Free AIOU Solved Assignment Code 1340 Spring 2021

Free AIOU Solved Assignment Code 1340 Spring 2021

Download Aiou solved assignment 2021 free autumn/spring, aiou updates solved assignments. Get free AIOU All Level Assignment from aiousolvedassignment.

ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
BASINESS OF ACCOUNTANING (1340)
CFECKLIST
SAMESTER: SRING, 2021

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This packet comprises the following material:

  1. Textbook (one)
  2. Assignment No. 1,2

3.Assignment F forms (2 sets)

In this packet, if you find anything missing out of the above-mentioned material, please contact the address given below:

The Mailing officer,

Milling section, block No.28,

Allama Iqbal Open University,

H-8, Islamabad.

Phone: 051-9057611-12

 

Asia Batool

(Course Coordinator)

ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD

(Department of Commerce)

WARNING

  1. Plagiarism or hiring of ghost writer(s) for solving the assignment(s) will debar the student from award of degree/certificate, if found at any stage.
  2. Submitting assignment(s) borrowed or stolen from other(s) as one’s own will be penalized as defined in “AIOU plagiarism policy”.

Course: Basic of Accounting (1340)                                Semester: Spring, 2021

Level: FA/I.Com                                                                          Total Marks: 100

                                                                                                          Pass Marks: 40

ASSIGNMENT No. 1

(Units 1–4)

AIOU Solved Assignment Code 1340 Spring 2021

Note:         You are required to solve all questions if you are unable to understand any questions of assignments, do seek help from your concerned tutor. But keep in mind the tutors are supposed to solve the assignment questions for you.

Q.1             Choose the best options:

  1. i) The basic objective of non-trading concern is to:                                         (20)
  2. a) Earn profit
  3. b)                                                                                              Serve society
  4. c) Higher production
  5. d) None of the above
  6. Non-trading concern prepares
  7. Profit & loss account
  8. Income statement
  9. Income & expenditure account
  10.      All of the above

iii.   Capital fund is calculated as:

  1. Income-expenses
  2. Closing Assets- Closing Liabilities
  3. Opening Assets-Opening Liabilities
  4. Expenses- Income
  5. Income & Expenditure account records transections:
  6. Only revenue nature
  7.      Only capital nature
  8. Revenue and capital nature
  9. Income capital nature only
  10. Subscription receivable is:
  11. An asset
  12. A liability
  13. An equity
  14. An expenses
  15. Fund received for specific purposes id recorded as:
  16. Asset
  17. Liability
  18. Expenses.
  19. Revenue

AIOU Solved Assignment 1 Code 1340 Spring 2021

Q.2.    The Receipt & Payment account of Beema Society is given below, you are required to prepare the Income & Expenditures account for the year ended on 30th June, 2020 and Balance Sheet as at that date.                                 (20)

            Receipts Amount Payments Amount
Opening Cash

Entrance Fee

Annual Subscription

Life Membership Fees

Entrance Fee

Interest on Securities

Miscellaneous Income

55,800

10,800

73,350

11,250

8,100

1,250

 

Rent and Rates

General Expenses

Salaries & Wages

Furniture

Printing & Stationary

Repairs Charges

Balance

 

24,750

24,750

22,500

36,000

5,625


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6,750

41,175

  161,550   161,550

Additional Information:

The annual subscription in arrears amounted to Rs. 15,750. General expenses outstanding on 30th June 2020 were Rs. 18,00. Secretary’s Salary Rs. 6,750though sanctioned by the Society had not been paid, Rs. 4500 is to be written off as deprecation on furniture.

  1. 3 Calculate the value of gross profit /Loss; if sales Rs. 700,000, Direct Expenses Rs. 70,000, Purchase Rs. 750,000, Return in wards Rs. 12,000, opening stock Rs. 75000, closing Stock Rs. 50,000. (20)

Q.4   i.       If the actual profit of the business id Rs. 100,000/- and normal rate of return is @ 5%. Calculate the value of the whole business.                   (10×2=20)

  1. Pass the journal entries, when share is issued;
  2.       At premium
  3.       At discount
  4.       At par                                                                                              
  5. 5 Mr. Khan owned a tuck shop and used single system to record the business transection. You are required to calculate the profit/loss of Mr. Khan’s Business for the year ended on 31st December ,2020 from the given data:

Capital at the beginning Rs. 150,000; Withdrawals during 2020Rs. 25,000and capital at the end is reported Rs. 225,000.                                                                                         (20)

ASSIGNMENT No. 2

(Units 5–9)

                                                                                                       Total Marks: 100

                                                                                                          Pass Marks: 40

  1. 1 On April 16, 2020 Malik & Bros. sent a consignment, which contained 1,500 milk packs of Rs. 75,000 to Shaikh & Sons. They agreed upon 5 % commission and 3 5 del-credere commission on the gross sales proceeds. Consignor incurred Rs. 3,000fright expended and drew a bill on Consignee amounting Rs. 30,000 which was duly accepted by consignee. Consignee received the goods and sold 1,00 milk packs @ Rs. 60 each. The following expenses were incurred by consignee on Consignment:

Carriage     Rs. 1,000

Octroi        500

Storage       3,500

Selling        1,500

At the end on year 2020, consignee sent an account sales and a bank draft for the balance due to consider.

You are required to prepare an account sales and necessary account in the book of consigner.   (20)

  1. 2 Nageen Painting Corporation purchased an air filtration system that has a life of 8,000 hours. The filter costs Rs. 100,000 and has a Rs. 10,000 salvage value. Nageeen anticipates that the filter will be used 1,000 hours during the first year, 3,000 hours during the seconds, 2000 during the third and 2,000 during the fourth year. Prepare depreciation schedule by using the units of output method.                        (20)
  2. 3 On 1st April ,20220 XYZ Company offered 3,500 shares to general public @ Rs.5 each at par and received application for 4,000 shares till 30th April. Company allotted the shares and returned the excess amount on 15th May, 2020.On 1st June, 2020 1,500 shares are issued to promotors against their services and 2,000 shares are issued to directors for which cash is received 2 Rs. 5 each. You are requested to pass the journal entries in the book of ABC Company to record the above transection and show the amounts in Balance sheet at 30th June,2020.         (20)
  3. 4 Mr. Aslam, Akbar and Azhar are partner in a pa partnership business, contributing Rs. 40000/-, Rs. 5000/- and Rs. 5000/-
  4. Mr. Aslam is entitled to salaries Rs. 3000/- per year.
  5. Interest of 10% is to be provided on capital of each partner.

iii. Akbar is entitled of commission of 10 % of any surplus after (i), (ii)

  1. Remaining profit is to be distributed in the ratio of 4:3;1: Profit before all the adjusting amounts is Rs. 61000/-.

Prepare statement of Income Distribution and capital accounts of the partners.  

AIOU Solved Assignment Code 1340 Autumn 2021

Q.5 a.  Under straight- line method, what formula is used to ascertain the annuals depreciation?

  1. What is the meaning of reserve and also explain the following reserves:
  2. Capital reserve
  3. General reserve

iii.  Specific reserve                                                                (10+10=20)

 

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