MGT101 - Financial Accounting

Spring 2018 ID: 180201315 Name: Mudasser Ahmed

Assignment No. 1
Answer: ABC Traders
As on 31st December 2017.
1. Sales Revenue
Particulars Rs.
Gross profit 40,000
Cost of goods sold 55,000
Sales Revenue 9,5000

2. Fixed Assets
Particulars Rs.
Land & Building 840,000
Plant & Machinery 750,000
Furniture & fixtures 170,000
Fixed Assets 1,760,000

3. Current Assets
Particulars Rs.
Cash at bank 45,000
Closing stock 20,000
Income earned expected to be received within 3 months 10,000
Current Assets 75,000

4. Current Liabilities
Particulars Rs.
Sundry creditors 25,000
Office expenses incurred expected to be paid within 3 months 15,000
Current Liabilities 40,000

5. Selling Expenses
Particulars Rs.
Salaries of marketing staff 150,000
Advertising expenses 65,000
Selling Expenses 215,000

6. Capital to be shown in balance sheet as on 31st December 2017

Particulars Rs.
Capital at the start of the period 500,000
Profit earned during the period 46,000
Capital to be shown in balance sheet as on 31st December 2017 546,000