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MGT101 Financial Accounting Assignment 01 Fall 2020 Solution / Discussion

MGT101 Financial Accounting Assignment 01 Fall 2020 Solution / Discussion

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MGT101-Assignment-solution-fall-2020

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MGT101 Assignment no 01 Fall 2020 Solution idea:

MGT101_Assignment_No_01_Solution_Fall_2020

MGT101 Assignment Solution # 1 Fall 2020 - 21 ||Financial Accounting||

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MGT101 Assignment Solution Fall 2020 Solution

SATUSTION:

• Net purchases to be presented in Income Statement.

Net purchase = Gross Profit - purchase return –All aniosis –Disacount

Net purchase = 50000-10000-0-0

Net purchase =40000 RS

1. Gross profit to be presented in Income Statement

Gross Profit = Sales Revenue

Gross Profit = Sales Revenue - Cost of goods sold

Gross profit = (Net sales - return inwards) - cost of goods sold

Gross profit = (85000 - 5000) - 35000

Gross profit = 80000 - 35000

Gross profit = 45000 Rs

1. Net Book Value of machinery to be presented in Balance Sheet

Net book value = original purchase cost - accumulated depreciation

Net book value = 100000 - (100000 x 15%)

Net book value = 100000 – 15000

Net book value = 85000 Rs

1. Value of debtors to be presented in Balance Sheet.

 Opening stock 13000 Cash 12800 Credit sales 16800 Return inwards 5000 Closing stock 12000 29800 29800

1. Owner’s equity to be presented in Balance Sheet.

Owners' equity = capital + net profit - drawings ………. (1)

Net profit = gross profit - financial expenses - administrative expenses – depreciation

Net profit = 45000 - 8000 – 5453 – 15000

Net profit = 16547

Put net profit in Equation (1) Owners' equity = 300000 + 16547 - 0

Owners' equity = 316547 Rs

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MGT101 Solution

• Net purchases to be presented in income statement.

Net purchase = gross purchase – return outward

Net purchase = 50,000-10,000

Net purchase  = 40,000

• Gross profit to be presented in income statement

Gross profit = net sales - cost of good sold

Gross profit =85,000 – 35,000

Gross profit= 50,000

• Net book value of machinery to be presented in income balance sheet.

Net book value= Plant and machinery – depreciation

Net book value= 100,000 – 15,000

Net book value = 85,000

• Value of debtors to be presented in balance sheet.

Value of debtors = debtors – provision of doubtful debts

Value of debtors= 20,000 – 5,000

Value of debtors= 15,000

• Owner’s equity to be presented in balance sheet.

Owner’s equity = capital - net loss

Owner’s equity= 300,000 – 80000

Owner’s equity= 220,000

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