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MGT101 Financial Accounting Assignment 01 Fall 2020 Solution / Discussion

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MGT101 Assignment no 01 Fall 2020 Solution idea:

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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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