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Dated: Jan 26, 16
Important announcement
Assignment # 02
Financial accounting II (MGT401)

Dear Students!
This is to inform that Assignment No. 2 will be opened on January 27, 2016 and due date of assignment submission will be February 02, 2016.

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.

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Welcome Sharmeen

ThnX....

most welcome...

SEMESTER FALL 2015

FINANCIAL ACCOUNTING II (MGT 401)

ASSIGNMENT NO. 02

 

SOLUTION:                                                            

 

Lease amortization schedule

Rate 7% per annum

Years

Lease Rental

Financial Charges

Principal Amount

Outstanding Principal

 

 

 

 

Rs.728,200

1

215,000

50,974

164,026

564,174

2

215,000

39,492

175,508

388,666

3

215,000

27,207

187,793

200,873

4

215,000

14,127

200,873

-

Total

860,000

131,800

728,200

 

 

Date

Description

Code#

(Dr) Amount

(Cr) Amount

 

01-07-11

Factory to equipment subject to finance lease A/C

Liability subject to Finance Lease A/C

(Recording asset at the acceptation of lease July 1,2011)

 

 

728,200

 

 

728,200

01-07-11

 

Liability subject to Finance Lease A/C

Current maturity of lease A/C

(Transfer to current maturity at the inception of lease

 

 

164,026

 

 

164,026

30-06-12

 

Current maturity of Lease A/C

Financial charges A/C

Bank  charges

(Payment of first lease rental)

 

 

164,026

 

 

50,974

175,508

 

 

Liability subject to Finance Lease A/C

Current maturity of lease A/C

(Transfer to current maturity at the inception of lease June 30, 2011)

 

 

175,508

 

 

175,508

 

30-06-12

 

Depreciation Expense A/C

Accumulated Depreciation A/C

(Depreciation June 30,2012)

 

 

 

 

109,230

 

 

 

109,230

 

 

 

c) Profit and Loss for the year June30, 2012.

Depreciation A/C (728,200x 15%)               Rs. 109,230

Lease Financial Charges                                 Rs. 50,974

  Profit and Loss for the year June 30, 2013.

Depreciation A/C    (728,200-109,230) x 15%                                 Rs.92, 845
 Lease Financial Charges                                        Rs.39, 492

 

 

 

 

 

 

 

 

 

ThnX Sir....!

Sir meri value in 4th year 7% of200873 = 14061.1226 a rhi ha
Apki kese 14127 ai ha...?? Plz reply me even u knw the reason or not

Siss yeh jo value apki aie haai woh theek haai .. ! mine also same like urs

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