will be able to learn the accounting system in NPO’s in its true sense. ASSIGNMENT:

Following are the particulars related to Silver Sports Club for year ending December 31, 2016: Rs. Member’s Subscriptions collected 60,500

Subscriptions due but not received in 2016 8,000

Entrance fees 5,100

Entertainment expense 2,500

Salary paid 9,600

Rent expense 7,000

Donations received 12,500

Sundry expense 2,400

Printing, postage and stationary 2,100

Additional Data:

1. Subscriptions collected during year 2016 include Rs.3,500 for 2015 and Rs.1,800 for year 2017.

2. 40% of entrance fee is to be treated as capital receipt.

Required: You are required to prepare Income and Expenditure account of Silver Sports Club for the year ending December 31, 2016.

Note: Give complete supporting calculations for the amount of income from subscription to be credited to income & expenditure account as it carries marks.

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/ SOLUTION GUIDELINES/ SPECIAL INSTRUCTIONS DO YOUR WORK CLEAN & COMPLETE 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.

RULES FOR MARKING

Please note that your assignment will not be graded or graded as Zero (0), if:

• It is submitted after the due date.

• The file you uploaded does not open or is corrupt.

• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.

• It is cheated or copied from other students, internet, books, journals etc.

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; pre mid activity schedule has already been uploaded on VULMS, therefore no excuse will be entertained after due date of assignments or GDBs.

Please add me on this group.
Please suggest the solution of assighnment no,01.

please send some solution

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

FIN611 check this idea solution 

Attachments:

R u sure sir

 Subscriptions due but not received in 2016 8,000 r added in expenses and
Subscriptions collected during year 2016 include Rs.3,500 are less?

 

yes its true not receive in 2016 thats y its our previous year expense

THANKS

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