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FIN621 Financial Statement Analysis Assignment No 01 Fall 2019 Solution & Discussion Due Date: 27-11-2019

FIN621 Financial Statement Analysis Assignment No 01 Fall 2019 Solution & Discussion Due Date: 27-11-2019

FIN621 FINANCIAL STATEMENT ANALYSIS Assignment 1 Solution & Discussion Fall 2019



DUE DATE: 27TH NOV, 2019



Learning Outcomes

After going through this assignment, the students should be able to:

ü Critically evaluate the elements of balance sheet.



Below given is the Balance Sheet of Haider Mills Ltd. The company is involved in the business of Textile and Weaving and is operating as a public limited company since year 2010. 



Critically evaluate the Balance Sheet of Haider Mills Ltd and specify your criticism on the items of Balance Sheetwhich are incorrectly recorded and explain their proper treatment.


For example; 

 Land and building are disclosed net value Rs. 270,000 which is incorrect. The Accumulated depreciation of land and building should be disclosed too.


Haider Textile Limited

Balance Sheet

For the year ended June 30, 2019




Current Assets:



Marketable Securities


Accounts Receivables, net




Treasury Stock


Total Current Assets


Plant Assets:

Land and Building, net



Short Term Notes


Other Assets:



Total Assets


Liabilities & Stockholders' Equity


Current Liabilities:

Bonds Payable


Accounts Payable


Wages Payable


Total Liabilities


Stockholders' Equity

Common Stock (Rs, 20 par, 20,000 shares authorized, 10,000 shares outstanding


Retained Earnings


Redeemable Preferred Stock


Total Stockholders' Equity


Total Liabilities and Stockholders' Equity




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Replies to This Discussion

Dear all

kindly arrange the solution of fin 621

yes i have


but chek if some error

please check it


FIN621 Assignment 1 Solution Fall 2019
Land is not depreciated as it is assumed to have an unlimited useful life. So, it should not be clubbed with building and should b shown as a separate asset under property, plant and equipment category. Further land and building is disclosed at net value Rs. 270000 which is incorrect. The accumulated depreciation of building should be disclosed too.

Accounts receivable are shown at a net value of Rs. 50000/- Which is incorrect. Provision for doubtful debts should also be disclosed in the balance sheet.
Treasury stock is shown as a part of current assets in the above balance sheet which is incorrect. It is should be presented in the category of stockholder’s Equity as a deduction.
Short term notes can be classified in current assets below cash. Further supplies should also be classified as current assets below inventory.
Total of current liabilities is shown at Rs.195000 which is incorrect due to casting error. Correct total is Rs. / 20000.
Further, order of presentation of current liabilities incorrect. Accounts payable should be on top, after that wages payable should be presented. Further all these three heads can be clubbed less than one head of accounting naming ‘’Trade and other payables’’.
Bounds payable should be presented as long term liabilities because normally these types of certificates are to be matured after 1 year.
Redeemable preferred stock should be reported on tope in stockholder’s Equity and then common stock should be presented after it. After that, treasury stock should be reported as a deduction from stockholder’s Equity. Retained earnings should be reported at the end in the stockholder’s Equity.
The balance presented above is poorly formatted without any subtotal borders for total current assets and current liabilities.


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