MGT 101 assigment no 1

[bittoo]

SEMESTER “SPRING 2012”
Financial Accounting (MGT101)
Assignment # 02Assignment # 02
Assignment # 02Assignment # 02

Due date: 12th April, 2012 Due date: 12th April, 2012 Marks: 20 Marks: 20
Due date: 12th April, 2012 Due date: 12th April, 2012 Marks: 20Marks: 20

th
The following Trial balance was extracted from the books of ABC Company on 30 June, 2011.

Debit Credit
Particulars
(Rs.) (Rs.)
Cash 45,000
Accounts receivable 192,495
Plant and machinery 72,000
Land and building 246,000
Furniture and fixtures 7,800
Capital 348,000
Accounts payable 11,400
Purchases 120,000
Purchases return 6,600
Sales 210,000
Prepaid insurance 10,200
Advertisement expenses 12,000
Interest expenses 5,300
Salaries expenses 36,000
Outstanding salaries 3,000
Creditors 200,000
Carriage on sales 8,730
Carriage inwards 23,475
Total 779,000 779,000
Requirement:

th
a) Prepare an Income statement for the year ended 30 June, 2011 from the given Trial Balance.
(Marks: 12)
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b) Also prepare a Balance sheet as on 30 June, 2011 from the given Trial Balance. (Marks: 6)

2 Marks has been assigned for formatting/presentation.

Note:

Prepare Balance Sheet & Income Statement in Report (Statement) Form

[Xpert]

ok .,.................

[bittoo]

plz send me he solution of assignment mgt101 anbody help me

[Xpert]

we are working on it when it will ready we will let you know.
regards

[Vuhelper]

Code:

ABC Company Income Statement For the period Ending 30th June, 2011. Particulars Amount (Rs.) Amount (Rs.) Income/Sales/Revenue 210,000 Cost of Goods Sold Purchases Less: Purchases Return Carriage inward Net Purchases Total Cost of Goods Sold 120,000 (6,600) 23,475 (136,875) 136,875 Gross Profit Less: Advertisement Expenses Interest Expenses Salaries Expenses Carriage on Sales 12,000 5,300 36,000 8,730 73,125 Net Profit 11,095 ABC Company Balance Sheet For the period Ended on 30th June, 2011. Particulars Amount (Rs.) Amount (Rs.) ASSETS Furniture & Fixtures Plant & Machinery Land & Building TOTAL FIXED ASSETS Cash In Hand Prepaid Insurance Accounts Receivable TOTAL CURRENT ASSETS 7,800 72,000 246,000 325,800 45,000 10,200 192,495 247,695 TOTAL ASSETS 573,495 LIABILITIES Creditors Accounts Payable Outstanding Salaries TOTAL LIABILITES Capital Profit for the Year TOTAL OWNERS EQUITY 348,000 11,095 200,000 11,400 3,000 214,400 359,095 TOTAL LIABILITIES & OWNERS EQUITY 573,495

[usmasd]

anyone did this assignment ?

[Xpert]

solution is already given by vuhelper

[kindumar]

Send the solution of the MGT 101, first assignment please.

[kindumar]

Dear VU Helper:
Can you please send this assignment in Word format to umar_tahir@hotmail.com Bcz from this, we r unable to understand what is on credit side and what is on debit side. Please help....

[rafaqatali05]

what was this