2nd Solved assighnment - code 438 aiou Autumn 2019
ASSIGNMENT
No. 2
(Units 5–9)
Total Marks: 100
Pass Marks: 50
Q. 1 Akwash
&Co. keeps his books by
single entry system. He gives you the financial information from which you are
required to ascertain his profit or loss during 2018.
Jan.1, 2018 Dec.31, 2018
Cash in hand 100,000 80,000
Sundry debtor 157,500 200,000
Furniture 100,000 100, 000
Building 200,000 196,000
Plant & machinery 75,000 72,500
Overdraft in Bank 80,000 65,200
Sundry Creditor 130,600 140,500
During
the year Akwash & Co. had withdrew Rs.30, 000. He brought the money Rs. 25,000 in to
business on 1-7-2018. (20)
Ascertain
the profit or loss made by him after considering the following adjustment.
i.
Depreciation on Furniture @ 10% p. a.
ii.
Charge Interest on Capital @5% p .a.
iii.
Write off Rs. 5000 From Sundry Debtor.
Requirement;
Prepare A Statement of Profit and Loss.
Q. 2 From
the following Receipt & Payment account of Students Foundation and the
subjoined information Prepare the income and Expenditures account for the year
ended 31st December 2018 and a Balance Sheet as on that date from it
and subjoined information. (20)
Date
|
Receipt
|
Amount
|
Date
|
Expenditure
|
Amount
|
2018
|
Endowment fund
Donations
Subscription
Legacies’
Miscellaneous
fees
Interest on
Investment
Interest on
deposit
|
14,460
20,720
8,020
10,000
3,600
3,680
600
|
2018
|
Payment of
salaries
Rent (31-3-2019)
Office
expenses
Commission
Printing
Postage
Purchase of
Govt. securities
Balance of c/d
|
15,300
1,200
5,700
940
720
560
80,00
28,660
|
Total
|
61,080
|
Total
|
61,080
|
Additional
Information
i.
The legacies and donations are capitalized.
ii.
A quarter’s rent is prepaid which amount is Rs.300
full yearly charges of rent is Rs. 1,200.
iii.
Subscription is outstanding for 2013 RS. 500.
iv.
Interest on Government securities Rs.800 had accrued
but was not received.
v.
Postage Rs.240 is outstanding :
Q. 3 Mr.
Usman is an owner of sole proprietorship business. During the month of December 2018, he opened
a current account with Allied Bank Ltd. following transactions were recorded
you are required to enter the transaction in cash Book and in the pass book. (20)
2018.
December 1. Mr. Zahid opened current account with Allied
Bank Ltd. for Rs. 6,000,000.
December 5. A cheque received from Noman Rs.50, 000 and
deposited into bank same day
December
11. Purchased furniture Rs. 70,000 paid
by Cheque.
December
17. Cash drew from bank for office use
Rs. 45,000.
December
19. Paid rent by chequeRs. 35,000.
December
21. Misc. expense debited by bank Rs.
40,000
December
25. Purchased goods from Mr. Asfer paid
by cheque Rs. 95,000.
December
30. Interest received from bank Rs.
35,000.
Q.4 State
with reasons whether the following items should be classified as” Capital or
Revenue” expenditure: (20)
a)
Wages paid on erection of machinery.
b)
Repair of machinery for keeping it in
working condition.
c)
Brokerage and stamp duty on purchase of
building.
d)
Interest paid on loan during construction of a
plant.
e)
Amount incurred for providing uniform to
staff.
f)
Annual fee paid for renewal of patents.
g)
Loss
arising from sale of fixed assets.
h)
Book
value of assets discarded or totally damaged or destroyed by fire.
i)
Cost of goodwill.
j)
Actual additions and extension to existing
plant.
a)
The sales book has been under-cast by
Rs.8, 000.
b)
A cheque drawn for wages for Rs.1, 500
was wrongly posted to wages A/c as Rs.1, 400.
c)
Furniture purchased for Rs.1, 040 has
been debited to purchase A/c as Rs. 1,640.
d)
Rs. 550 received from Rahim debited to
his account.
e)
Discount received Rs. 200 was posted to
the wrong side of Discount A/C
f)
Rs 7,000 paid in cash for a typewriter
was charged to office expenses account
g)
Q:1
        
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