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MGT101 Assignment No. 01 Solution Fall 2015 Due Date Nov 17, 2015

MGT101 - Financial Accounting Assignment No. 01 Solution Fall 2015 Due Date Nov 17, 2015

Assignment# 01 (Graded)

Financial Accounting (MGT101)

Dear Students!

This is to inform that a Graded Assignment will be opened on November 11, 2015 and due date of assignment submission will be November 17, 2015.

By graded, we mean that it will be included in your semester GPA.

A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience.

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Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

Regarding the assignment, Do we have to present it in proper Debit / Credit scenario or just have to calculate the values and show them in a heading as they were asked?

regards,

Irfan

ASSIGNMENT MGT101

Mr. Akram started a business with cash of Rs. 500,000 and necessary fixed assets of Rs. 900,000 on 1st January 2014. He has taken loan of Rs. 300,000 from his wife to expand the business on 1st July 2014. Firm purchased merchandises of Rs. 250,000 on cash basis during the year. Firm sold all merchandises on cash and credit basis amounting to Rs. 600,000 and Rs. 100,000 respectively during the year. Amount of all credit sales will be received in next accounting period. Firm paid rental charges and other necessary commercial expenses of Rs. 70,000 and Rs. 140,000 respectively during the year. Firm repaid the loan amounting to Rs. 130,000 till the end of December 2014. Note: All purchases should be treated as revenue expenditure. Firm closes the books of accounts on 31st December each year. Required: Based on the above information of Mr. Akram’s business, you are required to calculate the amount of: 1. “Revenue” and “Net Profit” for the period ended on 31st December 2014 2. “Cash in hand”, “Liabilities” and “Capital” as on 31st December 2014..

Solve this assignment. thanks

ASSIGNMENT MGT101

Mr. Akram started a business with cash of Rs. 500,000 and necessary fixed assets of Rs. 900,000 on 1st January 2014. He has taken loan of Rs. 300,000 from his wife to expand the business on 1st July 2014. Firm purchased merchandises of Rs. 250,000 on cash basis during the year. Firm sold all merchandises on cash and credit basis amounting to Rs. 600,000 and Rs. 100,000 respectively during the year. Amount of all credit sales will be received in next accounting period. Firm paid rental charges and other necessary commercial expenses of Rs. 70,000 and Rs. 140,000 respectively during the year. Firm repaid the loan amounting to Rs. 130,000 till the end of December 2014. Note: All purchases should be treated as revenue expenditure. Firm closes the books of accounts on 31st December each year. Required: Based on the above information of Mr. Akram’s business, you are required to calculate the amount of: 1. “Revenue” and “Net Profit” for the period ended on 31st December 2014 2. “Cash in hand”, “Liabilities” and “Capital” as on 31st December 2014..

Solve this assignment. thanks

SEMESTER FALL 2015 FINANCIAL ACCOUNTING (MGT101) ASSIGNMENT # 01 DUE DATE: 17th November 2015 MARKS: 1

TOPIC TO BE TESTED: • Basic concepts/terminologies used in financial accounting

LEARNING OBJECTIVES: • To understand the basic concepts/terminologies required for understanding the financial accounting

QUESTION:-

Mr. Akram started a business with cash of Rs. 500,000 and necessary fixed assets of Rs. 900,000 on 1st January 2014. He has taken loan of Rs. 300,000 from his wife to expand the business on 1st July 2014. Firm purchased merchandises of Rs. 250,000 on cash basis during the year. Firm sold all merchandises on cash and credit basis amounting to Rs. 600,000 and Rs. 100,000 respectively during the year. Amount of all credit sales will be received in next accounting period. Firm paid rental charges and other necessary commercial expenses of Rs. 70,000 and Rs. 140,000 respectively during the year. Firm repaid the loan amounting to Rs. 130,000 till the end of December 2014. Note: All purchases should be treated as revenue expenditure. Firm closes the books of accounts on 31st December each year. Required: Based on the above information of Mr. Akram’s business, you are required to calculate the amount of: 1. “Revenue” and “Net Profit” for the period ended on 31st December 2014 2. “Cash in hand”, “Liabilities” and “Capital” as on 31st December 2014

ANY SOLUTION OF THIS ASSIGNMENT??

copy paste..

Revenue means amount of total sales    = 600,000+100,000 = 700,000

total sales    
cash sales    600,000 
credit sales  100,000              700,000

-   purchases (merchandise)   (250,000)
Gross profit                           450,000
less :  operating expenses 

    rental charges                    (70,000)

  other expenses                   (140,000)

Net profit                              240,000

cash in hand 

opening                  500000
add ;

      loan               300,000
  sales                  600000
less ;

rent                    (70000)

other exp            (140000)

 purchase             (250000)
 repayment of loan(130000)
closing balance      810000

liabilities 

loan  taken       300000

less repaid loan (130000)

liability             170,000

Capital

capital introduced        1400,000

profit of the year         240,000

                                1640,000



assets  = liabilities +capital 

900000+ 810,000  + 100,000  =  170,000 + 1640,000

 1810,000 = 1810,000


yeh solution hay?

zaheer bro,pl elaborate that whether i will submit this assignment by copy past from your comment or do i have to type it all again, tx

 

Revenue means amount of total sales    = 600,000+100,000 = 700,000

total sales    
cash sales    600,000 
credit sales  100,000              700,000

less  purchases (merchandise (250,000)
Gross profit                           450,000
less :  operating expenses 

    rental charges                    (70,000)

  other expenses                   (140,000)

Net profit                              240,000

cash in hand 

opening                  500000
add ;

      loan               300,000
  sales                  600000
less ;

rent                    (70000)

other exp            (140000)

 purchase             (250000)
 repayment of loan(130000)
closing balance      810000

liabilities 

loan  taken       300000

less repaid loan (130000)

liability             170,000

Capital

capital introduced        1400,000

profit of the year         240,000

                                1640,000


prove
assets  = liabilities +capital 

900000+ 810,000  + 100,000  =  170,000 + 1640,000

 1810,000 = 1810,000

MGT -101     Assignment # 1     Complete Solution

 

Revenue

Cash Sales       600,000

Credit Sales     100,000           700,000

Less: Cost of Goods Sold         250,000

Gross Profit                             450,000

Less: Rental Charges                 70,000

Commercial Expenses             140,000

Net Profit                               240,000

 

 

Assets

Fixed Assets                            900,000

Credit Sales                             100,000

Cash in hand

Cash Sales             600,000

Owner’s Inves.                  500,000

Loan                      300,000

Less: Rental             70,000

Commercial Exp   140,000

Purchases              250,000

Loan Payment       130,000     810,000

Total                                      18,10,000

Liabilities

Capital               1400,000

Add: Net Profit    240,000       16,40,000

Loan                   300,000

Less: Repaid       130,000           170,000

Total                                       18,10,000                                

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