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 MGT101 ASSIGNMENT SOLUTION

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PostSubject: MGT101 ASSIGNMENT SOLUTION   Thu Jun 24, 2010 8:55 pm

“Financial Accounting (MGT101)”








Assignment No. 2 Marks: 30











1:
Prepare a Bank Reconciliation Statement
of XYZ Company of Mr. A as on



31st March. 2010 from the particulars given below:





1. Balance as per pass book Rs.50,000


2. Insurance premium of Rs.1,500 was directly paid by the bank for which there is no record in the cash book.


3. Interest of Rs.700 is credited by the bank in the pass book which is not recorded in the cash book


4. Cheques for a total amount of Rs.20,000 were deposited into the bank in March but


a cheque for Rs.2,500 out of them was credited in April.


5. A cheque of Rs.6,500 was deposited
into the bank in March but in April the cheque was returned by the bank as dishonored.



6. A cheque or Rs.5,000
was issued in March but it was not presented to the bank in the same month.



7. A customer paid into the bank Rs.300 directly
as appeared in the pass book but not in the cash book.



8. Interest Rs.1000 credited by bank but not recorded in cash book.











As only the bank reconciliation statement is requested, it can be prepared directly as follows:





XYZ Company.


Balance as per Bank Statement


As on 31 March 2010





1.

Balance as per pass book

50,000

2.

Insurance
Premium paid by Bank


(1,500)

3.

Interest credited by bank

700

4.

Uncredited cheque

(2,500)

5.

Cheque dishonored

(6,500)

6.

Unpresented cheques

5,000

7.

Customer directly paid amount

300


8. Interest credited by bank
1,000



Balance Statement as per Bank Cr 46,500





















Question 2: ABC Limited Co. bought an asset costing Rs.10,000 on 1st January. The company depreciates fixed assets @10 p.a. The asset is disposed off at the end of 4th year at Rs.6,100.





Required:





1. Prepare the fixed asset schedule showing the columns of Years, Cost, Depreciation charges, Accumulated depreciation and Written down value for four years by using Diminishing balance method.





2. Calculate the profit or loss on the disposal of fixed asset under Diminishing balance method.





Solution









Year

Cost of Asset
(Rs)





Depreciation (Rs)

Accumulated Depreciation (Rs)

Written Down Value
– WDV (Rs)



Year # 1



10,000

Rs 10,000 x 10% x 6/12

= Rs 500



Rs 500



Rs 9,500



Year # 2



Rs 9,500 x 10%



= Rs 950



Rs 1,450



Rs 8,550



Year # 3



Rs 8,550 x 10%



= Rs 855



Rs 2,305



Rs 7,695



Year # 4



Rs 7,695 x 10%



= Rs 769.50



Rs 3074.50



Rs 6,925.50








Book Value after 4 Years = Rs 6,925.50





Sale Price = Rs 6,100





Profit / Loss = Loss of Rs 825.50


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