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MGT101 Assignment No 01 Fall 2019 Solution & Discussion Due Date: 13-11-2019

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MGT101 Assignment No 01 Fall 2019 Solution 

Q1. Intangible Asset =Copy’s rights + good will Intangible Asset =250000+150000 Intangible Asset =400,000 Q2. Assets = Liabilities + Owner’s equity Owner’s equity =Assets - liabilities  Owner’s Equity = 2240000-1030000 Owners equity = 1210000 Q3 Total Income /Revenue = amount earned on sales of goods + amount earned by rendering  services  Total Income /Revenue = 121000+840000 Total Income /Revenue= 961000 Q4. Selling Expense = advertisement expense + carriage /transport paid on sales of good  Selling expense = 65000+160000 Selling expense =225000 Q5. Cost of goods sold =purchase +carriage /transportation paid on purchase  Cost of goods sold = 550000+50000 Cost of goods sold =600000

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Assignment No.1
Mgt101
Q1.

Intangible Asset =Copy’s rights + good will
Intangible Asset =250000+150000
Intangible Asset =400,000
Q2.
Assets = Liabilities + Owner’s equity
Owner’s equity =Assets - liabilities
Owner’s Equity = 2240000-1030000
Owners equity = 1210000
Q3
Total Income /Revenue = amount earned on sales of goods + amount earned by rendering
services
Total Income /Revenue = 121000+840000
Total Income /Revenue= 961000
Q4.
Selling Expense = advertisement expense + carriage /transport paid on sales of good
Selling expense = 65000+160000
Selling expense =225000
Q5.
Cost of goods sold =purchase +carriage /transportation paid on purchase
Cost of goods sold = 550000+50000
Cost of goods sold =600000
Note: if you found any mistake then correct ur self

MGT101 Assignment 1 Solution Fall 2019
Q1.
Intangible Asset =Copy’s rights + good will
Intangible Asset =250000+150000
Intangible Asset =400,000

Q2.
Assets = Liabilities + Owner’s equity
Owner’s equity =Assets - liabilities
Owner’s Equity = 2240000-1030000
Owner’s equity = 1210000

Q3.
Total Income /Revenue = amount earned on sales of goods + amount earned by rendering services
Total Income /Revenue = 121000+840000
Total Income /Revenue= 961000

Q4.
Selling Expense = advertisement expense + carriage /transport paid on sales of good
Selling expense = 65000+160000
Selling expense =225000

Q5.
Cost of goods sold =purchase +carriage /transportation paid on purchase
Cost of goods sold = 550000+50000
Cost of goods sold =600000

selling expense only advertising and salaries hongi, carriage/transport cost of goods sold me ayengi...! q k jum hum koi chez sale krty hy tb he hum ye cost incur kr skty hy...! The products that have been sold, should have their share of the transportation-in costs in the CoGS.! 

MGT101 Financial Accounting Assignment 1 Solution Fall 2019


SEMESTER FALL 2019 FINANCIAL ACCOUNTING (MGT101)

ASSIGNMENT # 01

DUE DATE: 13th November 2019           Marks: 10

 

 

TOPIC TO BE TESTED:

  • Basic understanding required for the preparation of financial

 

LEARNING OBJECTIVES:

  • To understand the heads/terminologies used in the preparation of financial statements.
 
   

Following information is extracted from the books of ABC Business on 30th June 2019.

 

Particulars

Rs.

Particulars

Rs.

Advertising expenses

65,000

Amount earned on sale of goods

121,000

Carriage/Transportation paid on

sale of goods

160,000

Amount earned by rendering

services

840,000

Purchases

550,000

Total Liabilities

10,30,000

Carriage/Transportation paid on

purchases

50,000

Copy rights

250,000

Rent of office building

278,222

Goodwill

150,000

Taxes paid

20,364

Furniture and Fixtures

170,000

Mark up on loan

15,228

Plant & Machinery

750,000

Salaries paid to employees

16,369

Land and Building

770,000

Bank charges

29,367

Cash in hand

150,000

Other financial charges

17,268

Total Assets

2,240,000

Note: There is no opening and closing stock of inventory

 

Required:

Based on the above information of ABC Business, you are required to calculate the amount of:

  1. Intangible Assets
  2. Equity
  3. Total Income/Revenue
  4. Selling Expenses
  5. Cost of goods sold

 

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