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FA Assignment 2 120224

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59 views2 pages

FA Assignment 2 120224

Uploaded by

dua naeem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Reg.

#: ___________________ Name: ______________________________

Department: _____________ Program: ______________________________

ASSIGNMENT – 2
FINANCIAL ACCOUNTING (BS-DSWT-5)

Date: 12 February 2024 Submission Date: 15 February 2024 Total Marks = 20


(11:59 pm) on LMS Only
Marks Obtained = _____
Teacher Name: Badruddin Khan

Questions
1. Prepare Necessary Closing Entries as on December 31, 2019 from the following data: (06)
M/s Advance Tech & Co
Income Statement
For the year ended June 30, 2022
Sales 220,000
Sales Return - 10,000
Net Sales 210,000
Cost of Goods Sold
Opening 50,000
Purchases 170,000
Available for Sale 220,000
Less: Closing - 30,000 - 190,000

Gross Profit 20,000


Less: Operating Expenses
Advertisement Expense 1,000
Salaries Expense 5,000
Supplies Expense 2,500
Rent Expense 6,000 - 14,500
Net Income from Business 5,500
Add: Other Income
Commission Income 5,000

Total Net Income 10,500

2. The following data relates to operations of Al-Habib Company during the year 2018:
Date Particulars Units Rate
Jan-01 Balance 40,000 1.90
Feb-07 Purchases 30,000 1.80
Apr-15 Purchases 25,000 1.75
Jul-20 Purchases 35,000 1.70
Oct-25 Purchases 28,000 1.75
Dec-10 Purchases 32,000 1.65
Sales during the year amounted to 110,000 units @ Rs. 2.25 per unit

Required: Compute Cost of Ending Inventory at December 31, 2018 using FIFO and LIFO method (04)
Reg. #: ___________________ Name: ______________________________

Department: _____________ Program: ______________________________

3. Following accounts balances are taken from M/s Jamshed & Sons as on December 31, 2019. All the
necessary adjustments have been recorded and posted in the company records:

Account Title Amount Account Title Amount


Accounts Payable 12,000 Purchase Discount 1,200
Accured Liabilities for Tax 580 Purchase Returns 3,000
Accumulated Depreciation 2,200 Sales 304,000
Jamshed Capital 41,220 Prepaid Insurance 400
Accounts Receivable 20,000 Property Tax Expense 600
Cash 8,400 Purchases 229,800
Delivery Expenses 2,000 Rent Expense 7,200
Depreciation Expenses 1,300 Salaries Expense 37,600
Equipment 7,960 Sales Discount 1,800
Insurance Expenses 1,600 Sales Return 4,000
Inventoy-Opening 26,800 Supplies 750
Jamshed Drawings 5,600 Supplies Expense 670
Notes Receivable 3,500 Freight-In 4,220
Closing Inventory as on December 31, 2019 was recorded at Rs. 25,000.
Required:
1- Prepare Income Statement for the Year Ended December 31, 2019. (05)
2- Prepare Balance Sheet as of December 31, 2019. (05)

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