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MGT101 Financial Accounting Assignment No 01 Solution

FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT # 01
DUE DATE: 14th November 2017 MARKS: 10
TOPIC TO BE TESTED:
 Basic concepts to understand the different contents of financial statements
LEARNING OBJECTIVES:
 To understand the basic concepts required for the preparation of financial statements.
Following information has been extracted from the books of ABC Enterprises.
Particulars
Rs.
Cash in hand
10,000
Debtors
20,000
Machinery
300,000
Building
400,000
Furniture
500,000
Creditors
5,000
Bank overdraft
15,000
Loan taken from bank for the period of 5 years
200,000
Loan taken from Mr. B for the period of 3 months
30,000
Loan given to Mr. D for the period of 5 months
35,000
Sales
800,000
Cost of goods sold
550,000
Freight outwards
13,000
Advertisement expenses
14,000
Distribution expenses
12,000
Based on the information given above, you are required to calculate the:
1. Current Assets
2. Fixed Assets
3. Current Liabilities
4. Gross Profit
5. Selling Expenses
Note: Be specific to requirements of solution; inclusion of irrelevant items in any part of solution may leads to deduction of marks.
QUESTION
IMPORTANT:
Grace period of extra 24 hours after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.

Solution :

Download Solution Here MGT101

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