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
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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