FIN711 Advanced Financial Accounting assignment no 01 solution and discussion due date 25-11-2014
SEMESTER FALL 2014
ADVANCED FINANCIAL ACCOUNTING (FIN711)
ASSIGNMENT NO. 01
DUE DATE: 25TH NOVEMBER, 2014
The students are expected to develop an understanding on preparing financial statements under single
sentry system using the conversion method.
After going through this activity, the students would be able to use knowledge of conversion
methodology of accounts from single entry system to double entry system in order to prepare financial
statements of any business concern.
The following data has been provided by Mr. Entrepreneur regarding his small business for the year
ending March 31, 2014:
Assets & Liabilities 1-04-2013 31-03-2014
Direct expenses payable
Cash & bank balances
His cash and other transactions took place during the year are as follows:
Items Rs. Items Rs.
Collections from receivables
Sales returns & allowances
Cash expenses – ½ as to indirect expenses
Sales – cash and credit
Discount from trade payables
Returns to trade payables
Capital invested during the year
Collections sent to the bank
Machinery purchased through cheque
Personal expense on bank account
Paid into the bank
Withdrawals from the bank
Cash-in-hand as on 31-3-2014
Check issued to trade payable
Required Using the above data, prepare the following:
1. An income statement for the year ended March 31, 2014; (8 Marks)
2. A balance sheet as on that date; & (7 Marks)
3. Necessary working schedules (5 Marks)
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balance sheet k items diye hue hain opening aur closing donu jo balance sheet hm ne bnani hai us main just closing walay items use hone hain kia ya donu use hone hain
help plz sir
koi idea solution nahi mila fin711 ka
gyz es me Debtor account b bny ga ..nd smj nai araha k kon c items aye ge us me..
CGS=69938 araha ha mera ..nd ap logo ka ?????????
ess main opening stock kia lia hai ap ne aur gross profit kia aya hai ap ka
yup same cgs nw operating expense comes out after accrual filteration 11626
All receivables are debtors (at closing date all invoices which are receivables)
kindly share how u calculate COGS and operatig expenses
Sales less CGS we will get GP then we minus Oerating expense we will get NP while calculating CGS(opening stock +add purchases +add any expense related to freight etc less closing stock )
Company is using single entry system so figures are confusing might b we need to develop to debtor account and total creditor account and all other ledger balances to get accurate figures but confusing need to work hard on figures isnt it?