SEMESTER FALL 2014 ADVANCED FINANCIAL ACCOUNTING (FIN711)

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SEMESTER FALL 2014 ADVANCED FINANCIAL ACCOUNTING (FIN711)

Postby emran » Mon Nov 24, 2014 9:03 pm

sir please guide about the assignment


Assignment
The following data has been provided by Mr. Entrepreneur regarding his small business for the year
ending March 31, 2014:
Assets & Liabilities 1-04-2013 31-03-2014
Trade payables
Direct expenses payable
Misc. Assets
Inventory
Cash & bank balances
Trade receivables
Rs. 19,713
750
14,513
10,050
8,700
?
Rs. 15,500
413
15,050
13,900
10,100
22,338
His cash and other transactions took place during the year are as follows:
Items Rs. Items Rs.
Collections from receivables
Sales returns & allowances
80,000
1,813
Cash purchases
Cash expenses – ½ as to indirect expenses
1,288
11,963
Bad debts
Sales – cash and credit
Discount from trade payables
Returns to trade payables
Capital invested during the year
Collections sent to the bank
525
89,763
875
500
10,625
78,125
Machinery purchased through cheque
Personal expense on bank account
Paid into the bank
Withdrawals from the bank
Cash-in-hand as on 31-3-2014
Check issued to trade payable
538
3,975
6,250
11,550
1,500
75,338
Required Using the above data, prepare the following:
1. An income statement for the year ended March 31, 2014; (8 Marks)
2. A balance sheet as on that date; & (7 Marks)
3. Necessary working schedules (5 Marks)
emran
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