Mohsin Hassan
BBA IIIB
BUS-19F-044
Financial Accounting
Assignment
Submitted to: Miss Sehrish Abro
Submitted From : Mohsin Hassan
Assignment No 01
Cost per Price per Number of Total
Share Share Shares
69 1500 103500
40 1500 60000+250
60250
4325
72 1000 72000
90 1000 90000+150
90150
-18150
(A)
Maps & Globe
General Journal
For March & June 2018
Date Account title and Explanation Debit
Credit
March-31 Cash 103500
Marketable Securities 60250
Gain on sale 43250
(Sold 1500 Shares on Gain)
June-15 Cash 72000
Loss on sale 18150
Marketable Security 90150
(Sold 1000 Share)
(B)
Cost per Price per Number of Total
Share Share Shares
Ford Motors
60 500 30000
40 500 20000
10000
Ikea Inc.
75 4000 300000
90 4000 360000
-60000
Maps & Globe
Mark to Market Adjusting Entries
At December 31, 2018
Date Account title and Explanation Debit
Credit
Dec-31 Marketable Securities(ford) 10000
Unrealized Holding Gain 10000
(Recording Mark to Market adjustment on marketable securities)
Dec-31 Unrealized Holding loss 60000
Marketable Securities (Ikea) 60000 (Recording
Mark to Market adjustment on marketable securities)
Assignment No 02
Question 7.9:
(A)
Cotton Manufacturing Co.
Balance Sheet
At December 31, 2000
Assets Liabilities & Stack holder’s Equity
Marketable Sec. (Wolf) Unrealized Holdings
(Coast 250000, Market Value 325000) 325000 Gain on Invest. 75000
Mark.Sec. ( Cost320000, Market Value 300000) 300000 Loss on Invest. 20000
55000
(B)
Cost per Price per Number of Total
Share Share Shares
Apr -10
50 1000 50000+200
50.2 50200
66 1000 66000
15800
Aug-07
80 2000 160000+300
80.15 160300
72 2000 144000
-16300
Cotton Manufacturing Co.
General Journal
Date Account title and Explanation Debit
Credit
Apr-10 Cash 66000
Marketable Sec.(Wolf) 50200
Gain on sale 15800
(Sold 1000 Share of wolf computer on gain)
Cash 144000
Loss on sale 16300
Marketable Security (Quality) 160300
(Sold 2000 shares of Quality food on loss)
(C)
Cost per Price per Nuber of Total
Share Share Shares
60 4000 240000
50 4000 200000
40000
70 2000 140000
80 2000 160000
-20000
Unadjusted Balances:
Marketable Sec.(Wolf) 240000
(Cost 200000, Market Value 240000)
Marketable Sec.(Quality) 140000
(Cost 160000, Market Value 140000)
Unrealized Holding Gain 40000
Unrealized Holding Loss 20000
(D)
Schedule Showing Cost & Market Values (2001)
Cost Current Market Value
Wolf Computer, Inc 200000 240000
(4000 Shares Cost 50 per share, Market 60)
Quality Foods 160000 140000
(2000 Shares Cost 80 per share, Market 70)
360000 380000
(E)
Cotton Manufacturing Co.
Mark to Market Adjusting Entries
At December 31, 2001
Date Account title and Explanation Debit
Credit
Dec-31 Marketable Securities (Wolfie) 40000
Unrealized Holding Gain 40000
(Recording Mark to Market adjustment on marketable securities)
Dec-31 Unrealized Holding loss 20000
Marketable Securities (Quality) 60000 (Recording
Mark to Market adjustment on marketable securities)
(F)
Cotton Manufacturing Co.
Balance Sheet
At December 31, 2001
Assets Liabilities & Stack holder’s Equity
Marketable Sec. (Wolf) Unrealized Holdings
(Coast 200000, Market Value 240000) 240000 Gain on Invest. 40000
Mark.Sec. ( Cost160000, Market Value 140000) 140000 Loss on Invest. 20000
20000
Question 7.11:
(A)
For Corners Imports
Journal Entries
Date Account title and Explanation Debit
Credit
Sep-01 Note Receivable 42000
A/C Receivable 42000
(Received 9% nine month note in settlement of a/c receivable)
Dec-31 Interest Receivable 1260
Interest Revenue 1260
(To accrue interest revenue of 4 months)
June-01 Cash 44835
Note Receivable 42000
Interest Receivable 1260
Interest Revenue 1575
(Received principle & Interest amounts)
(B)
For Corners Imports
Journal Entries
Date Account title and Explanation Debit
Credit
June-01 Allowance for doubtful a/c 42000
A/C Receivable 42000
(To write of party plus at which is defaulted)
A/C Receivable 42000
All for doubtful a/c 42000
(To reinstate party plus a/c that is written off previously)
Cash 42000
A/C Receivable 42000
(Collected cash from party plus customer)
Assignment No 03
Question 7.5:
Data Flow Inc.
Bank Reconcilition
At December 31
Balance as per bank statement 15981
Add:
Deposit of dec 31 not recoded 4353
20334
Deduct: Outstanding Checks
No.628 978
No. 630 2052
No. 641 483 3513
Adjusting Cash Balance 16821
Balance as per depositor record 17445
Deduct:
Service Charges 24
NSF 600 624
Adjusted Cash Balance 16821
(B)
Data Flow
General Entries
Date Account title and Explanation Debit
Credit
31-Dec Account Receivable 600
Service Charges Expenses 24
Cash 624
(To record NSF & service charges deducted by bank)
(C)
Clean Air Management
General Entries
At January 2001
Date Account title and Explanation Debit
Credit
Jan-04 Cash 180000
Marketable Securities 50000
Gain on sales 130000
(To record sales for marketable securities on gain)
Exercise 7.14
Date Account title and Explanation Debit
Credit
Sep-01 Note Receivable 22000
A/C Receivable 22000
(Accepted 6 month 9% note in settlement of a/c receivable)
Dec-31 Interest Receivable 660
Interest Revenue 660
(To accrue interest for the month of September through Dec from shaun young)
22000 * 9% * 4/12 = 660
March-01 Cash 23650
Note Receivable 22000
Interest Receivable 660
Interest Revenue 330
(collected 6 month 9% note from shaun young )
(4200 * 9% * 6/12 = 990 )
(330 was earned in current year)
The Marketable Securities appear on the balance sheet at their current market value. This
evaluate the concept of mark to market from the perspective of Giant’s.
