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MGT101 VU Assignment No. 1 Spring 2012 Solution

ABC COMPANY
INCOME STATEMENT
For The Period Ended On 30th June 2011

 

S ALES                                                                                            210,000

C OST OF SALES:

PURCHASES                                          120,000.00
LESS: PURCHASE RETURNED        (6,600.00)
CARRIAGE INWARD                            23475.00
NET PURCHASES                                                       136,875.00
TOTAL COST OF GOODS SOLD                                             136,875.00

GROSS PROFIT                                      73,125.00
L ESS CARRIAGE ON SALES             8,730.00
ADVERTISEMENT EXPENSE           12,000.00
SALARIES                                              36,000.00
INTEREST EXPENSE                           5,300.00
TOTAL OPERATING EXPENSES    62,030.00
OPERATING PROFIT                11,095.00

 

 ABC COMPANY

BALANCE SHEET
For The Period Ended On 30th June 2011
A SSETS
FURNITURE & FIXTURE 7,800.00
PLANT & Machinery 72.000.00
Land & Building 246,000.00
TOTAL FIXED ASSETS 325,800.00
C ASH IN HAND 45,000.00
Prepaid insurance 10.200.00
ACCOUNTS RECIEVABLE 192,495.00
TOTAL CURRENT ASSETS 247,695.00
T OTAL ASSETS 573,495.00
L IABILITIES
CREDITORS 200,000.00
ACCOUNTS PAYABLE 11,400.00
OUTSTANDING SALARIES 3,000.00
TOTAL LIABILITIES 214,400.00
C APITAL 348,000.00
PROFIT FOR THE YEAR 11,095.00
T OTAL OWNERS EQUITY 359,095.00
T OTAL LIABILITES AND OWNERS EQUITY 573,495.00

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