Dear students of Business Department HSC 2023 academic year, today I have appeared before you with the answers / solutions of HSC 2023 Seventh Week Accounting Science 2nd Paper Assignment. The topic of today’s discussion is preparation of financial statements of joint venture companies.
We will try to follow the instructions given in the HSC Exam 2023 7th Week Accounting Science 2nd Paper Assignment and discuss the instructions mentioned in the question continuously so that you can write the assignment.
HSC Accounting 7th Week Assignment 2023
Assignment: Preparation of financial statements of joint venture companies
The estimated capital of Padma Valley Limited is 60,000 shares worth Tk 10 each, of which 40,000 are issued and 32,000 shares worth Tk 10 each. As of December 31, 2023, the company’s Rewamil is as follows:
1. The final stock was valued at Rs. 90,000 which includes unused supplies worth Rs. 2,500.
2. Half of the share purchase will be consolidated for initial cost deduction and the remainder will have to be transferred to the reserve fund.
3. The submerged fund has to be created with a net profit of Rs 5,000.
4. Miscellaneous debtors have to pay back Rs. 5,000 as unpaid dues. Unpaid debt reserves need to be created with 5% on the remaining debtors.
5. The company has an accidental claim of Rs 1,000, which the company has so far denied.
The equipment includes new equipment, valued at Rs 5,000, purchased on July 1, 2023, with a depreciation rate of 5% on the equipment.
8, 1,000 rupees was stolen from the cash box by the cashier which was not accounted for.
6, 10% depreciation should be taken on the furniture.
9. Declares 5% dividend on share capital.
A) To prepare detailed income statement for the year ended 31st December, 2023.
B) Preparation of reserve income statement for the year ended 31st December, 2023.
C) To prepare the statement of ownership of the shareholders of the company on 31st December, 2023.
D) To prepare the financial statement of the company on 31st December, 2023.
HSC Accounting 7th Week Assignment 2023 Answer