AIOU Basics of Accounting Assignment 2 Solution Code 1339 Detailed Walkthrough

Welcome to this comprehensive walkthrough of AIOU Basics of Accounting Assignment 2 Solution Code 1339! Whether you're pursuing FA or I Com through Allama Iqbal Open University (AIOU), this video is tailored to support your distance learning journey.

In this detailed video, we will cover every aspect of the assignment step by step, ensuring you understand the core concepts of accounting. We'll explore key areas like journal entries, ledger accounts, trial balance preparation, and more. Our goal is to make learning accounting basics easier and more accessible for AIOU students.

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00:23 Q.1 Prepare Bank Reconciliation of Ahmer traders as on 31st May, 2024 with single balance method.
On- 31st May the passbook showed the credit balance of Rs. 30,500/- cheques amounting to Rs. 25,750/- were deposited in the bank but only cheques of Rs. 11,750/- had not been cleared up to 31st May. Cheques amounting to Rs.80,500/- were issued, but cheques for Rs. 15,700/- had not been presented for payment in the bank up to 31st May. The bank had given the debit of Rs. 1,350/- for sundry charges and also bank had received directly from customers Rs. 8,000/- and dividend of Rs. 25,030/- up to 31st May. Find out the balance as per cashbook.
01:29 Q.2 Define bill of exchange and describe parties involved in it. Also explain various types of bills of exchange with each example.
02:28 Q.3 ABC Corporation Ltd. Purchased machinery for Rs. 680,000/- on 1st January 2014. It spent on its carriage and installation Rs. 45,000. On 1st January 2016 additional machinery was purchased for Rs. 620,000 and old machinery was sold for Rs. 225,000 on the same date. The rate of depreciation to be charged is 20% p.a. Assume that the accounts are closed on 31st December every year.
Prepare machinery account for the first five years under: (i) Straight-line Method (ii) Diminishing Balance Method
04:19 Q.4 Following is the trial balance of Toor & Co. Prepare the trading and Profit and Loss A/C & Balance sheet for the year ended at 31, Dec 2019.
Adjustments:
(i) Closing stock was valued Rs. 250,000.
(ii) Outstanding insurances Rs. 9,000.
(iii) Depreciation on building @10% p.a.
05:06 Q.5 Mr. Zubair runs a sole proprietorship business that deals with the manufacturing and sale of computer accessories. There is high competition in the industry and the profit margins are declining. However, Mr. Zubair’s business products are perceived to be of better quality than its competitors. Hence, business is still running its operations profitably despite high competition.
During the month of August 2018, following transactions were recorded you are required to enter the transaction in three column cash Book.
August 2018
2: Cash in hand Rs. 300,000/-
2: Cash at Bank Rs. 222,500/-
5: Purchased Machinery Rs. 135,000/-
8: Cash sales Rs. 67,500/-
12: Received a cheque from Mr. Farooq for Rs. 154,000 in full settlement of his account Rs. 155,000/- and deposited it into the bank.
15: Payment to Mr. Furqan cash Rs. 75,000/- and a cheque for Rs. 78,500 in Full settlement of his account 150,000/-
17: Cash purchases Rs. 25,500/-
20: Electricity bill paid by Bank Rs. 15,000/-
23: Received interest from Bank Rs. 27,000/-
25: Cash deposited into Bank Rs. 30,000/-
28: Received a cheque from Mr. Asif Rs. 60,000/- but not deposited into the Bank.
29: Mr. Asif cheque ‘s deposited into bank.
29: Paid to Mr. Kaleem by cheque Rs. 70,000/-
30: Cash drew from Bank for office use Rs. 10,000/-
31: Cash drew from Bank for personal use Rs. 7,500/-


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