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.