Re: ::::IIVU ASKARII:::: Fin621 Subjective Help

to me the entries would be....

(i)May 10:Purchase Five p-500 facimile machine on account from minitisi corporation at a cost of rupees 5.60 each,payment due,in 30 days.

b)May23,sold four p-500 fasimile machine on account to foster & cole stock brokers sale price rupees 900 per machine,pay due 30 days.

C)june9,paid Rs 2800 cash to minitisi corporation for the fasmile  machine purchased on may 10.

d)june 19 sold two p-500 fasmile machine to Tri-stat for cash sale price Rs.950 per machine

A. Cr A/C payable

         Dr  Machinery (or "Inventory" as these machines are for resale purpose)

B. Cr Machinery (Or Inventory)

         Dr  A/C Receivable

C.  Cr   Cash Account

           Dr.  A/C Payable

D.  Cr.  Machinery or Inventory

           Dr.  Cash Account

        

-----

Imran Ali,

MBA 3rd (Finance),

"The Hardest Part About Losing Love; 

IS FINDING YOUR WAY BACK".

Keep Smiling  :)

On Sun, Feb 27, 2011 at 4:26 AM, Hafiz Salman Majeed <hafiz.salman.majeed1@gmail.com> wrote:

Imran check this....i just pass entries...amount jo hon gi mein likh lon ga

(i)May 10:Purchase Five p-500 facimile machine on account from minitisi corporation at a cost of rupees 5.60 each,payment due,in 30 days.

b)May23,sold four p-500 fasimile machine on account to foster & cole stock brokers sale price rupees 900 per machine,pay due 30 days.

C)june9,paid Rs 2800 cash to minitisi corporation for the fasmile  machine purchased on may 10.

d)june 19 sold two p-500 fasmile machine to Tri-stat for cash sale price Rs.950 per machine

 

Solution:

First entry

Machinery to Account payable

 

2^nd entry

Account receivable to Machinery

 

3^rd Entry

Accounts payable to Cash

 

4^th Entry

Cash to Machinery

On Sun, Feb 27, 2011 at 4:20 AM, Hafiz Salman Majeed <hafiz.salman.majeed1@gmail.com> wrote:

Solved paper may kisi ne just ending inventory li hoi thi...thats why poching kahin mein galat to nahin :P

2011/2/27 ●๋•ιмяαη αℓι●๋• <candle.in.winds@gmail.com>

is which plus sign lagana bhooool gaye......   baqi ok hai... :-)
waisay pooocha hai ya bataya hai??

Total Assets Turnover Ratio = 1,493,622 /1,039,731 1 + 114, 3701/2

-----

Imran Ali,

MBA 3rd (Finance),

"The Hardest Part About Losing Love; 

IS FINDING YOUR WAY BACK".

Keep Smiling  :)

On Sun, Feb 27, 2011 at 2:56 AM, Hafiz Salman Majeed <hafiz.salman.majeed1@gmail.com> wrote:

Question No: 53 ( Marks: 5 )

You have been given the two years data of XYZ company as follows:

 

                                            2005                2004

Net sales                           1,493,622           1,403,243

Assets:

Beginning of the year        1,039,731               889,584

End of year                       1,1143,701             1,039,731

 

Calculate the Total Assets Turnover ratio for both years.

 

· For Year 2005:

Total Assets Turnover Ratio = Net Sales / Average Assets

Total Assets Turnover Ratio = 1,493,622 /1,039,731 1, 114, 3701/2

= 0.245

 

· For Year 2004:

Total Assets Turnover Ratio = 1,403,243/ 889,584 +1,039,731/2

= 1.455

On Sat, Feb 26, 2011 at 1:03 AM, Hafiz Salman Majeed <hafiz.salman.majeed1@gmail.com> wrote:

Question#7   (5marks)

           

Year 1              Year 2

 

Sales                            570000            680000

Cost of good sold         200000            170000

 

Gross profit                   370000           510000

 

Expense                       100000            210000

 

EBIT                            270000            300000

 

 

Find % change from year 1 to year 2

 

Solution

Sales = Change/Base year = 680000-570000/ 570000 = 11000/570000 = 0.2*100=20% Increase

CGS = Change/Base year = 170000-200000/ 200000 = -30000/200000 = -0.2*100=-20% Decline

Gross Profit = Change/Base year = 510000-370000/ 370000 = 140000/370000 = 0.4*100=40% Increase

Expenses = Change/Base year = 210000-100000/ 100000 = 110000/100000 = 1.1*100= 110% Increase

Expenses = Change/Base year = 300000-270000/ 270000 = 30000/270000 = 0.1*100= 10% Increase

 

Am i right?

--

█▓▒░ Hafiz Salman Majeed░▒▓█

            www.vuaskari.com

MBA -III (Finance Group)

                  LAHORE

اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة

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█▓▒░ Hafiz Salman Majeed░▒▓█

            www.vuaskari.com

MBA -III (Finance Group)

                  LAHORE

اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة

جہاں رہیے اللہ کے بندوں کے لیے باعثِ آزار نہیں، باعثِ رحمت بن کر رہیے

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We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish you all the best.
 
Please visit www.vuaskari.com, get registered for old papers, quiz, assignments and GDBs...
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█▓▒░ Hafiz Salman Majeed░▒▓█

            www.vuaskari.com

MBA -III (Finance Group)

                  LAHORE

اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة

جہاں رہیے اللہ کے بندوں کے لیے باعثِ آزار نہیں، باعثِ رحمت بن کر رہیے

--

█▓▒░ Hafiz Salman Majeed░▒▓█

            www.vuaskari.com

MBA -III (Finance Group)

                  LAHORE

اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة

جہاں رہیے اللہ کے بندوں کے لیے باعثِ آزار نہیں، باعثِ رحمت بن کر رہیے

--
We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish you all the best.
 
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