MGT101 Assignment 1 Solution and Discussion


  • Cyberian's Gold

    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.
    LEARNING OBJECTIVES:
    To understand the heads/terminologies used in the preparation of financial statements.
    QUESTION
    Following information is extracted from the

    Particulars Rs. Particulars Rs.
    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
    Purchases 550,000 Total Liabilities 10,30,000
    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

    Required:
    Based on the above information of ABC Business, you are required to calculate the amount of:

    1. Intangible Assets
    2. Equity
    3. Total Income/Revenue
    4. Selling Expenses
    5. Cost of goods sold

    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.
    IMPORTANT INSTRUCTIONS
     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
    accepted.
    FORMATTING GUIDELINES:
     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.

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  • Cyberian's Gold

    Solution:
    1. Intangible Assets

    Particulars Rs. Rs.
    Goodwill 150,000
    Copy rights 250,000 400,000

    2. Equity

    Particulars Rs. Rs.
    Total Assets 2,240,000
    Less: Total Liabilities 1,030,000 1,210,000

    3. Total Income/Total Revenue

    Particulars Rs. Rs.
    Amount earned on sale of goods 121,000
    Amount earned by rendering services 840,000 961,000

    4. Selling Expenses

    Particulars Rs. Rs.
    Advertising expenses 65,000
    Carriage/Transportation paid on sale of goods 160,000 225,000

    5. Cost of Goods Sold

    Particulars Rs. Rs.
    Purchases 550,000
    Carriage/Transportation paid on purchase 50,000 600,000

  • Cyberian's Gold

    Solution:
    1. Intangible Assets

    Particulars Rs. Rs.
    Goodwill 150,000
    Copy rights 250,000 400,000

    2. Equity

    Particulars Rs. Rs.
    Total Assets 2,240,000
    Less: Total Liabilities 1,030,000 1,210,000

    3. Total Income/Total Revenue

    Particulars Rs. Rs.
    Amount earned on sale of goods 121,000
    Amount earned by rendering services 840,000 961,000

    4. Selling Expenses

    Particulars Rs. Rs.
    Advertising expenses 65,000
    Carriage/Transportation paid on sale of goods 160,000 225,000

    5. Cost of Goods Sold

    Particulars Rs. Rs.
    Purchases 550,000
    Carriage/Transportation paid on purchase 50,000 600,000


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