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

[+ M.Tariq Malik]

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.

[+ M.Tariq Malik]

MGT101 Assignment No 1 Solution Spring 2012

See the attached file please

[1wvefvox5qmk8]

Here Is Solution.
 

[+ M.Tariq Malik]

Please Discuss here about this assignment.Thanks

[1wvefvox5qmk8]

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

[SaM]

@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?

[Xami]

ABC Company

Income Statement

For the period Ending 30^th 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 30^th 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

 

[SaM]

@Xami tabular form mn nhe likhna iss ko?

[Xami]

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

[SaM]

ok thanks...

[SaM]

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

[Nouman Chaudary]

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

[Amara Shahid]

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

and where are the examples on handouts for solving this