MGT101 Assignment 1 Solution
MGT101 Assignment 1 Solution
Student ID
Student Name
Assignment
bc100400636
Sajid Munawar
Financial Accounting
ABC Company
Income statement
For the Year Ended 30th June, 2011
Sales:
Less: Cost of Goods Sold:
Gross Profit:
Admin and selling Expanse:
Advertisement Expanse:
Salaries:
Interest Expense:
Selling Expanse:
Net Profit:
Rs.
Rs.
210,000
(136,875)
-----------------
73,125
(12,000)
(36,000)
(5,300)
(8,730)
(62,030)
-----------------
11,095
-----------------
ABC Company
Balance Sheet
As on Year 30th June, 2011
Amount (Rs.)
Particulars
Owner’s Equity
Capital :
Add: Profit:
Total Owner’s Equity
Liabilities
Creditors:
Outstanding Salaries: 3,000
Account payable:
Total Liabilities
Total Liabilities & Equity
Particulars
Amount (Rs.)
348,000
11,095
359,095
Fixed Assets:
Plant And Machinery
Land and Building
Furniture and Fixtures
Current Assets:
Cash
Account Receivable
Prepaid Insurance
72,000
246,000
7,800
200,000
11,400
45,000
192,495
10,200
214,400
573,495
Total Assets
573,495
Working
Cost of Goods Sold:
Purchases:
Less: Purchases Return:
Material available to use:
Add: carriage inward
Cost of goods sold:
120000
(6600)
113400
23475
136875
Student Name
Assignment
bc100400636
Sajid Munawar
Financial Accounting
ABC Company
Income statement
For the Year Ended 30th June, 2011
Sales:
Less: Cost of Goods Sold:
Gross Profit:
Admin and selling Expanse:
Advertisement Expanse:
Salaries:
Interest Expense:
Selling Expanse:
Net Profit:
Rs.
Rs.
210,000
(136,875)
-----------------
73,125
(12,000)
(36,000)
(5,300)
(8,730)
(62,030)
-----------------
11,095
-----------------
ABC Company
Balance Sheet
As on Year 30th June, 2011
Amount (Rs.)
Particulars
Owner’s Equity
Capital :
Add: Profit:
Total Owner’s Equity
Liabilities
Creditors:
Outstanding Salaries: 3,000
Account payable:
Total Liabilities
Total Liabilities & Equity
Particulars
Amount (Rs.)
348,000
11,095
359,095
Fixed Assets:
Plant And Machinery
Land and Building
Furniture and Fixtures
Current Assets:
Cash
Account Receivable
Prepaid Insurance
72,000
246,000
7,800
200,000
11,400
45,000
192,495
10,200
214,400
573,495
Total Assets
573,495
Working
Cost of Goods Sold:
Purchases:
Less: Purchases Return:
Material available to use:
Add: carriage inward
Cost of goods sold:
120000
(6600)
113400
23475
136875
laila- Monstars
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Posts : 422
Join date : 2011-11-09
Age : 25
Location : Pak
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Character sheet
Experience:(50/500)

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