CODE 444 ASSIGNMENT 1
Advance Accounting code 444
Q1: Orange Ltd. issued 5,000 8 May 1945 debentures of Rs one hundred money at Rs a hundred and five. The debentures holders had the opinion of changing within one year the debentures into the stock of Rs .125. At the top of the primary year, the interest on debentures was outstanding. Holders of two hundred debentures determined to require advantage of the choice. Required: Record necessary journal entries for the top of transactions and show the record of the corporate.
Q 2: Red and blue contribute Rs.3 million and Rs four Million for a construction of a bridge beneath venture arrangements. The accepted contract value for the bridge is Rs seven.5 million. Profit is to be shared within the quantitative relation of contribution by parties. The contact was performed at the following price: purchase of cement and bricks Rs two, 000,000 purchased of gravel Rs five hundred,000 purchased of iron bars. 1,000,000 purchased of assorted little things and rent charges Rs three hundred,000 Wages of masons Rs four hundred,000. All price were paid. The contract price was collected. The unused material cost accounting Rs one hundred, 000 was condemned by red on the completion of the bridge. Required: show these transactions within the joint ventures Account, venture bank venture Account.
Q 3. On one Jan 2015, GSM corporation of Lahore shipped to the musket corporation of Peshawar musical instruments at the speed of Rs four hundred every. GSM corporation incurred caring Rs.350 freight Rs one, 950 and insurance Rs one, 500 and Rs one, 250 as insurance. On a day, 2015 AN Account sale was received from mask a corporation indicating that a commission at two-hundredths on the gross sale return. A banker’s draft for the amount due was sent alongside the account sale.