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Graded Assignment # 1 will be opened on May, 05 2016 and due date of assignment submission will be May, 11, 2016

SEMESTER SPRING 2016

 

FINANCIAL ACCOUNTING (MGT101)

 

ASSIGNMENT # 01

 

DUE DATE: 11th May 2016                                                                    MARKS: 10

 

 

TOPIC TO BE TESTED:

 

  • Basic understanding to be required for the preparation of financial statements.

 

LEARNING OBJECTIVES:

 

  • To understand the elements used in the preparation of financial statements.

 

 

QUESTION

 

Following information is extracted from the books of Ali Traders on 31st December 2015.

 

Particulars

Rs.

Particulars

Rs.

 

 

 

 

Payment of salaries to employees

40,000

Repairs and maintenance

50,000

 

 

 

 

Freight outwards

20,000

Advertisement

30,000

 

 

 

 

Goodwill

60,000

Bank charges deducted

5,000

 

 

 

 

Plant and Machinery

95,000

Copy rights

35,000

 

 

 

 

Cash in hand

12,000

Furniture and Fixtures

75,000

 

 

 

 

Goods purchased on credit basis

44,000

Cash at bank

45,000

 

 

 

 

Loan taken from bank on 31st

48,000

Goods sold on credit basis

43,000

January 2015 @10% per annum

 

 

 

 

 

 

 

Goods purchased on cash basis

54,000

Goods sold on cash basis

120,000

 

 

 

 

 

Required:

 

Based on the above information of Ali Traders, you are required to calculate the amount of:

 

  1. Administration expenses

 

  1. Financial expenses

 

  1. Revenue

 

  1. Intangible assets

 

  1. Liabilities

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.

Note related to load shedding: Please be proactive Dear students!

 

As you know that Pre Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

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