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MGT101 " Financial Accounting" Assignment No. 1 (Plz Give Solution)

Mr. Akram started a business with cash of Rs. 500,000 and necessary fixed assets of Rs. 900,000 on 1st January 2014. He has taken loan of Rs. 300,000 from his wife to expand the business on 1st July 2014. Firm purchased merchandises of Rs. 250,000 on cash basis during the year. Firm sold all merchandises on cash and credit basis amounting to Rs. 600,000 and Rs. 100,000 respectively during the year. Amount of all credit sales will be received in next accounting period. Firm paid rental charges and other necessary commercial expenses of Rs. 70,000 and Rs. 140,000 respectively during the year. Firm repaid the loan amounting to Rs. 130,000 till the end of December 2014.
Note: All purchases should be treated as revenue expenditure. Firm closes the books of accounts on 31st December each year.
Based on the above information of Mr. Akram’s business, you are required to calculate the amount of:
1. “Revenue” and “Net Profit” for the period ended on 31st December 2014
2. “Cash in hand”, “Liabilities” and “Capital” as on 31st December 2014

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yar mujhy b chahiy

hello, had created a group on facebook by the following link, all newly admitted

MBA Executives are requested to join there so that we could share and solve each other problems more effectively, tx

kahan say dhoondain akhir iska solution

kafi mushqil hai ,,,, i also need it ...

Revenue means amount of total sales    = 600,000+100,000 = 700,000

total sales    
cash sales    600,000 
credit sales  100,000              700,000

-   purchases (merchandise)   (250,000)
Gross profit                           450,000
less :  operating expenses 

    rental charges                    (70,000)

  other expenses                   (140,000)

Net profit                              240,000

cash in hand 

opening                  500000
add ;

      loan               300,000
  sales                  600000
less ;

rent                    (70000)

other exp            (140000)

 purchase             (250000)
 repayment of loan(130000)
closing balance      810000


loan  taken       300000

less repaid loan (130000)

liability             170,000


capital introduced        1400,000

profit of the year         240,000


assets  = liabilities +capital 

900000+ 810,000  + 100,000  =  170,000 + 1640,000

 1810,000 = 1810,000

same here but jis ko pehly mili wo post ker day..

mere bhaiyooo 
mai ne solution reply mai diya hoa haiii ...........daikh lo 

gladiator bro, which thing more bhai........main ne admission tho le liya hai par mujhee kak samajh nai a raha..............can i contact you for guidance. tx

bro yes sure u can 

if anyone have any accounting related problem 
then contact me 

i will try to create one accounting forum soon for all students 


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