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
To understand the basic concepts required for the preparation of financial statements.
Following information has been extracted from the books of ABC Enterprises.
Cash in hand
Loan taken from bank for the period of 5 years
Loan taken from Mr. B for the period of 3 months
Loan given to Mr. D for the period of 5 months
Cost of goods sold
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.
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.
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