MGT401 - Financial Accounting II Quizzes & GDB

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MGT401 - Financial Accounting II Quizzes & GDB

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Latest Activity: Dec 14, 2018

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Quiz No. 2

Started by Aish@✍ɮɮǟ-4†ђ.ֆɛʍ✍ Dec 2, 2017. 0 Replies

Quiz No. 1

Started by Aish@✍ɮɮǟ-4†ђ.ֆɛʍ✍ Nov 8, 2017. 0 Replies

MGT401 Quizz n0 4

Started by ^Aleena MBS^ Aug 17, 2015. 0 Replies

MGT401-Financial Accounting II GDB No 1 Due Date June 3

Started by Irfan Ali (MBA). Last reply by sHeZaDi (BBA hons(4 yearz) 3sems Jun 3, 2015. 2 Replies

MGT401 - Financial Accounting II Quiz No. 01 (Re-Scheduled) Solution and Discussion Spring 2014 Due Date May 07, 2014 11:59 PM

Started by + αиєєѕ υя яєнмαи (B.COM 4th). Last reply by Jamshed ur Rehman B.Com 4th May 16, 2014. 4 Replies

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Comment by prince.ammy.lion(MBS) on May 10, 2016 at 3:40pm
Scenario:                                                     
Creative ltd. is a maker of spare parts for automobiles. Company executes its business through a business model that has functioned for quite a long time and has made the organization a successful business, which is ranked among top 20 business enterprises of its field by the business community. Creative ltd. has confidence in working with trustworthy and responsible vendors/dealers furthermore; it offers its products only to the enterprises that it can either control or practice ‘significant influence’ over. The details regarding business dealings are as follows:
  • Creative ltd. buys the raw material from Decent ltd, that is a reliable supplier. Because of the facts that Decent ltd. has always provided the required material of higher standards since last 5 years, that’s why Creative ltd. has never purchased anything from any other supplier. So, it can be said that Decent ltd is economically dependent on Creative ltd.
  • Creative ltd. sells 60% of its production to an enterprise that is owned by a director of Creative ltd and the remaining portion of the output to a company that is its "associate" as Creative ltd. possesses 25% of the share capital of that organization.
  • Creative ltd. stores its stock in a storeroom that is taken on lease from the spouse of its director. The lease rentals are decided at an arm’s length price.
  • Creative ltd. has granted a loan without interest to the company XYZ ltd. that is owned by the CEO of Creative ltd. the purpose of loan is to buy the delivery vans which the XYZ ltd. is utilizing for delivering the goods from the distribution center of the supplier to the warehouse utilized by Creative ltd. for storing its stock.                         
Requirement: As per IAS 24, which of the above mentioned transactions would be disclosed as related party transactions? Also justify your answer by giving valid reasons.  

 

Comment by ++*✿★ρąℓώą$hą★✿* on November 21, 2013 at 11:02am

Is gdb pa discussion karan jis ki ha jaldi ayan

Comment by ++*✿★ρąℓώą$hą★✿* on November 21, 2013 at 11:00am

MGT 401

“Revaluation of Assets”

 

The company newly incorporates in Pakistan and contracted with PSS manufacturing for five years in technology sector. Company acquired building for manufacturing purpose for Rs. 6,500,000 in January 2003, where company assembles different parts in to portable transistor. Same year due to severe earthquake the valuers estimated the physical position of building reduce to Rs.6, 000, 000.This was taken as an expense in the income statement. Accumulated depreciation recorded in book after three years of use is Rs.900, 000. The estimated life of the building is 20 years. In 2005, the asset was revalued at the value of Rs.6, 800, 000. Company is provided for annually on 31st December at the rate of 5% per annum on original cost method.

 

Requirement.

Pass the Journal Entries regarding:

1. Loss incurred in 2003.

2. Incremental Depreciation after Revaluation in 2005.

3. Calculate the Amount of Surplus.

4. Amount of Surplus transfer to retained earnings.

Comment by Bilal Nawaz Bhabha(MBA 3.5Years) on October 24, 2012 at 7:48pm

The status of members’ liability is mentioned on “Memorandum of Association”.
Members’ liability may be described as how much the members will be liable to pay the losses of the company when the company is to be dissolved or bankrupt. In case of limited company the members are liable only to the shares which they have purchased but in case of unlimited company the members are to sacrifice their personal property to pay off the losses of the company.
A company is recognized by its name that either it is Limited.

 

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