Re: ::::|| VU ||:::: mgt401 assignment solution 2

ye konsi assignmnt hy mjhe to koi aur mili hy kaya sb ki chang hay?

On 6/7/12, mc100401120 Muhammad Asad Javed <mc100401120@vu.edu.pk> wrote:
> bhai yeah kon see assgnment hai mgt401 ki yeah tu koi or hai
>
> On Thu, Jun 7, 2012 at 5:41 PM, JuGnOo <blaky.angel05@gmail.com> wrote:
>
>> * *
>>
>> * *
>>
>> *Financial Accounting (MGT401)*
>>
>> *Assignment # 2*
>>
>> * *
>>
>> * *
>>
>> * *
>>
>> * *
>>
>> * *
>>
>> *1) **Journal entries to give effect to the above resolution*
>>
>> * *
>>
>> *SOLUTION*
>>
>> * *
>>
>> *Journal Entries*
>>
>>
>>
>>
>>
>>
>> Rs. Rs.
>>
>>
>>
>> (1) Debit :Accumulated Profits 100000
>>
>> Debit: General Reserves 170000
>>
>> Debit: Share Premium 150000
>>
>> Credit: Bonus to shareholders Account 420000
>>
>>
>>
>>
>>
>>
>>
>> Debit: bonus to shareholders Account 420000
>>
>> Credit: share
>> capital 300000
>>
>> Credit: Share Premium
>> Account 120000
>>
>>
>>
>>
>>
>> (2) Debit: Shareholders Account 360000
>>
>> Credit: Share
>> Capital 300000
>>
>> Credit: Share Premium Account 60000
>>
>>
>>
>>
>>
>> Debit: bank Account
>> 360000
>>
>> Credit: Shareholders
>> Account 360000
>>
>>
>>
>>
>>
>> (3) Debit: share capital 100000
>>
>> Debit: Share Premium /Accumulated profit 20000
>>
>> Credit: Cash account
>> 120000
>>
>>
>>
>>
>>
>> Debit: Accumulated Profits
>> 100000
>>
>> Credit: Capital Repurchase Reserve 100000
>>
>>
>>
>>
>>
>>
>>
>> *1) **Revised Balance sheet (Equity portion only)*
>>
>> * *
>>
>> *SOLUTION*
>>
>>
>>
>> *Model Company Limited*
>>
>> *Revised Balance Sheet*
>>
>> *As on 30 June,2010*
>>
>> * *
>>
>> *
>> Rs.*
>>
>> * *
>>
>> *Authorized Capital
>> *
>>
>> * *
>>
>> 1000000 Ordinary shares of Rs. 10
>> each *10000000 *
>>
>>
>>
>> *Paid Up capital*
>>
>> * *
>>
>> 125000 shares of Rs. 10
>> each
>> 1250000
>>
>>
>>
>>
>>
>> *Reserves*
>>
>>
>>
>>
>>
>>
>>
>> Accumulated
>> profits
>> 30000
>>
>> General
>> Reserves
>> 280000
>>
>> Share
>> Premium
>> 180000
>>
>> Capital Repurchase
>> reserve
>> *100000*
>>
>> Total
>> Equity *1840000 *
>>
>>
>>
>>
>>
>> *2) **Necessary working schedules*
>>
>> * *
>>
>> *SOLUTION*
>>
>>
>>
>> *Working Schedules:*
>>
>> * *
>>
>> *Working #1 *
>>
>> * *
>>
>> Number of bonus shares Issued = 75000 * (4/10)
>>
>> =7500*4
>>
>> = 30000 bonus shares
>>
>>
>>
>> Amount of bonus shares = 30000*14
>>
>> = Rs. 420000* *
>>
>> * *
>>
>> Amount Transfer to share Capital = number of bonus shares issued *
>> Nominal
>> price/share
>>
>> = 30000* Rs.10
>>
>> = Rs.300000
>>
>>
>>
>> Amount Transfer to share premium account = number of bonus shares issued
>> *
>> premium/share
>>
>>
>>
>>
>> =30000*Rs.4
>>
>> =
>> Rs.120000
>>
>>
>>
>>
>>
>> *Working #2*
>>
>> * *
>>
>> Number of right shares issued= 75000*(2/5)
>>
>> = 15000*2
>>
>> = 30000 right shares
>>
>>
>>
>>
>>
>> Amount of right shares = number of right shares issued * issued price
>> /share
>>
>> = 30000 * 12
>>
>> = Rs.360000
>>
>>
>>
>>
>>
>> Amount transfer to Share Capital = Number of right shares issued *
>> nominal
>> price /share
>>
>> =30000* Rs.10
>>
>> = Rs30000
>>
>> Amount Transfer to Share Premium Account = Number of shares issued*
>> Premium/share
>>
>>
>>
>>
>> =
>> 30000*Rs.2
>>
>>
>> =
>> Rs.60000
>>
>> * *
>>
>> *Working #3 *
>>
>> * *
>>
>> Amount of shares repurchased = number of shares repurchased*issued price
>> per share
>>
>> = 10000* Rs.12
>>
>> = Rs.120000
>>
>>
>>
>> Reduction in Paid up capital = number of shares repurchased * Nominal
>> Value per share
>>
>> = 10000* Rs.10
>>
>> =Rs.100000
>>
>> Reduction in Share Premium Account = Number of shares repurchased*
>> premium per share
>>
>> = 10000*
>> Rs.2
>>
>> = Rs.20000
>>
>>
>>
>>
>>
>> *Working # 4 *
>>
>> * *
>>
>> Existing shares 75000
>>
>> Bonus Shares Issued 30000
>>
>> Right shares Issued 30000
>>
>> Shares Purchased *(10000)*
>>
>> * * Total Paid Up Capital *125000*
>>
>> * *
>>
>> * *
>>
>> Accumulated profits =( Existing accumulated profits – used for bonus
>> shares- used for the payment of premium on repurchased shares – nominal
>> Amount of repurchased shares transfer to Capital Repurchased reserve)
>>
>>
>>
>> = Rs.250000 – Rs.100000 – Rs.20000 -
>> Rs.100000
>>
>> = Rs.30000
>>
>>
>>
>>
>>
>> General reserves = Existing general reserves – used for bonus shares
>>
>> = Rs. 450000 – Rs.170000
>>
>> = Rs.280000
>>
>>
>>
>>
>>
>> Share Premium reserve= existing share premium – used for bonus shares +
>> premium received on bonus shares + premium received on right shares
>>
>> = Rs.150000 – Rs.150000 + Rs.120000
>> +Rrs.60000
>>
>> = Rs.180000
>>
>>
>>
>>
>>
>> Capital repurchased reserve = Number of repurchased shares * Nominal
>> price
>> per share
>>
>> = 10000 * Rs.10
>>
>> = Rs.100000
>>
>>
>>
>>
>>
>> --
>> For study materials, past papers and assignments,
>> Join VU School at www.vuscool.com
>>
>> Facebook Group link
>> http://www.facebook.com/groups/vuCoooL
>>
>> CoooL Virtual University Students Google Group.
>> To post to this group, send email to coool_vu_students@googlegroups.com
>>
>> home page
>> http://groups.google.com/group/coool_vu_students?hl=en
>>
>
> --
> For study materials, past papers and assignments,
> Join VU School at www.vuscool.com
>
> Facebook Group link
> http://www.facebook.com/groups/vuCoooL
>
> CoooL Virtual University Students Google Group.
> To post to this group, send email to coool_vu_students@googlegroups.com
>
> home page
> http://groups.google.com/group/coool_vu_students?hl=en
>

--
For study materials, past papers and assignments,
Join VU School at www.vuscool.com

Facebook Group link
http://www.facebook.com/groups/vuCoooL

CoooL Virtual University Students Google Group.
To post to this group, send email to coool_vu_students@googlegroups.com

home page
http://groups.google.com/group/coool_vu_students?hl=en