MGT101 – Financial Accounting – Assignment No. 1 Solution
Solved by Sajid Munawar
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ABC Company
Income statement
For the Year Ended 30th June, 2011
Rs.
Sales:
Less: Cost of Goods Sold:
Gross Profit:
Admin and selling Expanse:
Advertisement Expanse:
Salaries:
Interest Expense:
Selling Expanse:
(12,000)
(36,000)
(5,300)
(8,730)
Net Profit:
Rs.
210,000
(136,875)
----------------73,125
(62,030)
----------------11,095
-----------------
ABC Company
Balance Sheet
As on Year 30th June, 2011
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Amount (Rs.)
Particulars
Particulars
Owner’s Equity
Amount (Rs.)
Fixed Assets:
Capital :
348,000
Plant And Machinery
72,000
Add: Profit:
11,095
Land and Building
246,000
Total Owner’s Equity
359,095
Liabilities
Creditors:
Furniture and Fixtures
7,800
Current Assets:
200,000
Cash
45,000
Outstanding Salaries: 3,000
Account Receivable
192,495
Account payable:
Prepaid Insurance
10,200
Total Assets
573,495
11,400
Total Liabilities
214,400
Total Liabilities & Equity
573,495
Working
Cost of Goods Sold:
Purchases:
Less: Purchases Return:
Material available to use:
Add: carriage inward
Cost of goods sold:
120000
(6600)
113400
23475
136875