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# MGT101 Assignment No 1 Solution & Discussion Due Date:12-04-2012

The following Trial balance was extracted from the books of ABC Company on 30th June, 2011.

 Particulars Debit (Rs.) Credit (Rs.) Cash 45,000 Accounts receivable 192,495 Plant and machinery 72,000 Land and building 246,000 Furniture and fixtures 7,800 Capital 348,000 Accounts payable 11,400 Purchases 120,000 Purchases return 6,600 Sales 210,000 Prepaid insurance 10,200 Advertisement expenses 12,000 Interest expenses 5,300 Salaries expenses 36,000 Outstanding salaries 3,000 Creditors 200,000 Carriage on sales 8,730 Carriage inwards 23,475 Total 779,000 779,000

Requirement:
a) Prepare an Income statement for the year ended 30th June, 2011 from the given Trial Balance.
(Marks: 12)
b) Also prepare a Balance sheet as on 30th June, 2011 from the given Trial Balance. (Marks: 6)

2 Marks has been assigned for formatting/presentation.

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MGT101 Assignment No 1 Solution Spring 2012

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Here Is Solution.

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Bro main gross profit kaisy nikalo means mera equal nai a rha. plz tell me

@imran bro gross profit =income - Cost of sales

=210,000.00 - 136,875.00

= 73,125.00

can u plz tell me abt operating profit?

ABC Company

Income Statement

For the period Ending 30th June, 2011.

 Particulars Amount (Rs.) Amount (Rs.) Income/Sales/Revenue 210,000 Cost of Goods Sold           Purchases           Less: Purchases Return           Carriage inward           Net Purchases           Total Cost of Goods Sold 120,000 (6,600) 23,475 (136,875) 136,875 Gross Profit Less: Advertisement Expenses            Interest Expenses            Salaries Expenses            Carriage on Sales 12,000 5,300 36,000 8,730 73,125 Net Profit 11,095

ABC Company

Balance Sheet

For the period Ended on 30th June, 2011.

 Particulars Amount (Rs.) Amount (Rs.) ASSETS Furniture & Fixtures Plant & Machinery Land & Building TOTAL FIXED ASSETS Cash In Hand Prepaid Insurance Accounts Receivable TOTAL CURRENT ASSETS 7,800 72,000 246,000 325,800 45,000 10,200 192,495 247,695 TOTAL ASSETS 573,495 LIABILITIES Creditors Accounts Payable Outstanding Salaries TOTAL LIABILITES Capital Profit for the Year TOTAL OWNERS EQUITY 348,000 11,095 200,000 11,400 3,000 214,400     359,095 TOTAL LIABILITIES & OWNERS EQUITY 573,495

@Xami tabular form mn nhe likhna iss ko?

@sw8 Grl its report format, checkout your handouts and find the report format of Income statement & balance sheet..!

ok thanks...

one more thing sol mn Operating profit nikalni hy income statement mn?

Report Format is Ms-Excel i think..isn't it?

Can you tell me please what are the steps of solving this.

and where are the examples on handouts for solving this

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