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apky pas pak301 ki hai assignment???
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SEMESTER FALL 2017
FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT # 01
DUE DATE: 14th November 2017 MARKS: 10
TOPIC TO BE TESTED:
Basic concepts to understand the different contents of financial statements
To understand the basic concepts required for the preparation of financial statements.
Following information has been extracted from the books of ABC Enterprises.
Cash in hand
Loan taken from bank for the period of 5 years
Loan taken from Mr. B for the period of 3 months
Loan given to Mr. D for the period of 5 months
Cost of goods sold
Based on the information given above, you are required to calculate the:
1. Current Assets
2. Fixed Assets
3. Current Liabilities
4. Gross Profit
5. Selling Expenses
Note: Be specific to requirements of solution; inclusion of irrelevant items in any part of solution may leads to deduction of marks.
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Attempt the assignment by yourself and it will be entertained positively.
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RULES FOR MARKING
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cash in hand 10000
Loan given to Mr. D for the period of 5 months 35000
Current assets 65000
Find fixed asset:
Total fixed asset 1,200,000
Bank overdraft 15,000
Loan taken from Mr. B for the period of 3 months 30,000
Total C.L 50,000
Less: Cost of goods sold 550,000
Gross profit 250000
Advertisement expense 14000
Distribution expense 12000
Freight outward 13000
Total Selling expense 39000
tariq bhai kindly solve it all in ms word
= CASH IN HAND + DEBTORS+ LOAN TO MR.D
= 10,000+ 20,000+ 35,000
= Machinery + Building + Furniture
= Creditors + Bank overdraft +Loan from MR.B
= Sales- CGS
= Freight outwards+ Advertisement expenses+ Distribution expenses
Good Job guy
MGT101 Assignment#1 Solution
in Current Liabilities
Creditors + Bank Overdraft+Loan taken from Mr. B
but not mentioned the Loan taken from Bank for the period of 5 yeears
it is also liability