FIN611 Assignment No 1 Solution Autumn 2021-Advance Financial Accounting
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00:00Bismillah-ir-Rahman-ir-Rahim
00:02Assalam-o-Alaikum, Dear Students and Viewers
00:04Welcome to my YouTube Channel, DG Narayan Park
00:06In today's interesting video, we will solve
00:08Advanced National Quotient
00:10whose subject is Quotient 11
00:12along with number 1
00:14The deadline to submit is
00:1624th December 2021
00:18Its total class is 20
00:20It is related to Atoms
00:22So, let's
00:24redote our questions
00:26then
00:28we will read
00:30our task
00:32then we will solve it
00:34Q. Mr. Anwar was working
00:36as Operation Officer
00:38at Noman Traders
00:48Guarantee he has studied to start
00:50his own business of manufacturing high quality
00:52medical masks
00:54Q. Mr. Anwar
00:56was working
00:58as Operation Officer
01:00at Noman Traders
01:02at Noman Traders
01:04at Noman Traders
01:06at Noman Traders
01:08at Noman Traders
01:10at Noman Traders
01:12at Noman Traders
01:14at Noman Traders
01:16at Noman Traders
01:18at Noman Traders
01:20at Noman Traders
01:22at Noman Traders
01:24Q. Mr. Anwar was working
01:26as Operation Officer
01:28at Noman Traders
01:30at Noman Traders
01:32at Noman Traders
01:34at Noman Traders
01:36at Noman Traders
01:38at Noman Traders
01:40at Noman Traders
01:42at Noman Traders
01:44at Noman Traders
01:46at Noman Traders
01:48at Noman Traders
01:50at Noman Traders
01:52Q. At the end of his
01:54first year of operation
01:56he has produced
01:58following financials
02:10Q. Total number of masks
02:12sold in a year is 80,000
02:14Q. Cash payments for
02:16fees, salaries is
02:18170,000
02:20Q. Marketing
02:22expense is 36,000
02:24Q. Other expenses are 40,000
02:28Q. Has also provided
02:30following additional information
02:32Q. A batch of 66,000
02:34masks sold during
02:36the year has not
02:38paid till the year end
02:50Q. There are
02:52collectors of Rs. 50,000
02:54for material purchased
02:56during the year
02:58Q. Unused stock of
03:00raw material was
03:02Rs. 20,000 at the
03:04year end
03:06Q. At the end of the
03:08year we had
03:10unused raw material
03:12stock which was
03:14Rs. 25,000
03:16Q. At the end of the
03:18year we had
03:20unused raw material
03:22stock which was
03:24Rs. 25,000
03:26Q. The marketing
03:28expense had been
03:30paid for 18 months
03:32in cash at the
03:34beginning of the
03:36year 2020
03:42Q. Other expenses
03:44include Rs. 4,000
03:46Q. At the end of the
03:48year we had
03:50unused raw material
03:52stock which was
03:54Rs. 30,000
03:56Q. And the
03:58following
04:00Q. has provided
04:02following additional
04:04information
04:06Q. In the beginning
04:08we had
04:10used raw material
04:12stock which was
04:14He purchased a plant from his relative for Rs.200,000.
04:21His life span was 5 years, but his residual value was Rs.30,000.
04:34The studies included Rs.10,000 for installing and machining.
04:38The studies included Rs.10,000 for installing and machining.
04:48The studies included Rs.10,000 for installing and machining.
04:58Half of the loan from his brother was repatriated.
05:08Carriage was paid for Rs.600,000.
05:25The balance sheet was prepared on 31st December 2020.
05:37The balance sheet was prepared on 31st December 2020.
05:52The balance sheet was prepared on 31st December 2020.
06:08Before moving to the solution, I would like to share something with you.
06:12Before moving to the solution, I would like to share something with you.
06:17Before moving to the solution, I would like to share something with you.
06:27Before moving to the solution, I would like to share something with you.
06:37Cash account Rs.700,000 to capital account.
06:50Here you can see the amount invested by the owner.
06:55Here you can see the amount invested by the owner.
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16:42Thanks for watching. Assalamualaikum.