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

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

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

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

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

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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