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FIN611 Assignment No 01 Solution & Discussion Due Date: 06-11-2017
Announcement for Assignment # 01 Dated:Nov 06, 17 Importantannouncement Assignment No. 01 Advanced Financial Accounting (FIN611) Dear Students This is to inform you that Assignment No. 01 will be opened on Nov 08, 2017 and due date of assignment submission will be Nov 14, 2017. A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience. Short Demo: If you want to know how to downloadand submit an assignment on VULMS, watch the following shortdemo on VU Facebook page. Click here to see demo Important: · To open the assignment file, you must have Adobe Acrobat Reader/PDF Reader installed on your computer. · For acquiring the relevant knowledge, do not rely only on handouts but watch the course video lectures and read additional material available online or in any other mode. Note related to load shedding: Please be proactive Dear students As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes and GDBs.
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SEMESTER FALL 2017
ADVANCED FINANCIAL ACCOUNTING (FIN611)
ASSIGNMENT NO. 01
DUE DATE: NOVEMBER 14, 2017
The students are expected to learn that how accounting system works in nonprofit organizations.
After going through this activity, the students will be able to learn the accounting system in NPO’s in its true sense. ASSIGNMENT:
Following are the particulars related to Silver Sports Club for year ending December 31, 2016: Rs. Member’s Subscriptions collected 60,500
Subscriptions due but not received in 2016 8,000
Entrance fees 5,100
Entertainment expense 2,500
Salary paid 9,600
Rent expense 7,000
Donations received 12,500
Sundry expense 2,400
Printing, postage and stationary 2,100
1. Subscriptions collected during year 2016 include Rs.3,500 for 2015 and Rs.1,800 for year 2017.
2. 40% of entrance fee is to be treated as capital receipt.
Required: You are required to prepare Income and Expenditure account of Silver Sports Club for the year ending December 31, 2016.
Note: Give complete supporting calculations for the amount of income from subscription to be credited to income & expenditure account as it carries marks.
IMPORTANT: 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
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Note related to load shedding:
Please be proactive Dear students!
As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; pre mid activity schedule has already been uploaded on VULMS, therefore no excuse will be entertained after due date of assignments or GDBs.
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FIN611 check this idea solution
R u sure sir
Subscriptions due but not received in 2016 8,000 r added in expenses and
Subscriptions collected during year 2016 include Rs.3,500 are less?
yes its true not receive in 2016 thats y its our previous year expense