Advanced financial accounting - Lecture 11: Branch accounting. The main topics covered in this chapter include: opening capital; fresh capital introduced amounted; drawings during the year amounted Rs;... Please refer to the lecture for details!
Advanced Financial Accounting FIN611 Mian Ahmad Farhan Lecture11 Branch Accounting Closing capital Add Drawings Less Opening capital Less Fresh capital xxx xxx xxx xxx xxx Opening Capital Particulars Amount Particulars Amount Opening assets 100 Opening liabilities 30 70 Opening capital 100 100 Closing Capital Particulars Amount Particulars Amount Closing liabilities 20 Closing assets 150 Closing capital 130 150 150 Question Opening assets Rs. 100 Opening liabilities Rs. 30 Closing liabilities Rs. Rs. 20 Closing assets Rs. 150 Fresh capital introduced amounted Rs. 70 Drawings during the year amounted Rs, 100 Question Fresh capital introduced amounted Rs. 70 Drawings during the year amounted Rs, 100 Solution Closing capital Add Drawings Less Opening capital Less Fresh capital 130 100 70 70 90 Solution Particulars Amount Opening assets 100 70 Fresh capital 20 Closing liabilities 90 Profit/Loss 280 Particulars Amount Opening liabilities Drawings Closing assets 30 100 150 280 Solution Particulars Amount Particulars Amount Opening assets Fresh capital Closing liabilities Closing due 100 70 20 30 Opening liabilities Drawings Closing assets 30 100 150 Profit/Loss 30 60 280 280 Solution Particulars Amount Particulars Amount Opening assets Fresh capital Closing liabilities Closing due 100 70 20 30 Opening liabilities Drawings Closing prepaid Closing advance 30 100 30 150 Profit/Loss 90 310 310