Fin611 Assignment Due Date Dec 04, 2018

[hassan habib]

Branch Accounting (Stock & Debtor System)

Mr. Imran was working as a sales executive with “The Toy Shop” – a
prominent wholesale in Shah Alam market since 2012 and a Chinese toys
importer. Being a business graduate, Imran had been given additional
responsibility of looking after import related matters with the bank. At the
beginning of 2017, after serving 5 years in the toys market, he had decided
to start his own business of toys marking. He brought in an amount of Rs.
350,000 including loans of Rs. 50,000 and Rs. 100,000 from his wife and a
friend respectively. With this amount, he set up a small manufacturing plant
and started his own manufactured plastic toys at Rs. 40 each in the local toys
market. At the end of his first year of operations, he has produced following
financial:
Total number of toys sold in cash 4,000
Cash payments for:
Salaries
Raw material
Rent
Sundry expenses
Rs.
35,000
32,000
18,000
20,000
He has also provided the following additional information:
1. A batch of 300 toys sold during the year has not yet paid till the year
end.
2. There are creditors of Rs. 25,000 for plastic material purchased during
the year.
3. Unused stock of raw material was Rs. 10,000 at the year-end.
4. The rent had been paid for 18 month in cash at the beginning of 2017.
5. Sundry expenses include Rs. 2,000 for his personal trip to other cities.
6. The loan from his friend was used to purchase machinery having life of
5 years and an anticipated residual value of Rs. 15,000.
7. The salaries include Rs. 5,000 for installing the machinery.
8. Half of the loan from wife was repaid during the year.
9. Carriage inward was payable Rs. 3,000

[+ M.Tariq Malik]

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[+ M.Tariq Malik]

FIN611 - Advanced Financial Accounting Assignment No. 1 Solution Fall 2018 Due Date: December 04, 2018

[Kashif Iqbal]

need Solution pls