Due Date :-  16 May 2018

Total Marks :- 10

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"Profit earned during the period" ki entry kaise pass ho gi...?????

Someone Help...

MGT101

Solution:

Sales Revenue

Gross Profit = Sales – cost of goods sold

40000 = Sales - 55000

40000 + 55000 = Sales

Sales Revenue = 95000

Fixed Assets

Fixed Assets = Plants and machinery + land & building + Furniture and Fixtures

Fixed Assets = 750000 + 840000 + 170000 = 1760000

Current Assets

Current Assets = cash at bank + Income earned expected to be received within 3 months + Closing stock

Current Assets = 45000 + 10000 + 20000

Current Assets = 75000

Current Liabilities

Current Liabilities = Office expenses incurred expected to be paid within 3 months + Sundry Creditors

Current liabilities = 15000 + 25000

Current Liabilities = 40000

Selling Expenses

Selling Expenses = Salaries of marketing staff + Advertisement Expense

Selling Expenses = 150000 + 65000

Selling Expenses = 215000

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

Capital = Capital + Net Profit

Capital = 500000 + 46000

Capital to be Shown in balance sheet = 546000

"Profit earned during the period" ki entry kaise pass ho gi...?????

Cash Account 

                   To Net Profit Account

MGT101

 

  1. Sales Revenue

 

Gross Profit                                         55,000

Cost of Goods Sold                            40,000

                                                                        95,000

 

  1. Fixed Assets:

 

Land & Building                                 840,000

            Plants & Machinery                            750,000

            Furniture & Fixtures                           170,000          

                                                                     1,760,000

 

  1. Current Assets:

 

Cash at Bank                                       45,000

Closing Stock                                      20,000

Receivable Income                              10,000

                                                            75,000

 

 

  1. Current Liabilities:

 

Sundrey Creditors                               25,000

            Expense Payable                                 15,000

                                                                        40,000

 

  1. Selling Expense:

 

Salaries of Marketing Staff               150,000

Advertising Expense                           65,000

Rent of office Building                      60,000

Wages Paid of Workers                      33,000

                                                          308,000

 

  1. Capital:

 

Opening Capital                                  500,000

Profit                                                     46,000

                                                            546,000

 

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