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Free AIOU Solved Assignment Code 5419 Spring 2023
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Course: Advanced Accounting (5419)
Semester: Spring, 2023
Assignment No. 1
Green Ltd. Issued 4,000 6% Debentures of Rs. 100 each at Rs. 105. The debenture holders had the option of converting within one year, debentures into Ordinary Shares of Rs. 100 each at Rs. 125. At the end of the 1st year the interest on debentures was outstanding. Holders of 200 debentures decided to take advantage of the option. Give journal entries and show the Balance Sheet of the company.
AIOU Solved Assignment Code 5419 Spring 2023
On 15th March, 2023 Hammad & Co. of Rawalpindi consigned 1000 cases of milk powder to Jawad & Co. of Jhelum, invoiced at Rs. 200,000 which was 25 above their cost price. Hammad & Co. paid Rs. 12,000 as insurance. On 1st June, Jawad & Co., paid carriage inward Rs. 20,000, Unloading Charges 4,000 and sent to the consignors a bank draft for Rs. 80,000 as advance. On 1st August, 2023, they sold 800 cases for Rs. 230,000. The consignee is entitled to a commission of 8 percent on the invoice price and 20 percent of any surplus price realized. Jawad & Co. enclosed a bill at 2 months for the amount due.
Required: Show the Transactions and necessary accounts in the books of Consignor and Consignee.
Jawad & CO.
Cases of Milk = 1000
1000 cases = 200000
Cost Price = 25
Hammad & Co.
Insurance = 12000
Carriage inward = 20000
Unloading Charges = 4000
Bank Draft = 80000
800 cases = 230000
Commission = 8% (involve Price)
Commission = 20% (Surplus Price)
Bill = 2 Month
P & L a / c
To balance b/ d
C / d
AIOU Solved Assignment 1 Code 5419 Spring 2023
What is meant by Departmental Accounts? Describe the objectives and advantages of preparing departmental accounts?
Where a big business with diverse trading activities is conducted under the same roof the same is usually divided into several departments and each department deals with a particular kind of goods or service. For example, a textile merchant may trade in cotton, woolen and jute fabrics. The overall performance for this type of business depends, however, on departmental efficiency. As a result, it is desirable to maintain accounts in such a manner that the result of each individual department can be known—together with the result as a whole. The system of accounting which is followed for this; purpose is known as Departmental Accounting.
This system of accounting actually helps the proprietors to:
(i) Compare the results among the different departments together with the previous results thereof,
(ii) Formulate policy in order to extend or to develop the enterprise in the proper line; and
(iii) Reward the departmental managers on the basis of departmental results.
The most significant advantages of departmental accounts are:
(a) Individual result of each department can be known which helps to compare the performances among all the departments, i.e., the trading results can be compared.
(b) Departmental accounts help to understand or locate the success, failure, rates of profit, etc.
(c) It helps the management to make proper plan of action, policies in order to increase profit after analyzing the results of operation of various departments.
(d) Departmental accounting helps us to understand which department should be expanded further or which one should be closed down as per the results of the operation.
(e) If also helps to encourage a healthy competitive spirit among the various departments which, ultimately, helps to increase profits of the firm as a whole.
(f) For additions or alterations of various departments, departmental accounts helps a lot as it supplies the necessary information.
(g) As detailed information about the firm is available from departmental accounting the users of accounting information, particularly, the auditors and investors are widely benefited.
(h) Since departmental accounting presents separate departmental results, the Performance, of a successful department encourages the management, employees and increases the motivation of the staff as a whole.
(i) Percentage of gross profit on sales and stock turnover ratio of each individual department helps to make a comparative study among all departments.
Departmental accounts are prepared in such a manner that all desired information is available and departmental profit can correctly be made.
However, two methods are advocated viz:
(a) Where individual set of books are maintained;
(b) Where all departmental accounts are maintained columnar- wise collectively.
(c) Where Individual Set of Books are maintained:
Under this method, accounts of each individual department are independently maintained. The departmental results of the entire department are collected and taken into consideration to find out the net result of the organization.
A Departmental Trading and Profit and Loss Account is opened for each individual department in a columnar form together with a separate column for ‘Total’ in order to ascertain the individual result of the different departments and also as a whole. But the Balance Sheet is prepared in a combined form. And in order to incorporate the purchase and sale of goods, the subsidiary books and also the nominal accounts into the ledger must be ruled out with extra columns for each department in arriving at the desired departmental figures to prepare departmental final accounts. If there is a larger volume of cash purchase and cash sales, the Cash Book also must maintain separate columns for cash purchases and cash sales of various departments.
AIOU Solved Assignment 2 Code 5419 Spring 2023
From the following particulars, Prepare Branch Account showing the profit or loss of the Branch.
|Opening stock at branch||Rs.300,000|
|Goods sent to branch||900,000|
Closing stock could not be ascertained, but it is known that the branch usually sells at cost plus 20 percent. The branch manager is entitled a commission of 5 per cent on profit of the branch before charging such commission.
|To Branch stock A/c||900000||By cash/ bank account (for cash sales)||300000|
|To branch petty cash account (opening balance)||40000||By goods sent to branch account (returned to head office)||45000|
|To goods sent to branch account (at cost price)||240000||By branch stock account||960000|
|To general profit and loss account (net profit)||1180000||By branch petty cash account (closing balance)||1305000|
|By prepaid expenses account||40000|
AIOU Solved Assignment Code 5419 Autumn 2023
Red and Green entered into a Joint Venture for purchase and sale of some household items. They agreed to share profits and losses in the ratio of their respective contributors. Red contributed Rs. 250,000 in cash and Green Rs. 325,000. The whole amount was placed in a Joint Bank account. Goods were purchased by Red for Rs. 250,000 and expenses paid by Green amounted to Rs. 50,000. They also purchased goods for Rs. 375,000 through the Joint Bank Account. The expenses on purchase and sale of the articles amounted to Rs. 150,000 (including those met by Green). Goods costing Rs. 500,000 were sold for Rs. 1125,000 and the balance was lost by fire.
Required: Enter the above transactions in the books of both Red and Green and also in the separate books of joint venture.