Sir Permal sahib assignment solution

Sir dawood shahid sahab assigment solution link

https://youtu.be/M51HNZXBrLM?si=-4eBd80ny44IucFe

1) I always used to given concept instead of promoting cramming

This all materials is taken from the assignment of most famous sir in all Pakistan sir

Permal Sahab assignment this is a revision practice MCQs. it is advicesd to first

clear your concepts from the book 📚 and then practice this assignment a week

inshallah before your exam. I m myself a CA student and cleared PRC I attempted

ITA paper in December 2023 and luckily got All numerical MCQs from the

assignment there was no solution of this assignment so I made it by myself just for

helping others students. this is first pdf of this assignment series and I m going to

make pdf on this assignment

If you find any mistake in any mcqs do send me pic of it at 923192503613:

Success is not easy but Hard Work is make it possible

Best of luck

Talib e dua

Zubair mengal

SOLVE BY MENGAL SAHAB (MS) Page 1

 Sir Permal sahib assignment solution

HELP FUL DREAM

PRC-4 August 2024 Assignment
Sir Permal Final Assignment

Best of luck

1 sol; value of closing stock

SOLVE BY MENGAL SAHAB (MS) Page 2

 Sir Permal sahib assignment solution
ITEMS COST NRV

PRODUCT A 93000

PRODUCT B 100000

PRODUCT C 79000

PRODUCT D 78000

PRODUCT E 41000

391000 is correct answer

5 Sol; Reducing method

Depreciation = cost * rate
For year 1

Depreciation = 25M*15%
Depreciation = 3.75M
Net book value = 25M – 3.75M = 21.25M

Depreciation = NBV*Rate

For year 2

Depreciation = 21.25 M * 15%

Depreciation = {3.18}

Net book value = 21.25m-3.18m=18.07m

Now we start straight line method (for year 3)

Depreciation = NBV - residual value

useful life

SOLVE BY MENGAL SAHAB (MS) Page 3

 Sir Permal sahib assignment solution

Depreciation = 18.07.M - 3M/5

Depreciation = 3.014M

Net book value = 18.07M- 3.014M =15.05M is correct answer

Sol; 12

COST OF ASSET 25M

DEPR 1 YEAR 20% 5M

CARRYING AMOUNT 20M

DEPR 2 YEAR 20% 4M

CARRYING AMOUNT 16M

DEPR 3 YEAR 20% 3.2M

CARRYING AMOUNT 12.8m is correct answer

Other way TO solve Q.12

Reducing balance method

Net book value =

Cost * (1-Rate )n
25m*(1-20%)3

12.8m is correct answer

Sol; 13
CLOSING BALNCE 1160000

DEBTORS NEED TO 110000

{1160000-110000}=1050000*10%={105000} is correct answer

Sol; 23
SOLVE BY MENGAL SAHAB (MS) Page 4
 Sir Permal sahib assignment solution
BALANCE AS PER CASH BOOK 26000

UNCREDITED CHEQES (13000) is correct answer

UNPRESENTED CHEQUES (45500)

BALANCE AS PER BANK STATEMENT (6500)

Sol; 26

INCOME
BALNCE B/D 17000 BALNCE B/D 10000

PNL 140000 CASH REC 150000

ADVANCE RENT BALNCE C/D 13000

16000

173000 173000

{150000-17000+10000-16000+13000}= PNL 140000 is correct answer

Sol;28

Year Net book value Depreciation Remaining nbv

Oct 6 14m 14m*0.17*10/12=1.9833m 14m-1.9833m
Oct 7 12.017m 12.017m*0.17=2.043m 12.017m-
2.043m=9.974m
Oct 8 9.974m 9.974m*017=1.696m 9.974m-1.696m=8.278m
Oct 9 8.278m 8.278m*0.17=1.407m 8.278m-1.407m=6.871m
Oct 10 6.871m 6.871m*0.17=1.16870m is
correct answer

{17/100}=0.17

{months jan to oct}

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 Sir Permal sahib assignment solution

Sol 35

payment per quarter = 120000/4=30000

30000/3=10000*2{months nov dec }= 20000 is correct answer

Prepayment

Sol 37

total maintenance contract 1.8m/0.5=3.6m

Per month cost / contract

3.6m/9=0.4m

0.4m*4 = 1.6m

1.8m-1.6m=0.2m {months September to December }

is correct answer

Amount received

Sol; 42

asset = capital + liability

? 100000 + 40000

140000

Asset is correct answer

SOLVE BY MENGAL SAHAB (MS) Page 6

 Sir Permal sahib assignment solution
Sol 43

asset = capital + liability

1 lac + 5 thousand

105000 total asset is correct answer

Sol 60 purchase price of goods 1m 5% settlement discount

1m*5%=50000

SPL BY 50000 DEBIT

PURCHASE BY 50000 CREDIT is correct answer

Sol 68

1 MONTH = 64000
1 YEAR 12*64000=768000

2ND YEAR RENT INCREASE BY 5% = 768000

768000*5%=38400

38400+768000=806400 is correct answer

CURRENT ASSET

806400 - 736000 + 64000 = 134400 is correct answer

{TOTAL RENT} {RECIVED} {DEC 2020}

Sol; 69

IMPREST AMOUNT IS 15000 + RECEIVED FROM PROCUREMENT STAFF 1500

15000+1500=16500

(-) ALL PETTY CASH BOOK THIS IMPREST AMOUNT 16500

2500+1250+5000+700+2000=11450

SOLVE BY MENGAL SAHAB (MS) Page 7

 Sir Permal sahib assignment solution
16500-11450

5050 is correct answer

Sol; 70

Purchase price 8.5M

Import duties {8%OF 8.5M} 0.680M
Nonrefundable TAXES {5%OF 8.5M} 0.425M{8%OF34000}
Insurance Intransit 0.240M
Carriage inward 0.450m
CAPITALISED AT + 10.329M is correct answer

Sol; 74

BALANCE AS PER CASH BOOK 49100

CREDIT TRANSFER 3400

BALANCE AS PER CASH BOOK 52500

BALANCE AS PER CASH BOOK DR 52500

UNCREDITED CHEQUES CR (46000)

UNPRESENTED CHEQUES DR 6300

BALANCE AS PER BANK STATEMENT CR 54200 is correct answer

Sol;76
COST = {1800+155}=1955 S.P=100%=1955/85*100=2300

S.P= 2300 PROFIT=15%

LESS SELLING COST = {2300-200-150}=1950 COST=85%

NRV =1950

SOLVE BY MENGAL SAHAB (MS) Page 8

 Sir Permal sahib assignment solution
COST OR NRV WHICHEVER IS LOWER=1950 is correct answer

Sol; 98

PURCHASED DELIVERY VAN RS 1700000 =SALVGE VALUE 260000 USEFUL LLIFE 4 YEAR

STRAIGHT LINE METHOD

COST – SALVGE VALUE / USEFUL LIFE

1700000-260000/4=360000*3{Month oct no dec}= 90000

Sol;108

asset = capital + liability

? (3m) + 10m

7m

Asset is correct answer

Sol;120
ALLOWNCE FOR DOUBTFUL RECEICABLE 48000

1085000 TOTAL RECEIVABLE

53000 DECIDED DEBTS

5% ALLOWNCE RECEIVABLE

{1085000-53000}*5%=51600-48000=36000
{53000+36000}=56600 is correct answer

Sol;121

rent {9000*7/12}= 5250

Rent {12000*5/12}= 5000

SOLVE BY MENGAL SAHAB (MS) Page 9

 Sir Permal sahib assignment solution
10250 is correct answer

{months jul to nov}

{ Months dec to june }

12000/12=1000 is correct answer

Sol;125

GOODS SOLD ON CREDIT RS 800000 1% DSSCOUNT

800000*1%=8000

800000-8000

792000 is correct answer

Sol;126

ALLOWNCE FOR DOUBTFUL RECEIVABLE RS 9000

{31 DEC 2022} RECEIVABLE 120000

DURING THE YEAR BAD DEBTS 5000

5% ALLOWNCE FOR DOUBTFUL RECEIVABLE

{120000*5%}=6000-9000=3000

{5000-3000}=2000

Profit of loss is correct answer

Sol; 127

GOODS SOLD IN 800000 GOODS RETURN RS 100000

800000-100000=700000

700000*1%=7000

700000-7000

SOLVE BY MENGAL SAHAB (MS) Page 10

 Sir Permal sahib assignment solution
693000 is correct answer
Sol;129

STRAIGHT LINE METHOD BASIS

COST OF ASSET – RESIDUAL VALUE

USEFUL LIFE

4800000 – 0/8 *9{MONTHS, AP MA JU JUL AGU SEP OCT NOV DEC}/12

{450000} is correct answer

sol;167

cost = RS 16000

NBV 22000-5000=17000

sol;189

`opening allowance of RS 8500

closing allowance 1000

a bad debts of RS 5000

1000 last year provision

5000 total bad debts is correct answer

sol; 216

IMPREST AMOUNT IS 20000 + RECEIVED FROM PROCUREMENT STAFF 1500

20000+1500=21500

(-) ALL PETTY CASH BOOK THIS IMPREST AMOUNT 21500

SOLVE BY MENGAL SAHAB (MS) Page 11

 Sir Permal sahib assignment solution
2500+1250+5000+700+2000=11450

21500-11450

10050 is correct answer

NOTE IF YOU FOUND ANY MISTAKE LET BE INFORM ME KINDLY

SOLVE BY MENGAL SAHAB (MS) Page 12