B.COM II ADVANCED ACCOUNTING
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1 The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit B.COM II ADVANCED ACCOUNTING REGULAR Compiled and Solved by: S.Hussain
2 ADVANCED ACCOUNTING 2004 REGULAR Instructions: Attempt any five questions. Q.No.1 FINANCIAL STATEMENTS GIVEN Prooj Ltd. was registered with an authorized capital of Rs.3,500,000 divided into Rs.10 shares. The company s books showed the following balances as on 30 th June Debit Balance: (in Rs.) Plant assets: 3,750,000; Cash: 100,000; Accounts receivable: 162,500; Merchandise inventory (1 st July, 2003): 62,500; Sales return: 7,000; Purchases: 1,245,000; Transportation in: 20,000; Salaries expenses: 145,000; Prepaid advertising: 20,000; Director s fee: 215,000 (Total Rs.5,727,000). Credit Balance: (in Rs.) Sales revenue: 1,875,000; Commission income: 20,000; Accumulated depreciation: 350,000; Retained earnings: 367,500; Paid up capital: 2,500,000; 10% debentures payable: 500,000; Accounts payable: 112,500; Purchases return: 2,000 (Total Rs.5,727,000). Data for Adjustment on 30 th June, 2004: (i) Merchandise inventory valued Rs.45,000. (ii) Advertising expired Rs.15,000. (iii) Director s fee commission payable Rs.30,000. (iv) Prepaid salaries Rs.25,000. (v) Provide depreciation on plant assets at 5%. (vi) Commission earned but not received Rs.5,000. (vii) The board of directors resolved: (a) To declare cash dividend 5% on paid up capital. (b) To appropriate for plant expansion Rs.62,500 and for contingency Rs.50,000. REQUIRED (i) Income statement. (ii) Statement of retained earnings. (iii) Balance sheet in classified form. SOLUTION 1 (i) PROOJ LTD. INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE 2004 Sales revenue 1,875,000 Less: Sales return (7,000) Net sales 1,868,000 Less: Cost of Goods Sold: Merchandise inventory (beg) 62,500 Add: Net Purchases: Purchases 1,245,000 Add: Transportation in 20,000 Delivered purchases 1,265,000 Less: Purchase return (2,000) Net purchases 1,263,000 Merchandise available for sale 1,325,500 Less: Merchandise inventory (end) (45,000) B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 2
3 Cost of goods sold (1,280,500) Gross profit 587,500 Less: Operating Expenses: Salaries expense (145,000 25,000) 120,000 Director s fee 215,000 Advertising expense 15,000 Director s fee commission 30,000 Depreciation expense Plant assets 187,500 Total operating expenses (567,500) Profit from operation 20,000 Add: Other Income: Commission income (20, ,000) 25,000 Net income 45,000 SOLUTION 1 (ii) PROOJ LTD. STATEMENT OF RETAINED EARNINGS FOR THE PERIOD ENDED 30 JUNE 2004 Retained earnings (opening balance) 367,500 Add: Net income for the period 45,000 Total retained earning 412,500 Less: Dividends and Reserves: Reserve for plant expansion 62,500 Reserve for contingencies 50,000 Cash dividend (2,500,000 x 5%) 125,000 Total dividend and reserves (237,500) Retained earnings (ending balance) 175,000 SOLUTION 1 (iii) PROOJ LTD. BALANCE SHEET AS ON 30 JUNE 2004 Equities Assets Shareholder s Equity: Fixed Assets: Authorized Capital: Plant assets 3,750, ,000 ordinary shares Less: All for dep. Rs.10 each 3,500,000 Total fixed assets 3,212,500 Issued & Paid-up Capital: 250,000 ordinary shares Current Rs.10/- each 2,500,000 Prepaid advertising 5,000 Reserve for plant expansion 62,500 Prepaid salaries 25,000 Reserve for contingencies 50,000 Commission rec. 5,000 Retained earnings 175,000 Merchandise inv. 45,000 Total shareholder s equity 2,787,500 A/c. receivable 162,500 Cash 100,000 Liabilities: Total current assets 342,500 Long Term Liabilities: 10% Debentures payable 500,000 B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 3
4 Current Liabilities: Accounts payable 112,500 Director s fee payable 30,000 Cash dividend payable 125,000 Total liabilities 767,500 Total equities 3,555,000 Total assets 3,555,000 Q.No.2 FINANCIAL STATEMENTS ANALYSIS GIVEN Following are the selected data taken from books of Nisa Ltd. at the end of year 2003: Cost of goods sold Rs. 540,000 Accounts payable 200,000 Merchandise inventory (opening) 120,000 Bills payable 50,000 Accounts receivable (opening) 380,000 Marketable securities 142,000 Cash 108,000 Accounts receivable (ending) 350,000 Merchandise inventory (ending) 150,000 Credit sales (net) 1,825,000 Total operating expenses 600,000 REQUIRED On the basis of above information, find out: (i) Working capital (ii) Inventory turnover (iii) Current ratio (iv) Accounts receivable turnover (v) Acid test ratio (vi) Gross profit percentage (vii) Net profit percentage (viii) Operating expense rate SOLUTION 2 (i) Working Capital: Cash 108,000 Marketable securities 142,000 Accounts receivable ending 350,000 Total quick assets 600,000 Merchandise inventory ending 150,000 Total current assets 750,000 Less: Total Current Liabilities: Accounts payable 200,000 Bills payable 50,000 Total current liabilities (250,000) Working capital 500,000 (ii) Inventory Turnover: Inventory turnover in times = Cost of goods sold Average inventory Inventory turnover in times = 540,000 (120, ,000) /2 Inventory turnover in times = 540, ,000 B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 4
5 Inventory turnover in times = 4 times Inventory turnover in days = 365 Inventory turnover in times Inventory turnover in days = Inventory turnover in days = 91 days (iii) Current Ratio: Current ratio = Total current assets Total current liabilities Current ratio = 750, ,000 Current ratio = 3 : 1 (iv) Accounts Receivable Turnover: Receivable turnover in times = Net credit sales Average receivable Receivable turnover in times = 1,825,000 (380, ,000) / 2 Receivable turnover in times = 1,825, ,000 Receivable turnover in times = 5 times Receivable turnover in days = 365 Receivable turnover in times Receivable turnover in days = Receivable turnover in days = (v) Acid Test Ratio: Acid test ratio = 73 days Total quick assets Total current liabilities Acid test ratio = 600, ,000 Acid test ratio = 2.4 : 1 (vi) Gross Profit Percentage: Gross profit percentage = Gross profit X 100 Net sales Gross profit percentage = 1,285,000 X 100 1,825,000 Gross profit percentage = 70.41% Computation of Gross Profit: Sales 1,825,000 Less: Cost of goods sold (540,000) Gross profit 1,285,000 Less: Operating expenses (600,000) Net income 685,000 B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 5
6 (vii) Net Profit Percentage: Net profit percentage = Net income X 100 Net sales Net profit percentage = 685,000 X 100 1,825,000 Net profit percentage = 37.53% (viii) Operating Expense Rate: Operating expense rate = Operating expenses X 100 Net sales Operating expense rate = 600,000 X 100 1,825,000 Operating expense rate = 32.88% Q.No.3 FUND FLOW ANALYSIS GIVEN The comparative balance sheet of Aamna Ltd. for the two years are produced below: Debit Balances (in Rs.) Dec. 31, 2003 Dec. 31, 2002 Cash 87, ,000 Merchandise inventory 162, ,000 Prepaid rent 40,000 45,000 Accounts receivable 175, ,000 Plant assets 440, ,000 Total Rs. 905, ,000 Credit Balances (in Rs.) Ordinary share capital 605, ,000 Accounts payable 90, ,000 Salaries payable 15,000 15,000 Unearned rent 15,000 10,000 Debentures payable 60, ,000 Retained earnings 120, ,000 Total Rs. 905, ,000 Additional Data: (1) Net income for the year 2003, Rs.90,000. (2) Cash dividend declared Rs.75,000. REQUIRED (a) Working capital for both the year. (b) Statement showing changes in working capital. (c) Statement of sources and application of fund. SOLUTION 3 (i) Computation of Working Capital: Working capital = Current assets Current liabilities Working capital (2003) = 465, ,000 Working capital (2003) = 345,000 Working capital (2002) = 485, ,000 Working capital (2002) = 360,000 B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 6
7 SOLUTION 3 (ii) AAMNA LTD. STATEMENT OF CHANGES IN WORKING CAPITAL FOR THE PERIOD ENDED 31 DECEMBER 2003 Particular Compiled & Solved by: S.Hussain Changes in Working Capital Current Assets: Cash 87, ,000 (17,500) Merchandise inventory 162, ,000 (12,500) Prepaid rent 40,000 45,000 (5,000) Accounts receivable 175, ,000 15,000 Total current assets 465, ,000 (20,000) Less: Current Liabilities: Accounts payable (90,000) (100,000) 10,000 Salaries payable (15,000) (15,000) --- Unearned rent (15,000) (10,000) (5,000) Total current liabilities (120,000) (125,000) 5,000 Decrease in working capital 345, ,000 (15,000) SOLUTION 3 (iii) AAMNA LTD. STATEMENT OF SOURCES AND APPLICATION OF FUND FOR THE PERIOD ENDED 31 DECEMBER 2003 Sources of Fund: Net income 90,000 Add: Issue of shares 35,000 Total sources of fund 125,000 Less: Applications of Fund: Purchases of plant assets 25,000 Payment of debentures payable 40,000 Cash dividend paid 75,000 Total applications of fund (140,000) Decrease in working capital (15,000) Q.No.4 ACCOUNTING FOR BRANCH GIVEN Bilal Corporation at Karachi newly established its branch at Sukkur. The head office supplies goods to the branch at 125% of cost. Summarized data of the branch s transactions for the year 2003, are as under: 1. Goods received from head office at billed price Rs.480, Local purchases on account Rs.120, Credit sales to customers Rs.300,000 and sales for cash Rs.184, Cash collected from customers Rs.250, Paid to suppliers Rs.70, Returned goods to head office Rs.6, Remitted cash to head office Rs.180, Branch expenses paid by branch Rs.16,800 and by head office Rs.800. Data for Adjustment on (1) Accrued operating expenses Rs.600. B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 7
8 (2) Ending inventory of merchandise: Rs.16,000 consisted of local purchases and Rs.15,000 consisted of shipment from head office. REQUIRED (a) Prepare journal entries (including adjusting and closing) in the branch. (b) Journal entries in the head office books to incorporate branch profit or loss and adjustment of overvaluation. (c) Show computation of overvaluation adjustment. SOLUTION 4 (a) BILAL CORPORATION SUKKUR BRANCH GENERAL JOURNAL 1 Merchandise supplied 480,000 Head office 480,000 (To record the merchandise received from head office) 2 Purchase 120,000 Accounts payable 120,000 (To record the goods purchased from local market) 3 Accounts receivable 300,000 Cash 184,000 Sales 484,000 (To record the goods sold on account and for cash) 4 Cash 250,000 Accounts receivable 250,000 (To record the cash received from customers) 5 Accounts payable 70,000 Cash 70,000 (To record the cash paid to suppliers) 6 Head office 6,000 Merchandise returned 6,000 (To record the goods returned to head office) 7 Head office 180,000 Cash 180,000 (To record the cash remitted to head office) 8 Operating expenses 17,600 Cash 16,800 Head office 800 (To record the expenses paid by branch and head office) BILAL CORPORATION SUKKUR BRANCH ADJUSTING ENTRIES 1 Operating expense 600 Operating expenses payable 600 (To adjust the unpaid operating expenses) B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 8
9 BILAL CORPORATION SUKKUR BRANCH CLOSING ENTRIES 1 Expense and revenue summary 618,200 Merchandise supplied 480,000 Purchases 120,000 Operating expenses 18,200 (To close the various expense accounts) 2 Sale 484,000 Merchandise returned 6,000 Merchandise inventory 31,000 Expense and revenue summary 521,000 (To close the various income accounts) 3 Head office 97,200 Expense and revenue summary 97,200 (To record the net loss reported to head office) SOLUTION 4 (b) BILAL CORPORATION HEAD OFFICE GENERAL JOURNAL 1 Profit and loss account 97,200 Sukkur branch 97,200 (To adjust the net loss reported by branch) 2 Allowance for overvaluation 91,800 Profit and loss account 91,800 (To adjust the allowance for overvaluation account) SOLUTION 4 (c) Computation of Allowance for Overvaluation: Particulars Billed Cost Allowance for over valuation Merchandise supplied (480,000 x 25/125) 480, ,000 96,000 Less: Merchandise returned (6,000 x 25/125) (6,000) (4,800) (1,200) Unadjusted allowance for overvaluation 474, ,200 94,800 Less: Merchandise inventory ending (15,000 x 25/125) (15,000) (12,000) (3,000) Adjusted allowance for overvaluation 459, ,200 91,800 Q.No.5 COMPANY ACCOUNTING ABSORPTION GIVEN Following is the balance sheet of Maheen Ltd. as on June 30, 2004: Assets Liabilities & Equities Cash 200,000 Share capital Accounts receivable 300, ,000 shares of Rs.10/= each 3,500,000 Merchandise inventory 350,000 5% Debentures payable 500,000 Plant machinery 1,850,000 Accounts payable 318,000 Building 1,550,000 Accumulated Depreciation: B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 9
10 Furniture 725,000 Machinery: 190,000 Building: 160,000 Furniture: 72,500 Retained earnings 234,500 Total Rs. 4,975,000 Total Rs. 4,975,000 On that date the company was absorbed by Afzal Ltd. on these terms: 1. All assets (except cash) and accounts payable were taken over at book value. 2. Debentures were to be redeemed by Maheen Ltd. 3. The purchase consideration was satisfied by allotment of four shares of Rs.10 each in Afzal Ltd. (at market value Rs.12.50) for every five shares in Maheen Ltd. and the balance paid in cash. 4. Maheen Ltd. paid off the debentures with redemption Rs.10. Also paid Rs.15,000 for liquidation expenses. REQUIRED (a) Compute the amount of purchase consideration. (b) Entries in the general journal of Maheen Ltd. for absorption. SOLUTION 5 (a) Computation of Net Assets: Accounts receivable 300,000 Merchandise inventory 350,000 Plant machinery (Net) 1,660,000 Building (Net) 1,390,000 Furniture (Net) 652,500 Total assets 4,352,500 Less: Liabilities: Accounts payable (318,000) Net assets 4,034,500 Computation of Purchase Consideration: To Shareholders: (350,000 x 4/5) = 280,000 Ordinary Rs each 3,500,000 Cash (4,034,500 3,500,000) 534,500 Purchase consideration 4,034,500 SOLUTION 5 (b) MAHEEN LTD. GENERAL JOURNAL 1 Receivable from Afzal Ld. 4,034,500 Realization 4,034,500 (To record the purchase consideration) 2 Shares in 3,500,000 Cash 534,500 Receivable from Afzal Ltd. 4,034,500 (To record the shares and cash received from Afzal Ltd.) B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 10
11 3 Realization 4,352,500 Accounts receivable 300,000 Merchandise inventory 350,000 Plant and machinery (Net) 1,660,000 Building (Net) 1,390,000 Furniture (Net) 652,500 (To record the closing of assets accounts) 4 Accounts payable 318,000 Realization 318,000 (To record the closing of liability account) 5 5% Debentures payable 500,000 Realization (5,000 x 10) 50,000 Cash 550,000 (To record the payment to debentures holders) 6 Realization 15,000 Cash 15,000 (To record the liquidation expenses paid) 7 Ordinary share capital 3,500,000 Retained earnings 234,500 Payable to shareholders 3,734,500 (To record the closing of shareholders equity) 8 Payable to shareholders 65,000 Realization 65,000 (To record the closing of realization account) 9 Payable to shareholders 3,669,500 Cash 169,500 Shares in 3,500,000 (To record the cash & shares issued to the shareholders) Q.No.6 ACCOUNTING FOR INSTALLMENT SALES GIVEN Alam Co. follows the perpetual inventory system and closes its books twice in a year at June 30, and Dec. 31. Balance at January 1, 2003: Installment A/Receivable 2002 Rs.175,000 Deferred gross profit 2002 Rs.75,000 At June 30, 2003: Installment sales made at 40% gross profit during the 6 months period Rs.450,000 An installment A/Receivable 2002 cancelled 5,000 Repossesses merchandise was assigned a value of 2,500 Installment A/Receivable ,000 Installment A/Receivable ,000 REQUIRED (1) Compute gross profit rate of the installment sales originated in (2) Show collection of installment A/Receivable of 2002 and 2003, at June 30, (3) Give all necessary entries under installment method for recording transactions concerning installment sales including an adjusting entry for recording realized gross profit. (4) Record repossession recognizing loss or gain. B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 11
12 SOLUTION 6 (i) Computation of Deferred Gross Profit Rate (DGP%): Unrealized gross profit rate (2002) = Unrealized gross profit x 100 Installment accounts receivable (beginning) Unrealized gross profit rate (2002) = 75,000 x ,000 Unrealized gross profit rate (2002) = 42.86% SOLUTION 6 (ii) Computation of Cash Collection: Cash collection (2003) = Installment sales Installment accounts receivable (ending) Cash collection (2003) = 450, ,000 Cash collection (2003) = 275,000 Cash collection (2002) = Installment A/Receivable (beg) Installment A/Receivable (End) Installment A/Receivable cancelled Cash collection (2002) = 175,000 45,000 5,000 Cash collection (2002) = 125,000 Computation of Realized Gross Profit: Realized gross profit = Cash collection X DGP% Realized gross profit (2003) = 275,000 x 40% 110,000 Realized gross profit (2002) = 125,000 x 42.86% 53,575 Total realized gross profit = 163,575 SOLUTION 6 (iii) ALAM CO. GENERAL JOURNAL 1 Installment accounts receivable (2003) 450,000 Installment sales 450,000 (To record the good sold on installment basis) 2 Cash 400,000 Installment accounts receivable (2002) 125,000 Installment accounts receivable (2003) 275,000 (To record the cash collected on installment basis) ALAM CO. ADJUSTING ENTRIES 1 Cost of installment sales (450,000 x 60/100) 270,000 Merchandise 270,000 (To record the cost of installment sales) 2 Installment sales 450,000 Cost of installment sales 270,000 Unrealized gross profit (2003) 180,000 (To adjust the unrealized gross profit) B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 12
13 3 Unrealized gross profit (2002) 53,575 Unrealized gross profit (2003) 110,000 Realized gross profit 163,575 (To adjust the realized gross profit) SOLUTION 6 (iv) Computation of Gain or Loss on Repossession: Installment accounts receivable cancelled (2002) 5,000 Less: Unrealized gross profit (5,000 x 42.86%) (2,143) Book value 2,857 Less: Merchandise repossessed at fair market value (2,500) Loss on repossession 357 ALAM CO. GENERAL JOURNAL 1 Merchandise repossessed 2,500 Unrealized gross profit (2002) 2,143 Loss on repossession 357 Installment accounts receivable (2002) 5,000 (To adjust the repossession of merchandise) Q.No.7 Q.No.8 CONSIGNMENT ACCOUNTING (NOT INCLUDED IN THE NEW COURSE) ACCOUNTING FOR INCOMPLETE RECORDS (NOT INCLUDED IN THE NEW COURSE) Q.No.9 THEORY GIVEN Write note on any Three of the following: (i) Joint venture (ii) Hire-sale/purchase (iii) Value added tax (iv) Reconstruction of a company SOLUTION 9 (i) Joint Venture: A situation in which the reporting entity holds an interest on a long term basis in another entity, which is jointly controlled by the reporting entity and one or more other ventures under a contractual arrangement, is known as joint venture. In its financial statements the reporting entity accounts for its own share of the assets, liabilities, and cash flows of the joint venture. (ii) Hire Sale / Purchase: Hire purchase is a method of buying goods in which the purchaser takes possession of them as soon as an initial installment of the price (a deposit) has been paid; ownership is obtained when all the agreed number of subsequent installments has been completed. A hire purchase agreement differs from a credit sale agreement and sale by installment because in these transactions ownership passes when the contract is signed. It also differs from a contract of hire, because in this case ownership never passes. B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 13
14 (iii) Value Added Tax: Value added tax is a charge on taxable supplies of goods and services made in UK by a taxable person in the course or furtherance of a business. Where appropriate, each trader adds VAT to sales and must account to Board of Customs and Excise for the output tax. The input tax paid on purchases can be deducted from the output tax due. VAT, indirect taxation that falls on the final customer, was introduced in 1973 when the UK joined the European Economic Community. (iv) Reconstruction of a Company: Reconstruction of a company means extinguishing or reducing the liability or any of the shares in respect of the unpaid amount. A reduction in the issued share capital of a company is called capital reduction. The Companies Act states that, subject to confirmation by the court, a company may, if authorized by its article of association, pass a special resolution to reduce its issued share capital. It may: a) Cancel any paid-up capital that is lost or no longer represented by available assets. b) Extinguish or reduce the liability on any of its shares in respect of share capital not paid up. c) Pay off nay paid-up share capital that is in excess of its warrants. B. C o m II A d v a n c e d A c c o u n t i n g ( R e g u l a r ) Page 14
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