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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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Replies to This Discussion

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

 

pl advise do we just have to copy past, or do something to avoid plagrism, pl advise, i asked this question 10 times but no one answering

....

mgt 101 idea solution 

Attachments:

                         Assignment No.1

 

                       MGT.101

 

1. Profit &Loss Account:

 

 

Particulars

Debit(Rs.)

Particulars

Credit(Rs.)

Purchases

 

 

 

Gross Profit

250000

 

 

 

450000

Total Sales;

Cash sales Rs.600000

Credit sales Rs.100000

Revenue:          700000

 

 

 

 

700000

Total

700000

 

700000

Other expenses

Commercial. expn

Rent

Net profit

 

140000

 

70000

240000

Gross Profit

450000

 

450000

 

450000

 

 

 

 

 

Revenue: 700000

Net Profit:240000

 

 

 

       

 

 

 

 

 

 

2.Cash In Hand:

 

 

 

Particulars

Debit(Rs.)

Particulars

Credit(Rs.)

Opening cash

300000

Rent

70000

Capital

500000

Purchases

140000

Cash sales

600000

Other expenses

250000

 

 

Loan repayment

 

Closing balance

130000

 

 810000

 

1400000

 

1400,000

 

 

 

Cash in Hand:810000

 

 

3. Liabilities

 

Particulars

Debit(Rs.)

Particulars

credit(Rs.)

Loan paid

130000

loan

300,000

 

Closing balance

 

170000

 

 

 

300000

 

300,000

 

 

 

Liabilities:170000

 

 

 

4. Capital

 

 

Particulars

Debit(Rs.)

Particulars

Credit(Rs.)

 

 

Capital introduced

1400000

Cash

500000

Net profit

240000

Assets

900000

Closing balance

16400000

Total

1640000

 

1640000

 

 

Capital:1400000

 

 

 

Assets                                   =       Capital+liabilities

900000+810000+100000      =         1640000+170000

1810000                                =           1810000

Solution to Assignment No.1

Data provided in assignment:

i)                    Fixed Assets                        : Rs.9,00,000

ii)                  Opening Cash                     : Rs.5,00,000

iii)                Total Purchases                 : Rs.2,50,000

iv)               Sales                                      : Rs.7,00,000

  1. Credit : Rs.100,000
  2. Cash: Rs.6,00,000

v)                 Expenses                 : Rs.2,10,000

  1. Rental: 70,000
  2. Commercial: 1,40,000

ç==========================è

 

Revenue:  (As we know that revenue is equal to the total sales. Hence)

Credit Sales                          : 1,00,000

Cash Sales                            : 6,00,000

Total Sales/Revenue            : 7,00,000

 

Gross Profit: (Gross profit is equal to sales – purchases)

            Total Sales                 : 7,00,000 (Cash + Credit)

            - Purchases               : (2,50,000)

            Gross Profit               : 4,50,000

 

Net Profit: (Net profit is equal to Gross Profit – Operating Expenses)

Gross Profit                                     : 4,50,000

Operating expenses

i)                    Rental charges                      : (70,000)

Commercial expenses         : (140,000)     : (2,10,000)

Net Profit:                                         : 2,40,000

 

Assets:

Cash in hand

Opening Balance                              : 5,00,000

Add;

Loan               : 3,00,000

            Sales              : 6,00,000       : 9,00,000

Total                                                   : 14,00,000/-

Less;

Rent                            : (70,000)

Commercial Exp      : (1,40,000)

Purchases                  : (2,50,000)
Repayment of Loan  : (1,30,000)    : (5,90,000)

Closing Balance                             : 8,10,000

 


 

Liabilities 

Loan                           : 3,00,000

Less repaid loan       : (130000)

Total Liability             : 170,000

Capital

Capital introduced    : 14,00,000

Profit of the year        :   2,40,000

Total Capital              : 16,40,000

 

Assets  = Capital  + Liabilities

Assets

Capital + Liabilities

Cash               Rs.810,000

Fixed Assets Rs.9,00,000

Debtors          Rs.100,000

Capital            Rs.16,40,000

Liabilities       Rs.1,70,000

1,81,000

1,81,000

 

 

AOA 

Please tell me should i need to make all accounts like journal ledger trialbalance and then final and balance sheet or just need to prepare only final account pls answer

Solution to Assignment No.1

Data provided in assignment:

i)                    Fixed Assets                        : Rs.9,00,000

ii)                  Opening Cash                     : Rs.5,00,000

iii)                Total Purchases                 : Rs.2,50,000

iv)               Sales                                      : Rs.7,00,000

  1. Credit : Rs.100,000
  2. Cash: Rs.6,00,000

v)                 Expenses                 : Rs.2,10,000

  1. Rental: 70,000
  2. Commercial: 1,40,000

ç==========================è

 

Revenue:  (As we know that revenue is equal to the total sales. Hence)

Credit Sales                          : 1,00,000

Cash Sales                            : 6,00,000

Total Sales/Revenue            : 7,00,000

 

Gross Profit: (Gross profit is equal to sales – purchases)

            Total Sales                 : 7,00,000 (Cash + Credit)

            - Purchases               : (2,50,000)

            Gross Profit               : 4,50,000

 

Net Profit: (Net profit is equal to Gross Profit – Operating Expenses)

Gross Profit                                     : 4,50,000

Operating expenses

i)                    Rental charges                      : (70,000)

Commercial expenses         : (140,000)     : (2,10,000)

Net Profit:                                         : 2,40,000

 

Assets:

Cash in hand

Opening Balance                              : 5,00,000

Add;

Loan               : 3,00,000

            Sales              : 6,00,000       : 9,00,000

Total                                                   : 14,00,000/-

Less;

Rent                            : (70,000)

Commercial Exp      : (1,40,000)

Purchases                  : (2,50,000)
Repayment of Loan  : (1,30,000)    : (5,90,000)

Closing Balance                             : 8,10,000

 


 

Liabilities 

Loan                           : 3,00,000

Less repaid loan       : (130000)

Total Liability             : 170,000

Capital

Capital introduced    : 14,00,000

Profit of the year        :   2,40,000

Total Capital              : 16,40,000

 

Assets  = Capital  + Liabilities

Assets

Capital + Liabilities

Cash               Rs.810,000

Fixed Assets Rs.9,00,000

Debtors          Rs.100,000

Capital            Rs.16,40,000

Liabilities       Rs.1,70,000

1,81,000

1,81,000

 

 

Profit and Loss Account

Description

DR

Description

CR

Purchases

250,000

Revenue (600,000+100,000)

700,000

GP

450,000

 

 

Other EXP

Rent

Other Commercial expense

 

 

70,000

140,000

 

GP

450,000

Net Profit

240,000

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