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Financial Accounting (MGT101) Assignment No 1 Discussion and Solutions Due Date: May 22, 2014

DUE DATE: "22nd May 2014" | MARKS: 10

TOPIC TO BE TESTED: 

• Important concepts/terminologies involved in the preparation of financial statements 

LEARNING OBJECTIVES: 

• To understand the basic concepts/terminologies required in the preparation of  “Income Statement” and “Balance Sheet”. 

QUESTION:

Following information is available of a business concern for the year of 2013: 

 

Items                            Rs.

Return inwards                  50,000
Return outwards                40,000
Net sales                         2,500,000
Gross profit                      1,500,000
Advertising expenses         200,000
Rent expenses                 300,000
Distribution expenses        100,000
Salaries of official staff     250,000
Financial expenses           30,000
Cash at bank                  90,000
Sundry debtors               60,000
Stock                           110,000
Plant and machinery       350,000
Sundry creditors            35,000
Salaries payable            45,000
Building                       600,000

 

Required: 

Based on the above information, you are required to calculate the following for 

the period ended on 31st December 2013: 

1. Gross sales 

2. Selling expenses 

3. Administration expenses 

4. Current liabilities 

5. Fixed assets 

6. Operating profit 

IMPORTANT: 

Grace period of extra 24 hours after the due date is usually available to 

overcome uploading difficulties. This extra time should only be used to meet 

the emergencies and above mentioned due dates should always be treated as 

final to avoid any inconvenience. 

IMPORTANT INSTRUCTIONS 

• Take help from internet for collecting the information. 

• Carefully watch relevant lectures and consult the relevant material from handouts along with recommended books. 

• Attempt the assignment by yourself and it will be entertained  positively. 

OTHER IMPORTANT INSTRUCTIONS: 

DEADLINE: 

• Make sure to upload the solution file before the due date on VULMS. 

• Any submission made via email after the due date will not be accepted. 

FORMATTING GUIDELINES: 

• Use the font style “Times New Roman” or “Arial and font size “12”. 

• It is advised to compose your document in MS-Word format

• You may also compose your assignment in Open Office format. 

• Use black and blue font colors only. 

 

RULES FOR MARKING:

Please note that your assignment will not be graded or graded as Zero (0), if: 

• It is submitted after the due date. 

• The file you uploaded does not open or is corrupt. 

• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc. 

• It is cheated or copied from other students, internet, books, journals etc.

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Replies to This Discussion

Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

grace period main jo assignment submit ho ge us ky marks ni lgain gy?

plz anyone post the idea of assignment

Sollution of #1 Assignment MGT101

Attachments:

thanks for uploading

First we must understand the meanings of following terminologies:- 

Return inwards. This is a liability of the business because we have to pay back this amount due to return back of sold items. 
Return outwards. This is an asset because we have to get this amount back from the suppliers as we have returned some supplies back to him. 
Net sales. Total revenue earned.
Gross profit. It is the profit which is earned after deducting cost of sales from the income. 
Advertising expenses. Selling and Distribution Expenses (liability) and these are not part of cost of sales.   
Rent expenses. Selling and Distribution Expenses (liability)
Distribution expenses.   all the expenses incurred on the staff and vehicles during distribution of finished goods. 
Salaries of official staff. Admin. Expenses (liabilities) 
Financial expenses.  These are liabilities which we have to pay on Markup on Loans, Finance Lease Charges and Bank Charges etc. 
Cash at bank. This is an asset (liquid) 
Sundry debtors. This is the amount which we have to get from debtors (many small debtors). This is an asset (accounts receivable). 

Stock. This is the material available in the shape of raw material or semi finished goods. This is an asset. 
Plant and machinery. These are our fixed assets. 
Sundry creditors. These are the liabilities of the business and this amount has to be paid for many small expenditures. 
Salaries payable. Liability of the business. 
Building . These are fixed assets of the business.  

No tension for this assignment,,,,,,,,,,,,

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