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Thread: MGT 101 assigment no 1

  1. #1
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    MGT 101 assigment no 1

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    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

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    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)
    th
    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

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  3. #3
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    plz send me he solution of assignment mgt101 anbody help me

  4. #4
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    we are working on it when it will ready we will let you know.
    regards

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    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

  6. #6
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    anyone did this assignment ?

  7. #7
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    solution is already given by vuhelper

  8. #8
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    Send the solution of the MGT 101, first assignment please.

  9. #9
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    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....

  10. #10
    what was this

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