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# FIN611 Assignment 01 Fall 2020 Solution / Discussion Due Date: 14-12-2020

FIN611 Assignment 01 Fall 2020 Solution / Discussion Due Date: 14-12-2020

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FIN611_Assignment_No_01_Solution_Fall_2020

FIN611_Assignment_No_01_Solution_Fall_2020

# FIN611 Assignment No 1 Solution fall 2020 |

FIN611 Assignment No.1 solution Fall 2020

Branch Account

Dr.                                                                                                                                                                   Cr.

 Particulars Rs. Particulars Rs. Opening Furniture A/c 23,400 Stock Reserves 82,000 x 25/125 16,400 Opening Stock 82,000 Good Sent 125,600 Stock Reserves A/c 96,000 x 25/125 19,200 Bank A/c (Cash remitted to Head Office) 750,000 Good Sent 628,000 Bank A/c (Recovered bad debts) 10,000 Opening Account Receivable 31,700 Bank A/c                Expenses 132,000 Closing Stock 96,000 Closing Furniture A/c 23,435 Closing Account Receivable 42,150 Profit & Loss A/c 147,285 10,63,585 10,63,585

Depreciation:

Old Furniture               = 23,400 x 10/100 x 12/12 = 2,340

New Furniture             = 2,500 x 10/100 x 6/12 = 125

= 2,340 + 125 = 2,465

Debtors Account

Dr.                                                                                                                                                                   Cr.

 Particulars Rs. Particulars Rs. Opening Debtors 31,700 Cash received from debtors 361,650 Credit Sales 372,100 Closing Debtors 42,150 403,800 403,800

Petty Cash

Dr.                                                                                                                                                                   Cr.

 Particulars Rs. Particulars Rs. Cash Sales 401,300 Cash remitted to do 750,000 Cash received from debtors 361,650 Furniture 2,500 Expenses Paid and Cash Paid 10,450 Balance c/d 0 762,950 762,950

FIN611_Assignment_No_01_Solution_Fall_2020

FIN611_Assignment_No_01_Solution_Fall_2020

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