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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

See the attached file please

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Here Is Solution.
 

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Please Discuss here about this assignment.Thanks

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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