Assignment GDB Solution: FIN611 Advanced Financial Accounting


FIN611 Advanced Financial Accounting Assignment 1 Solution Fall 2014

Case: YALTA club is a non-profit organization which provides service and carries on the activities in the interest of society. Equity to the YALTA is provided by member contributions, grants by government and donations etc. The club administration keeps the record of all of its income and expense. Below is the trial balance of YALTA […]

FIN611 Advanced Financial Accounting GDB 2 Solution Spring 2014

Crescent company incurred an expense of Rs. 5,000 by purchasing supplies from its three suppliers in year 2011. The company made payment to two of its suppliers in the same year and assured to make payment to the third supplier in year 2012. The company manufactured the goods from purchased raw material for the purpose […]

FIN611 Advanced Financial Accounting GDB Solution Spring 2013

The case: Hamza and Company is Located at Karachi and has opened a branch in Lahore recently. Mr. Hassan in accounts department is responsible for maintaining accounts of Lahore Branch. Mr. Hassan knows that there are three types of systems for maintaining branch account at head office. These are Debtor System Income Statement Stock and Debtor […]

FIN611 Advanced Financial Accounting Assignment 2 Solution fall 2012

When the financial statement of Local Industries Ltd. for the year ended December 31, 2012 was being prepared, it was discovered that due to arithmetical errors, inventories at December 31, 2011 were understated by Rs. 30,000. Following are the extracts from financial statement before the correction of error. Income Statement Particulars Dec. 31, 2012 Dec. […]

FIN611 Advanced Financial Accounting GDB 2 Solution Fall 2012

Mr. Asim and Mr. Rehan are equal partners in Zaman Bros. with reference to capital and profit sharing.  Recently, they have decided to admit Mr. Talha in the firm for one-third share against his capital contribution in cash of Rs. 200,000. Total capital of the firm before his admission is Rs. 440,000. Mr. Talha is hesitant to invest Rs. 200,000 in the business. […]

FIN611 VU Current Midterm Fall 2012 Paper 11 December 2012

Fin611 VU Current Midterm Fall 2012 Paper – 10 December 2012 22 Mcq’s were there. what will be entries in the books of head office regarding following transactions. 3 marks show contra items of accounts 5 marks calculate head office account,branch account,goods sent to branch 5 marks calculate expense 3 marks pass general entries for headoffice account,branch account. 3 marks

FIN611 Assignment No 4 Spring 2012 solution

Following is the Trial Balance of Shumile Company Ltd. as at 31st December 2011. Adjustments:  Stock at the end of the year is Rs. 13,750,000.  Miscellaneous expenses include prepaid insurance of Rs. 75,000.  A provision of income tax to the extent of Rs. 3,750,000 is required.  Directors recommend dividends @ 5 %. […]