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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

wrong solution

financial  expense are not administration expenses 

last attached file is correct solution 

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