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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

apke koi msg ki smjh nae ae

MISS APNE JO SOLUTION UPLOAD KIA HAI ISS ME

SALE OF CAR(600) KO BHI INCOME CONSIDER KIA HAI

JB K YE TO CAPITAL INCOME HAI

INCOME & EXPENDITURE ACCOUNT ME SIRF REVENUE INCOME KO CONSIDER KIA JATA HAI

Sale of car and mark up on investments ? is it going to be recorded in Income & Expenditure A/C ?

MARK UP WILL BE INCLUDED, BUT SALE OF CAR IS CAPITAL INCOME, IT SHOULD NOT BE INCLUDED IN THE INCOME AND EXPENDITURE ACCOUNT

IS PAYMENT OF TAX CAPITAL / REVENUE EXPENDITURE

Plz upload your solution file if u completed.

PAYMENT OF TAX IS REVENUE EXPENDITURE BECAUSE IT IS PART OF THE INCOME STATEMENT

Guys,

Solution file attached for FIN611 Assignment is wrong..

Even stationary is shown as liability...

Tax expense should be considered for 12 months over 15 and remaining 3 months should be treated as prepaid in balance sheet.

and many other mistakes in this solution.

solution as per mine calculation. previously uploaded was wrong sloution as stationary stock is not liability and lot of other things misreported 

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