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