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