ALLAMA IQBAL OPEN UNIVERSITY
(Department of Commerce)
WARNING
1. Plagiarism or hiring of ghost writer(s) for solving the assignment(s) will debar the student from award of degree/certificate if found at any stage.
2. Submitting assignment(s) borrowed or stolen from other(s) as one's own will be penalized as defined in the "Aiou Plagiarism Policy".
| Assignment Submission Schedule | |||
|---|---|---|---|
| 6 Credit Hours | Due Date | 3 Credit Hours | Due Date |
| Assignment 1 | 15-12-2025 | Assignment 1 | 08-01-2026 |
| Assignment 2 | 08-01-2026 | ||
| Assignment 3 | 30-01-2026 | Assignment 2 | 20-02-2026 |
| Assignment 4 | 20-02-2026 | ||
| Course: Advanced Accounting (5419) | Semester: Autumn-2025 |
|---|---|
| Level: BS (A&F)/ADC/ADB |
| Total Marks: 100 | Pass Marks: 50 |
|---|
ASSIGNMENT No. 1
Q1. Tulip and Jasmine entered into a Joint Venture for the purchase and sale of some electronic items. They agreed to share profits and losses in equal ratio. Tulip contributed Rs. 350,000 in cash, and Jasmine contributed Rs. 425,000. The whole amount was placed in a Joint Bank account. Goods were purchased by Tulip for Rs. 300,000, and expenses paid by Jasmine amounted to Rs. 50,000. They also purchased goods for Rs. 350,000 through the Joint Bank Account. The expenses on the purchase and sale of the articles amounted to Rs. 150,000 (including those met by Jasmine). Goods costing Rs. 500,000 were sold for Rs. 1150,000, and the balance was lost by fire.
Required: Enter the above transactions in the books of both Tulip and Jasmine and in the separate books of the joint venture. ▶
Required: Enter the above transactions in the books of both Tulip and Jasmine and in the separate books of the joint venture. ▶
Q2. On 15th March 2025, Salman & Co. of Rawalpindi consigned 1000 cases of milk powder to Tanvir & Co. of Jhelum, invoiced at Rs. 300,000, which was 25% above their cost price. Salman & Co. paid Rs. 22,000 as insurance. On 1st June, Tanvir & Co. paid carriage inward Rs. 20,000, Unloading Charges 5,000, and sent to the consignors a bank draft for Rs. 80,000 as an advance. On 1st August 2025, they sold 800 cases for Rs. 310,000. The consignee is entitled to a commission of 8 percent on the invoice price and 20 percent of any surplus price realized. Tanvir & Co. enclosed a bill at 2 months for the amount due.
Required: Show the Transactions and necessary accounts in the books of the Consignor and the Consignee. ▶
Required: Show the Transactions and necessary accounts in the books of the Consignor and the Consignee. ▶
Q3(a).
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Q3(b).
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Q4(a).
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Q4(b).
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Q5(a).
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Q5(b).
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ASSIGNMENT No. 2
Q1(a).
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Q1(b).
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Q2(a).
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Q2(b).
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Q3(a).
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Q3(b).
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Q4(a).
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Q4(b).
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Q5(a).
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Q5(b).
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