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Assignment # 1 Dated: May 02, 17

Important announcement

Assignment # 1

Advanced Financial Accounting (FIN611)

 

Dear Students!

 

This is to inform you that an Assignment #1 will be opened on May 04, 2017 and due date of assignment submission will May 10, 2017.`

 

                                               SEMESTER Spring 2017


                              ADVANCED FINANCIAL ACCOUNTING (FIN611)


                                                     ASSIGNMENT NO. 01
                                                                                                                    Total Marks: 20 Marks
Question:
Below is the information related to receipts and payments of Seasons Welfare club for the year ended December 31st, 2016:

Additional information:

1. Subscription of Rs. 720 is yet to be received for the year 2016.

2. Stock of stationary at December 2015 was Rs. 500 and at December 2016 was Rs. 380.

3. Taxes paid up to 31st March 2017.

4. Telephone expenses yet to be paid Rs. 150.

5. On 31st December 2015, other expenses unpaid were Rs. 200.

6. On 31st December 2015, building were Rs. 40,000; investments Rs. 37,000, Motor car Rs. 1,000.

7. Buildings are to be depreciated at 5% p.a during the year.

Required:

1. An income & expenditure account of the club for the year ended Dec. 31, 2016. (10 Marks)

2. The Club’s balance sheet as on December 31, 2015. (4 Marks) 3. The Club’s balance sheet as on December 31, 2016. (6 Marks)


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Replies to This Discussion

Assignment has been uploaded :) 

Share your ideas pls.

Sure sir bs FIN622 sy jan chura lo pehly :x 

Okay noted.

koi to share karoo solution 

For Requirement # 01

 Income and Expenditure Account is prepared in the following manner:

  1. Exclude the opening and closing balance of receipt and payment account.

  2. Exclude all the payment items.

  3. Exclude all revenue items relating to last or next year.

  4. Include all items of income or expenditure relating to the current year, if they are not received or paid in the current year.

  5. Charge depreciation on all wasting assets.

Hints:

While preparing income and expenditure account from receipts and payments account, apply the following rules:

  1. Exclude all capital items.
  2. Adjust all revenue items with outstanding and advance items in the following manner:
    (i) If relates to current year: Add
    (ii) If relates to last or next year: Deduct

plzz help

koi nae jo help kr de :

can someone share the solution pls, as i couldn't get it done complete working, it seems little confusing.

share your working. i have done mine it tricky but easy. mine balance sheet tallied with 410 deficit  in income and expenditure account 

ajki date main koi share ker dy gaa???

Ye lo sb bacho :P

& Thnx noman sir :)

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