Blog: Complete Solution FIN611 Assignment 01 Shared by faizan ullah

Assignment (FIN611)

Solution:  

MR. Nadeem

Statement of Affairs

	As 31st December 2012	AS at 1st January 2012
Land and building Plant and machinery Furniture and fixture Stock in trade Sundry debtors Cash at bank New machine costing ( 29000 – 12500) =16,500 New furniture purchase	29,400 60,000 8100 28000 155,000 16,000 16,500 10,000	30,000 48,000   8,000 15,000 140,000 18,000
Total Assets	478000	259000
Liabilities: Sundry creditor Loan from bank Other outstanding Liabilities	75000 50,000 40,000	72500 s 60,000 45,000
Total Liabilities	31,3000	81,500

Working:                    Capital = Assets – Liabilities

Opening capital = 259000 – 177500 = 81,500

Closing capital = 47478,000 – 165,000 = 313,000

                         Capital = Assets – Liabilities

Statement of profit and loss account closing capital

 Closing capital +drawing –fresh capital – opening

Net Profit = 313,000 + 4500 – 50,000 – 81500

Net Profit for the year =186,000

The End……….!