FIN711 Advanced Financial Accounting assignment no 01 solution and discussion due date 25-11-2014

[zulfiqar]

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
MARKS: 20
Learning Objective
The students are expected to develop an understanding on preparing financial statements under single
sentry system using the conversion method.
Learning Outcomes
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.
Assignment
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
Trade payables
Direct expenses payable
Misc. Assets
Inventory
Cash & bank balances
Trade receivables
Rs. 19,713
750
14,513
10,050
8,700
?
Rs. 15,500
413
15,050
13,900
10,100
22,338
His cash and other transactions took place during the year are as follows:
Items Rs. Items Rs.
Collections from receivables
Sales returns & allowances
80,000
1,813
Cash purchases
Cash expenses – ½ as to indirect expenses
1,288
11,963Bad debts
Sales – cash and credit
Discount from trade payables
Returns to trade payables
Capital invested during the year
Collections sent to the bank
525
89,763
875
500
10,625
78,125
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
538
3,975
6,250
11,550
1,500
75,338
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)
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.
IMPORTANT INSTRUCTIONS/ SOLUTION GUIDELINES/ SPECIAL
INSTRUCTIONS
BE NEAT IN YOUR PRESENTATION
OTHER IMPORTANT INSTRUCTIONS:
DEADLINE:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.• Use black and blue font colors only.
REFERENCING GUIDELINES:
• Use APA style for referencing and citation. For guidance search “APA reference
style” in Google and read various websites containing information for better
understanding or visit
http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint,
PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
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 or GDBs.

Need To Complete help me out fresh%20Fall%202014_FIN711_1.pdf

[+ M.Tariq Malik]

Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

[nadia riaz]

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

[3h92g8sqikuaa]

help plz sir

[nadia riaz]

koi idea solution nahi mila fin711 ka

[Kiran Jee]

gyz es me Debtor account b bny ga ..nd smj nai araha k kon c items aye ge us me..

[Kiran Jee]

CGS=69938 araha ha mera ..nd ap logo ka ?????????

[nadia riaz]

ess main opening stock kia lia hai ap ne aur gross profit kia aya hai ap ka

[maHArukh]

yup same cgs nw operating expense comes out after accrual filteration 11626

[M.FaisaL]

All receivables are debtors (at closing date all invoices which are receivables)

[Ev3Rgr3en]

kindly share how u calculate COGS and operatig expenses

[Yasir Sahil]

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 )

[Yasir Sahil]

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?