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FIN611 Advanced Financial Accounting Assignment No 01 Fall 2019 Solution & Discussion Due Date: 25-11-2019

FIN611 Advanced Financial Accounting Assignment No 01 Fall 2019 Solution & Discussion Due Date: 25-11-2019

FIN611 Advanced Financial Accounting Assignment 1 Solution & Discussion Fall 2019


SEMESTER FALL 2019

ADVANCED FINANCIAL ACCOUNTING (FIN611)

ASSIGNMENTNO.01

DUE DATE: NOVEMBER 25, 2019

MARKS: 20

Question:

Irfan Traders situated in Lahore has a branch in Sheikhupura. Goods are invoiced to the branch at cost plus 25%. Mr. Anwar, the branch manager is instructed to deposit cash every day in the head office’s bank account. All expenses are paid through cheques by head office except the petty cash expenses which are paid by the branch manager.  Opening and closing stock at invoice price was Rs. 41,000 and Rs. 48,000 respectively. During the year the goods of Rs. 314,000 were sent to the branch.  Opening balance of furniture was Rs. 11,700. Additional furniture was purchased on 1st July 2018 of worth Rs.  1250 by Mr. anwar after the approval from head office the payment for which was made from amount collected through sales and debtors. Cash sales and credit sales are made during the year Rs. 200,650 and Rs. 186,050 respectively. Opening and closing debtors are reported Rs. 15,850 and 21, 075 respectively. During the year head office paid expenses of Rs. 66,000 and cash paid by branch Rs. 5,225. The branch recovered the previous year’s declared bad debts amount of Rs. 5,000. Depreciation on furniture is to be charged @ 10% p.a. where the financial year ended on 31st December of each year.  

Required:

What is the amount of depreciation and furniture reported at the end of the year? 

Prepare branch account to ascertained the profit or loss earned by branch  What amount has been received from branch? 

What amount has been received from debtors?

      

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FIN611 Assignment No 01 Solution Fall 2019

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