SEMESTER FALL 2019
FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT # 01
DUE DATE: 13th November 2019 MARKS: 10
TOPIC TO BE TESTED:
Basic understanding required for the preparation of financial statements.
To understand the heads/terminologies used in the preparation of financial statements.
Following information is extracted from the
|Advertising expenses||65,000||Amount earned on sale of goods||121,000|
|Carriage/Transportation paid on sale of goods||160,000||Amount earned by rendering services||840,000|
|Carriage/Transportation paid on purchases||50,000||Copy rights||250,000|
|Rent of office building||278,222||Goodwill||150,000|
|Taxes paid||20,364||Furniture and Fixtures||170,000|
|Mark up on loan||15,228||Plant & Machinery||750,000|
|Salaries paid to employees||16,369||Land and Building||777,000|
|Bank charges||29,367||Cash in hand||150,000|
|Other financial charges||17,268||Total Assets||2,240,000|
Note: There is no opening and closing stock of inventory
Based on the above information of ABC Business, you are required to calculate the amount of:
- Intangible Assets
- Total Income/Revenue
- Selling Expenses
- Cost of goods sold
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.
Take help from internet for collecting the information.
Carefully watch relevant lectures and consult the relevant material
from handouts along with recommended books.
Attempt the assignment by yourself and it will be entertained positively.
OTHER IMPORTANT INSTRUCTIONS: DEADLINE:
Make sure to upload the solution file before the due date on VULMS.
Any submission made via email after the due date will not be
Use the font style “Times New Roman” or “Arial” and font size “12”.
It is advised to compose your document in MS-Word format.
You may also compose your assignment in Open Office format.
Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
It is submitted after the due date.
The file you uploaded does not open or is corrupt.
It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
It is cheated or copied from other students, internet, books, journals etc.
Note related to load shedding: Please be proactive
As you know that Pre Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.