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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.

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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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