Buraq Income Fund (the Fund) is an open ended mutual fund and is listed on Pakistan...
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Buraq Income Fund (the Fund) is an open ended mutual fund and is listed on Pakistan Stock Exchange (PSX). The net asset value of the Fund as at July 01, 2016 was Rs. 3,720 million comprising 310 million units. The par value of each unit is Rs. 10. Following information has been extracted from the records of the Fund for the year ended June 30, 2017: 730 million units issued during the year 710 million units redeemed during the year Net element of loss/ (income) and capital losses/ (gains) included in prices of units issued less those in units redeemed: Transferred to income statement Transferred to distribution statement Capital gain/ (loss) on sale of investments - Net Investments: Term finance certificates (TFCs) - Listed Fair value at the year end Carrying amount- at year end Net unrealized appreciation in the fair value of TFCs - at the beginning of the year Shares of listed companies Fair value - at the year end Carrying amount - at the year end Other net income for the year Rs. '000' 8,030,000 7,988,000 129,000 (636) (12,125) 310,000 306,000 10,000 25,000 22,000 88,000 Final distribution for the year ended June 30, 2017 of Rs. 1.5 per unit (2016: 0.5 per unit announced on September 25, 2016) was announced on September 28, 2017. Required: Prepare a statement of movement in unit holders' fund for the year ended June 30, 2017 (also show net asset value at the start and end of the year). Buraq Income Fund (the Fund) is an open ended mutual fund and is listed on Pakistan Stock Exchange (PSX). The net asset value of the Fund as at July 01, 2016 was Rs. 3,720 million comprising 310 million units. The par value of each unit is Rs. 10. Following information has been extracted from the records of the Fund for the year ended June 30, 2017: 730 million units issued during the year 710 million units redeemed during the year Net element of loss/ (income) and capital losses/ (gains) included in prices of units issued less those in units redeemed: Transferred to income statement Transferred to distribution statement Capital gain/ (loss) on sale of investments - Net Investments: Term finance certificates (TFCs) - Listed Fair value at the year end Carrying amount- at year end Net unrealized appreciation in the fair value of TFCs - at the beginning of the year Shares of listed companies Fair value - at the year end Carrying amount - at the year end Other net income for the year Rs. '000' 8,030,000 7,988,000 129,000 (636) (12,125) 310,000 306,000 10,000 25,000 22,000 88,000 Final distribution for the year ended June 30, 2017 of Rs. 1.5 per unit (2016: 0.5 per unit announced on September 25, 2016) was announced on September 28, 2017. Required: Prepare a statement of movement in unit holders' fund for the year ended June 30, 2017 (also show net asset value at the start and end of the year).
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