12-24-2011, 04:27 PM
SEMESTER FALL 2011
Financial Accounting (MGT101)
Assignment No. 02
Due Date: 29 December 2011 Marks: 30
Assignment Number 02
Ittehad Silk Factory is engaged in the production of silk fabric of different types. Mr. Sultan Ghani, one of the directors, bought latest embroidery machines for its newly established embroidery unit for Rs. 2,450,000/- on 1st January 2011. The company depreciates machinery @10% p.a. The machinery will be disposed off at the end of 5th year at Rs. 1,280,000/-. The accounts are closed on 31st December each year.
Required:
1. Prepare the Fixed Asset Schedule regarding machinery showing the columns of Years, Cost, Depreciation charges, Accumulated depreciation and Written down value for five years using the following methods separately:
a) Straight line method
b) Diminishing balance method
2. Calculate the profit or loss on the disposal of machinery under:
a) Straight line method
b) Diminishing balance method
Grading Scheme:
a) Straight line method Calculations 10 Marks
b) Diminishing balance method 10 Marks
c) Calculation of Profit/Loss using a & b 3 +3 Marks
d) Formatting (Use of proper tables and titles) 4 Marks
Note:
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