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MGT101 Financial Accounting Assignment 1 Solution Fall 2018

Questions: Marks: 10

Question #1.1:
Prepare the Trial Balance as on 31st January 2018 for the books of Prince Brothers.

Sol:

Prince Brothers
Trial Balance
As on January 31, 2018

S. No. Account Names Account Code No. Debit Rs. Credit Rs.
1 Cash Account 1 878,000 1
2 Capital Account 2 1,000,000
3 Furniture Account 3 90,000 1
4 Purchases Account 4 30,000 1
5 Sale Account 5 40,000
6 Selling Expenses Account 6 10,000 1
7 Admin Expenses Account 7 17,000 1
8 Drawing Account 8 15,000 1
Total 1,040,000 1,040,000

 

Question #1.2:
Calculate the Gross Profit.

 

Sol:

Gross Profit

Sales 40,000
Less Cost of Good Solds 26,000
Gross Profit 14,000

 

Question #1.3:
Calculate Total Asset as on 31st January 2018.

Sol:

Total Assets

Cash 878,000
Add Furniture 90,000
Total Assets 968,000
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