Semester “Fall 2010”
“FINANCIAL ACCOUNTING – 1 (MGT101)”
Assignment No. 02 Marks: 20
QUESTION – 01
The following are the information available from the Trial Balance of Mr. Ali & Sons for the
year ended on 31st December 2010.
Adjustments:
Write off Rs. 5,000 bad debts from accounts receivable.
Maintain provision for doubtful debts at 5%.
Required:
1. Calculate new provision.
2. Calculate the amount of Provision for doubtful debts to be appeared in Profit and
Loss Account.
3. Calculate the amount of Sundry debtors to be shown in Balance Sheet.
QUESTION – 02
The financial year of Mr. Ali & Sons is closed on June 30, 2010. Data regarding Mr. Ali &
Sons is given below:
Required:
Prepare Debtors control account for the month of June, 2010.
Particulars Debit
Rs.
Credit
Rs.
Accounts receivable
Bad debts
Provision for doubtful debts
205,000
8,000
6,000
Particulars Rs.
Opening balance of sundry debtors 25,000
Cash sales 100,000
Credit sales 50,000
Discount allowed 2,000
Discount received 6,000
Receipts from debtors 35,000
Bad debts written off 10,000
Sales returns (from credit sales) 5,000
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no. 27 and reading handouts as well as
recommended/reference books).
2. Video lectures can be downloaded for free from www.youtube.com/vu.
Schedule
Opening Date and Time December 31, 2010 At 12:01 A.M. (Mid-Night)
Due Date and Time January 05, 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. This extra time should only be used to meet the emergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
• Make sure that you upload the solution file before the due date. No
assignment will be accepted through e-mail once the solution has been
uploaded by the instructor.
Formatting guidelines:
• Use the font style “Times New Roman” and font size “12”.
• It is advised to compose your document in MS-Word 2003.
• Use black and blue font colors only.
Solution guidelines:
• Every student will work individually and has to write in the form of an
analytical assignment.
• Give the answer according to question, there will be negative marking
for irrelevant material.
• For acquiring the relevant knowledge don’t rely only on handouts but
watch the video lectures and use other reference books also.
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0) if:
• It has been submitted after due date
• The file you uploaded does not open or is corrupt
• It is in any format other than .doc (MS. Word)
• It is cheated or copied from other students, internet, books, journals etc…
“FINANCIAL ACCOUNTING – 1 (MGT101)”
Assignment No. 02 Marks: 20
QUESTION – 01
The following are the information available from the Trial Balance of Mr. Ali & Sons for the
year ended on 31st December 2010.
Adjustments:
Write off Rs. 5,000 bad debts from accounts receivable.
Maintain provision for doubtful debts at 5%.
Required:
1. Calculate new provision.
2. Calculate the amount of Provision for doubtful debts to be appeared in Profit and
Loss Account.
3. Calculate the amount of Sundry debtors to be shown in Balance Sheet.
QUESTION – 02
The financial year of Mr. Ali & Sons is closed on June 30, 2010. Data regarding Mr. Ali &
Sons is given below:
Required:
Prepare Debtors control account for the month of June, 2010.
Particulars Debit
Rs.
Credit
Rs.
Accounts receivable
Bad debts
Provision for doubtful debts
205,000
8,000
6,000
Particulars Rs.
Opening balance of sundry debtors 25,000
Cash sales 100,000
Credit sales 50,000
Discount allowed 2,000
Discount received 6,000
Receipts from debtors 35,000
Bad debts written off 10,000
Sales returns (from credit sales) 5,000
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no. 27 and reading handouts as well as
recommended/reference books).
2. Video lectures can be downloaded for free from www.youtube.com/vu.
Schedule
Opening Date and Time December 31, 2010 At 12:01 A.M. (Mid-Night)
Due Date and Time January 05, 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. This extra time should only be used to meet the emergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
• Make sure that you upload the solution file before the due date. No
assignment will be accepted through e-mail once the solution has been
uploaded by the instructor.
Formatting guidelines:
• Use the font style “Times New Roman” and font size “12”.
• It is advised to compose your document in MS-Word 2003.
• Use black and blue font colors only.
Solution guidelines:
• Every student will work individually and has to write in the form of an
analytical assignment.
• Give the answer according to question, there will be negative marking
for irrelevant material.
• For acquiring the relevant knowledge don’t rely only on handouts but
watch the video lectures and use other reference books also.
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0) if:
• It has been submitted after due date
• The file you uploaded does not open or is corrupt
• It is in any format other than .doc (MS. Word)
• It is cheated or copied from other students, internet, books, journals etc…
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