FIN611 Advanced Financial Accounting Assignment 1 Idea Solution 16 april 2011

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Spring 2011 - Assignment No. 01 Marks: 15
Mr. Ali keeps his books under single entry system. His capital on 31st March,
2010 is Rs. 60,000.
On 1st October, 2010, Mr. Ali introduced Rs. 10,000 as additional capital in
the business and withdrew on the same date Rs. 11,000, out of which he spent
Rs. 10,000 on the purchase of a new machine for the business.
On 31st March, 2011, his financial position was as follows:
Cash in hand Rs. 27,000; Inventory Rs. 34,000; Accounts receivable Rs.
24,000; Furniture Rs. 5,000; Accounts payable Rs. 20,000;
From the above mentioned information, prepare the Statement of affairs as
on 31st March, 2011 and Statement of Profit or Loss for the year ending 31st
March, 2011 after taking into account the following adjustments:
a) Depreciate furniture and machine @ 10% p.a;
b) Write off bad debts Rs. 4,000 and provide 10% for doubtful debts;
c) Goods taken by Mr. Ali for his personal use Rs. 1,500; &
d) Provide interest on capital @ 10% p.a.


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[sana.pari]

yah bhi ani thi assignment.