DUE DATE: "22nd May 2014" | MARKS: 10
TOPIC TO BE TESTED:
• Important concepts/terminologies involved in the preparation of financial statements
• To understand the basic concepts/terminologies required in the preparation of “Income Statement” and “Balance Sheet”.
Following information is available of a business concern for the year of 2013:
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
Plant and machinery 350,000
Sundry creditors 35,000
Salaries payable 45,000
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
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.
• 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:
• Make sure to upload the solution file before the due date on VULMS.
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RULES FOR MARKING:
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• It is submitted after the due date.
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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
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.
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