NATIONAL UNIVERSITY OF MODERN LANGUAGES

COURSE: BS ECONOMICS and FINANCE

SUBJECT: ADVANCE ACCOUNTING

SUBMITTED TO: SIR ADNAN BASHIR

SUBMITTED BY: JAWAD AZIZ

 QUESTION: (1)
Profit and Loss A/C

Amjad Manufacturing Company Ltd

31stDec 2002

Particular Amount Particular Amount

Management 170000 Gross PROFIT 1107000
Expenses
Rent and Taxes 30000 Unrecorded credit 20000

Direct fee 46000

Insurance 17500 1127000
Repair to motor car 16000 Mice receipts 20000
Repair to machinery 14000
Salaries 83000
Bad debts 13000
General changes 15100

1147000 1147000

Profit and Loss Appropriate A/c

Particular Amount Particular Amount

Transfer to General res 60000 Balance from per year 101800

Provision for taxation 150000 Net profit for the year 742400
Amjad Manufacturing Company Ltd

31st Dec 2002

Proposed dividend 100000

Profit transferred to 534200
A/C
844200 844200
 Balance Sheet

Amjad Manufacturing Company Ltd

31stDec 2002

Liabilities and Capital Amount Assets Amount

Shared Capital Fixed Assets
Authorized Capital 1000000 Furniture and fixture
117000
Issued subscribed and 1000000 Less dep 15000 102000
Paid-up capital
Land and building
95000
Reserved Less dep 3000000 659000
General reserve 2000000 Plant and Machine
7000000
[add] Transfer 6000 Less dep 230000 470000
260000 Motor Car 10450000

Balance of profit and Loss 5343200 Less dep 680000 365000

Appropriate A/C
Good will 100000
Long term loan Deferred Cost
Bank loan secured 900000 Preliminary exp 30000
Current Asset
Current Liabilities Prepaid exp 20000
Unclaimed dividend 45000 Bill receivable 60000
Outstanding expenses 40000 Debtor 580000
Bill payable 40000 Credit sales 20000 600000
Provision for Taxation 150000 Cash at Bank 136700
Prepared dividend 1000000 Cash in hand 16500
Creditors 281000 Closing stock 800000
3350200 3350200