Solved Assignment 2 of Code 444 Advance Accounting-Autumn 2022 -AIOU BA/B.COM
In this video I will share the solved questions of course code 444-Advanced Accounting Semester Autumn 2022
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Here is the question paper that I will discuss in this video
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
Course: Advanced Accounting (444) Semester: Autumn, 2022
Level: BA/B.Com
Assignment No.2
Q. 1 The Yasir Corporation was registered with a nominal Capital of Rs.
12,00,000 divided into equity shares of Rs. 10 each. On 31st March 2021 the following ledger balance were extracted from the company’s book:
(20)
Rs. Rs.
Equity Share Capital up and Paid Up 920,000 10% Debentures 600,000
Plant and Machinery 720,000 Sales 830,000
Stock (1-4-2020) 150,000 5% Govt. Securities 120,000
Fixtures 14,400 Reserve for Doubtful Debts 7,000
Preliminary expenses 10,000 Sundry Creditors 100,000
Freight and Duty 26,200 Sundry Debtors 174,000
Goodwill 50,000 Buildings 600,000
Wages 169,600 Bad debts 4,220
Required:
i. Compute the annual rentals payable.
ii. Prepare amortization schedule.
iii. Prepare the journal entries for the first two years in the books of lessee.
Q. 3 What do you know about Amalgamation and Reconstruction? Explain and
give two recent examples with reference to Pakistan. (20)
Q. 4 Shown below are the selected items appearing in a recent balance sheet of
Nizami Corporation. (20)
Cash and short-term investments Rs. 42,600
Accounts Receivables 160,900
Inventories 64,800
Prepaid expenses and other current assets 43,000
Total current liabilities 116,000
Total liabilities 223,300
Total stock holders’ equity 231,900
Required: a) Total quick assets, b) Total current assets c) Quick ratio
d) Current ratio e) Working capital f) Discuss whether the company appears solvent from the viewpoint of a short-term creditor.
Q. 5 The Canon Company has a branch in Hyderabad. The company invoices
goods to branch at selling price which is cost plus 25%. From the following particulars prepare Branch Account and the Goods sent to Branch Account in the books of The Canon Company. (20)
Stock on 01.01.2021 at invoice price Rs. 15,000 Discount allowed to customers Rs.300
Accounts Receivables on 01.01.2021 11,400 Bad debts written off 250
Goods sent to branch at invoice price 67,000 Cheque sent to branch for
salaries etc 6,700
Cash sales 31,000 Stock on 31.12.2021 at
Invoice price 13,400
Credit sales 37,400 Cash collected from Receivables 40,000
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