FIN611 Assignment 01 Solution spring 2013 2 May 2013

Admin

SEMESTER SPRING 2013

ADVANCED FINANCIAL ACCOUNTING(FIN611)

ASSIGNMENT NO. 01

DUE DATE: 2

ND MAY 2013

MARKS: 20

Single Entry System

Learning objectives:

The purpose of this assignment is to make students familiar with single entry system, and calculation of profit of an enterprise through single entry system

Learning outcomes:

After doing this assignment, the students will be able to better comprehend the concepts of single entry system.Question of Assignment:

The following are assets and liabilities of Mr.Nadeem at the

beginning and end of year 2012.

As at 31st Dec.2012 As at 1st Jan.2012

Rs. Rs.

Land and building 29400 30000

Plant and Machinery 60000 48000

Furniture and

Fixture

8100 8000

Stock in trade 28000 15000

Sundry Debtors 155000 140000

Sundry Creditors 75000 72500

Loan from Bank 50000 60000

Other outstanding

liabilities

40000 45000

Cash at bank 16000 18000

During the year Mr. Nadeem had withdrawn Rs.3000 in cash and

Rs.1500 in goods from the business. He had also introduced

Rs.50000 as additional capital. A machine book value Rs.12500 had been sold during the year for Rs.15000 and a new machine

costing Rs.29000 was purchased in replacement. New furniture

costing Rs.10000 was purchased during the year.

Required:

Prepare a statement of profit and loss for the year ended 31st Dec,

2012.

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:

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. 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 Post Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. 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, quizzes or GDBs.