AFA_Lec_4 - AdvancedFinancial Accounting FIN611...

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    Advanced Financial  Accounting FIN-611   Mian Ahmad Farhan  Lecture-4 Single Entry
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    Assets  Fixed Assets  xxx Investment  xxx Current Assets   Stock  xxx Debtors  xxx Prepaid expenses xxx Accrued income  xxx Bank balance  xxx Cash in hand   xxx xxx Total Assets    xxx   Company Name  Balance Sheet As on 31 st  December ------ 
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    Fixed Assets  Opening balance  xxx Add During the year additions  xxx Less Disposal of an asset xxx xxx Less Depreciation   xxx Closing balance xxx 
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    Question  Opening Balance Rs. 1,000 Furniture purchased  Rs. 500 (Use six months ) Depreciation charged by 10% per annum. Find out  amount of depreciation and Closing balance of furniture.       
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    Solution  Depreciation: Opening balance (1000 x 10%)   = 100 Furniture purchased (500 x 10% x 6/12) =   25       125 Closing Balance: Furniture 1,500 Less Depreciation         125 1,375
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AFA_Lec_4 - AdvancedFinancial Accounting FIN611...

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