Скачать или смотреть Solved Assignments Autumn 2022-Assignment 1-Code 444 Advance Accounting, AIOU BA/B.COM

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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
Course: Advanced Accounting (444) Semester: Autumn, 2022
Level: BA/B.Com
Assignment No. 1
Units (1-4)
Q. 1 On 1st January 2022, Black and White joined together as co-ventures for equal share in profits through sale of Heaters. Black purchased 2,000 Heaters at Rs. 250 each for cash and sent 1,500 of these to White for sale, the selling price of each being Rs. 300. All the Heaters were sold by both and the proceeds collected. (20)

Each venture recorded in his books only those transactions concluded by him, final profit/loss being ascertained through a Memorandum Joint Venture Account.
Black Freight and Insurance Rs. 9,000
Selling Expenses 4,500
White Coolie and Clearing charges 900
Selling Expenses 13,500
Required:
i) Joint Venture A/c with White in the books of Black.
ii) Joint Venture A/c with Black in the books of White and
iii) Memorandum Joint Venture A/c.
Q. 2 Punjab Cycle Co. of Ludhiana consigned 100 tricycles to Kanpur Cycle Co. of Kanpur costing Rs 1,500 each, invoiced at Rs 2,000 each. The consignor paid freight Rs 10,000 and insurance in transit Rs 1,500. During transit, 10 tricycles were totally damaged.
Kanpur Cycle Co. took delivery of remaining tricycles and paid Rs 1,530 for octroi duty. Kanpur Cycle Co. sent a bank draft to Punjab Cycle Co. for Rs 50,000 as advance and later on sent an account sale showing that 80 tricycles had been sold @ Rs 2,200 each. Expenses incurred by Kanpur Cycle Co. on godown rent were Rs 2,000. Kanpur Cycle Co. is entitled to a commission of 5% on invoice price and 25% on any surplus of sale price over invoice price. Insurance claim was settled at Rs 14,000.
Prepare consignment account, consignee’s account and accidental loss account in the books of the consignor. (20)
Q. 3 Record the Journal entries for the following transactions in the books of Decent Company Ltd : (20)
a) Issued 3,000 share of 10% preference shares of Rs. 100 each at par in cash.
b) Issued 10,000 ordinary shares of Rs. 100 each at Rs. 110 each in cash.
c) Issued 2,000 10% preference shares of Rs.100 each at Rs. 95 each in
cash.
d) Acquired Equipment costing Rs. 210,000 against 2,000 10% preference shares of Rs. 100 each
e) Issued 2,000 common shares of Rs. 100 each to promoters in recognition of their services.
Q. 4 A company carries on business through five departments, A, B, C, D, and E. the trial balance as at 31st December, 2022 was as follows:
A B C D E
Opening Stock Rs. 5,000 Rs. 3,000 Rs. 2,500 Rs. 4,000 Rs. 4,500
Purchases 50,000 30,000 10,000 26,000 34,000
Sales 48,000 21,000 9,500 23,000 30,000
Closing Stock 6,000 4,000 3,500 5,000 5,500
The opening and closing stocks have been valued at cost. The expenses, which are to be charged to each department in proportion to the cost of goods sold in the respective departments, are as follows:
Salaries and Commission Rs. 6,000
Rent and rates 1,500
Miscellaneous expense 1,200
Insurance 800
Required: Show the final result and percentage on sales in each department and also the combined result with percentage to sales. (20)
Q. 5 The Fortune Corporation was formed with an authorized capital as follows:
20,000, 10% preference shares of Rs. 100 each
100,000 ordinary shares of Rs. 100 each
5000 deferred shares of Rs. 10 each.
Required: Pass the necessary journal entries to record the following transactions:
i. Issued 3000 10% preference shares at par and cash received.
ii. Issued 10,000 ordinary shares of Rs. 100 each at Rs. 110. All amounts received in cash.
iii. Acquired Equipment costing Rs. 210,000 and issued 2000 10% preference shares of Rs. 100 each.
iv. Land valued Rs. 225,000 acquired and 2500, 10% preference shares were issued against its consideration.
v. Issued 2000 deferred shares of Rs. 10 each to promoters in recognition of services rendered by them. (20)
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