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Q–1

Blue-chip Asset Management Limited is in the process of finalizing the financial statements of
one of its open ended mutual fund. Following information is available from the Fund’s records;

Rs. in “000”
Net assets - opening balance 350,050
Net income for the year 65,325
765,900 units issued during the year against 85,015
717,480 units redeemed during the year against 77,488

The par value of each unit is Rs. 100.


Required:
Prepare the statement of movement in unit holders’ Fund for the year ended June 30, 2008.
(10)
Q–2
Big Asset Allocation Fund (the Fund) is an open ended mutual fund and is listed on
Pakistan Stock Exchange. The net asset value of the Fund as on 1 January 2015 was
Rs. 1,550 million comprising of 41 million units. The par value of each unit is Rs. 10.
Following information has been extracted from the records of the Fund for the year
ended 31 December 2015.
Rs. in million
33 million units issued during the year 1,375
29 million units redeemed during the year 1,160
Net element of income and capital gain included in
prices
of units issued less those in units redeemed
Transferred to income statement 46
Transferred to distribution statement 5

Capital gains on sale of investments 48

Investments classified as ‘Available for sale’


Fair value at year-end 200
Carrying value at year-end 150
Net unrealized appreciation in fair value of
investments at the beginning of the year 60

Investments classified as ‘Held for trading’


Fair value at year-end 96
Carrying value at year-end 92

Other net income for the year 17

Final distribution for the year ended 31 December 2015 of Rs. 1 per unit (2014: Rs. 0.5 per unit
announced on 8 January 2015) was announced on 6 January 2016.
Required: Prepare a statement of movement in unit holders’ fund for the year ended 31
December 2015. (10)
Q–3
Following information has been extracted from the records of A – one Asset Management
Fund Limited for the year ended March 31, 2011.

Rs. In million
Net assets at the beginning of the year (900 million units) 27,000
100 million units issued during the year 3,500
95 million units redeemed during the year 3,277
Investment classified as at fair value through OCI
Fair value at year end 1,800
Carrying value at year end 1,200
Net un-realized appreciation in fair value of
investments at the beginning of the year 480
Investments classified as at fair value through profit or loss
account held for trading
Fair value at the year end 2,500
Carrying value at the year end 2,200
Element of income and capital gains included in price of units
issued / redeemed and transferred to income statement 173
Capital gains 400
Other net income for the year 3,000

Final distribution for the year ended March 31, 2011 of Rs. 5.00 per unit (2010 Rs. 4.00 per unit)
was announced on April 16, 2011.
Required Prepare a statement of movement in unit holder’s fund for the year ended March
31, 2011? (10)

Q–4
TMP Trust Fund is an open ended mutual fund, listed on Lahore Stock Exchange. Units are
offered for public subscription on a continuous basis and can be redeemed by surrendering
them to the fund.

Following financial information is available for the year ended June 30, 2006:
1. During the year, the fund received amounts of Rs. 210,290,408 (2005: Rs. 152,870,421)
against issuance of 1,546,253 units (2005: 1,377,211 units). The issued units include bonus
units issued to unit holders.
2. 1,434,644 units (2005: 1,213,560 units) were redeemed during the year against which an
amount of Rs. 194,394,262 (2005: Rs. 133,491,600) was paid / payable by the fund.
3. Undistributed income brought forward from previous year is Rs. 5,638,924.
4. It is the policy of the fund to recognize the distribution of cash dividend and bonus in
the year in which it is declared. The fund has announced at the year end, bonus units
of 15% (2005: 10%) and 10% cash dividend (2005: Nil).
5. No cash dividend or bonus has been distributed prior to June 30, 2005.
6. Net income of the fund is Rs. 15,532,600 (2005: Rs. 8,511,744).
7. The element of income and capital gains included in prices of units sold less those in
units redeemed representing accrued income and realized capital gains, amounted
to Rs. 1,536,360 (2005: Rs. 965,458). This amount was transferred to profit and loss
account.
8. The value of net assets at the beginning of the year was Rs. 39,674,912.
9. 550,215 units of Rs. 100 each are outstanding as at June 30, 2006.

Required:
Prepare the following statements of TMP Trust Fund for the year ended June 30, 2006 and 2005:
(i) Distribution Statement
(ii) Statement of movement in unit holders’ funds. (15)
A-1
Rs. in '000'
Net assets at beginning of the year 350,050
Cash received / receivable on issuance of 765,900 units 85,015
Cash paid / payable on redemption of 717,480 units (77,488)
7,527
357,577
Element of (income) / loss and capital gains included in prices
of units issued less those in units redeemed - net (2,685)
Net income for the year (recognized income for the year) (65,325)
Net assets at end of the year 420,217

Working
Sold Redeemable
No of Units 765,900 717,480
Rupees in 000
Par value of units @ Rs. 100 76,590 71,748
Sale proceed / redemption value 85,015 77,488
Element of (income) / loss (8,425) 5,740

Net element 2,685

A-2
Big Asset Allocation fund
Statement of movement in unit holder’s fund
For the year ended December 31, 2015
2015
Rs. In millions
Net assets at the beginning of the year 1,550.00

Issue of 33 million units 1,375.00


Redemption of 29 million units (1,160.00)
215.00
Net element of income and capital gain included in prices of
items issued less those in units redeemed
Transferred to income statement (46.00)
Transferred to distribution statement (5.00)
(51.00)
Net element of income and capital gain included in prices of
items issued less those in units redeemed transferred to
distribution statement 5.00
Net un-realized appreciation of re-measurement of
investment classified as financial assets at fair value through
profit or loss account (10.00)
Other net income for the year 17.00
Capital gains on sale of investment 48.00
Net un-realized appreciation on re-measurement of
investments classified as available for sale (200-150-60) 4.00
59.00
Final distribution for the year ended December 31, 2014 Rs. 0.5
per unit (0.5x41) (20.50)
Net assets at the end of the year 1,757.50
Net assets at the end of the year (1550 /41) 37.80
Net asset value at the end of the year 39.06

A-3
A-One Asset Management Fund Limited
Statement of Movement in Unit Holders’ Fund
For the year ended March 31, 2011
2011

Rs. in million
Net assets at the beginning of the year 27,000
Issue of 100 million units 3,500
Redemption of 95 million units (3,277)
223
27,223
Element of income and capital gains included in prices of units issued / (173)
redeemed transferred to income statement
Net unrealized appreciation of re-measurement of investments classified as 120
available for sale (1,800-1,200-480)
Capital gains 400
Net unrealized appreciation on re-measurement of investments classified as 300
financial assets at fair value through profit or loss (2,500-2200)
Other net income for the year 3,000
Final distribution for the year ended March 31, 2010 at Rs. 4 per unit (900*4) (3,600)
100
Net assets at the end of the year 27,270

A–4
TMP Trust Fund
Statement of movement in unit holder’s fund
For the year ended June 30, 2006
2006 2005
Rs. Rs.
Net assets at the beginning of the year 62,213,959 39,674,912

Issue 2006 (1,546,253) 2005 (1,377,211) 210,290,408 152,870,421


Redemption 2006 (1,434,644) 2005 (1,213,560) (194,394,262) (133,491,600)
15,896,146 19,378,821
78,110,105 59,053,733
Net element of income and capital gain included in
prices of items issued less those in units redeemed (1,536,360) (965,458)
transferred to profit or loss account

Other net income for the year 15,532,600 8,511,744

15,532600 8,511,744
Final distribution for the year ended June 30
2006 10% Cash dividend (2005 Nil)[550,215x100x10%] (5,502,150) --
2006 15% Bonus (2005 10% Bonus)
[2006 550,215x100x15%], [2005 438,606x100x10%] (8,253,225) (4,386,060)

Net assets at the end of the year 78,350,970 62,213,959


No. of units at the end of the year 550,215 438,606
Net asset value per unit 142.40 141.84

TMP Trust Fund


Distribution Statement
For the year ended June 30, 2006

Rs.
Un-distributed income brought forward 5,638,924
Add: -
Net income for the year 15,532,600
20,901,524
Distribution for the year
Final distribution for the year ended June 30 2006
10% Cash dividend[550,215x100x10%] (5,502,150)
15% Bonus [2006 550,215x100x15%] (8,253,225)
(13,755,375)
Un-distributed income carried forward 7,146,149