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MGT401 Assignment # 2

Dated: Jan 26, 16
Important announcement
Assignment # 02
Financial accounting II (MGT401)

Dear Students!
This is to inform that Assignment No. 2 will be opened on January 27, 2016 and due date of assignment submission will be February 02, 2016.

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Replies to This Discussion

Permalink Reply by + M.Tariq Malik on January 26, 2016 at 8:34pm

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.

Permalink Reply by Anabiya Dar on January 30, 2016 at 3:53pm

Dear sis AATIKA your answer is wrong you should check it and use proper method for do that and when you will complete this numerical than your answer is match and hint are given in your numerical you should attempt your numerical according to lecture # 29 with proper calculation and method.  because i also completed my assignment and my answer is match.your answer is 75 % correct  not 90% correct and 25%  wrong.

Permalink Reply by Aatika Qasim on January 30, 2016 at 9:48pm

than shyr your calculation ............i compare it with my calculation .............if you can send

Permalink Reply by Aatika Qasim on January 30, 2016 at 9:50pm

meny 29 lecture k hisab sy hi kiya hy ek ek value compare kar k kiya hy.......pehly hanouts ki values calculate ki thi phir apni ki hy

Permalink Reply by Sharmeen Zehra Zaidi on January 27, 2016 at 1:02am

Assignment:
XYZ ltd. enters into a lease contract to obtain the factory equipment from ABC leasing company on 1st July 2011. Information regarding lease contract is given below; Fair value of the equipment is Rs. 728,200. Lease rentals comprise of 4 annual installments of Rs. 215,000 starting from 30th June 2012. For this lease contract IRR is approximately 7% per annum. Company has adopted written down method to charge the depreciation at 15%.
Required:
a) Prepare lease amortization schedule to show how this lease would be presented in the accounts of the lessee for entire lease term.
b) Show journal entries that are to be recorded in the books of lessee for financial year 2011 to 2012.
c) Calculate the charges that have to be disclosed in income statement for the year ended June 30th 2012 and for the year ended June 30th 2013

Permalink Reply by Behzad MBS on January 27, 2016 at 10:42am

Gals n Guys, lets start this discussion.

Permalink Reply by Fahad Riaz on January 28, 2016 at 1:50pm

Anybody to discuss...?

Permalink Reply by saifee on January 29, 2016 at 11:38am

plzzzzzzzzz discus and upload solution

Permalink Reply by Aatika Qasim on January 29, 2016 at 7:00pm

i made the whole assignment roughly...................but u can take help from handouts page number 112 to 115 lecture no 27 to 29

Permalink Reply by Aatika Qasim on January 29, 2016 at 11:40pm

Fair value = 728200
Installation = 215000
IRR p.a. = 7%
Depreciation = 15 % (W.D.V)

Calculation of PV
----------------------
Years PV

1 215000 215’000*(1+7%)-1 = 200,925
2 215000 215’000*(1+7%)-2 = 187,785
3 215000 215’000*(1+7%)-3 = 175,485
4 215000 215’000*(1+7%)-4 = 164,005

Lease rent Financial charges Principle Principal outstanding
728200
215000 50980 164020 564195
215000 39494 175485 388710
215000 27210 187785 200925
215000 14065 200925
---------- --------- ----------
860000 141745 728200

Necessary entries for this process
-----------------------------------------

Recording of Equipment
---------------------------------
Dr) Assets subjected to financial a/c 728,200
Cr) Liability subjected to financial a/c 728,200
Transfer to current maturity
---------------------------------
Dr) Liability subjected to financial a/c 164,020
Cr) Current maturity a/c 164,020

Dr) Installation amount of assets a/c 215,000
Cr) Bank a/c 215,000

Dr)Current maturity a/c 164,020
Dr)Financial charges a/c 50,980
Cr)Bank a/c 215,000

Dr) Liability subjected to finance a/c 175,485
Cr) Current maturity of lease a/c 175,485

Dr) Depreciation a/c (31st July 2012) 109,230
Cr) Accumulated Depreciation a/c 109,230

Permalink Reply by Aatika Qasim on January 29, 2016 at 11:41pm

ye rahi calculation correct hy ...........................agr kisi ki differnt aay to muje b bata dena kindly ye two questions ka answer hy
compare it with handouts

Permalink Reply by Akbar khan on January 31, 2016 at 10:13am

aatika sis ap calculation dubara kar k check kr len sab ans wrong hen ... and plz somone give some ideas of qstion nmbr 3.

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