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MGT101 Assignment#01 Solved
Semester Spring 2016
Solution Assignment # 1 (MGT101)
Date 11th may 2016
Payment of Salaries 40,000
Bank charges deducted 5,000
Loan taken from Bank 10 % 4,800
Repairs maintenance 50,000
Freight Outwards 20,000
Goods sold on credit basis 43,000
Goods sold on cash basis 120,000
Copy rights 35,000
Goods Purchased on credit basis 44,000
Loan Taken from bank on 31st January 2015 @10% per annum 48,000
Informal Definition:Amounts a business earns by selling services and products and investing. Amounts billed to customers for services and/or products.
Informal Definition:The costs of doing business. The stuff we used and had to pay for or charge to run our business.
While not absolutely necessary, the Operating Expenses are often grouped into two main functional areas of operation:
solution is Totally wrong
1. advertisement is selling expenses so it will not be included.
fraight outward is not administrative expenses it will be subtracted from sales to find revenue.
so Admin expenses will be only 90,000
2. interest on loan is not 4800 it is 4400 as loan is taken on 31st Januray so Interest will be calculated for 11 months.
3. In Liabilities Interest on Loan 4400 will also be added.
4. its good
5. in revenue freight outward will be subtracted from sales.
Tayyab bro can you upload right solution???