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# MGT401 Assignment # 2

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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### Replies to This Discussion

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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