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MGT101- FINANCIAL ACCOUNTING

ASSIGNMENT-01

SEMESTER: SPRING 2021

Due Date Jul 28, 2021

Total Marks 12

ASSIGNMENT FILE

Spring%202021_MGT101_1.pdf

Views: 214

Replies to This Discussion

Requirement 1

Gross Profit = Net Sales - Cost of Goods Sold

                = 65000-25000= Rs.40000

Requirement 2

 Opening Stock + Purchases - Closing Stock = Cost of Goods Sold 

15000 + Purchases - 0 = 25000

Purchases = 25000-10000 = Rs.15000

Requirement 3

Net Book Value of Plant & Machinery

Value - Accumulated Depreciation  - Depreciation

100000 - 20000 - 100000*10% = Rs.70000

30000 - 30000*10*3/12 = Rs.29250

70000+29250 = Rs.99250

Requirement 4

Sundry Debtors to be presented in Balance Sheet

Value - Provision for Doubtful debts

20000- 20000*5% = Rs.19000

Requirement 5

Owner's Equity to be presented in Balance Sheet

Capital - Net Loss

250000 - 75000 = Rs.175000

Correction:

Requirement 2

 Opening Stock + Purchases - Closing Stock = Cost of Goods Sold 

15000 + Purchases - 0 = 25000

Purchases = 25000 - 15000 = Rs.10000

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