MGT101 Assignment No. 1 Spring 2016 Solution

MGT101 Assignment No. 1 Spring 2016 Solution

SEMESTER SPRING 2016

FINANCIAL ACOOUNTING (MGT101) Solution

Assignment #01

TOPIC TO BE TESTED:

•        Basic understanding to be required for the preparation of financial statements.

LEARNING OBJECTIVES:

•        To understand the elements used in the preparation of financial statements.

QUESTION

Following information is extracted from the books of Ali Traders on 31^st December 2015.

Particulars	Rs.	Particulars	Rs.
Payment of salaries to employees	40,000	Repairs and maintenance	50,000
Freight outwards	20,000	Advertisement	30,000
Goodwill	60,000	Bank charges deducted	5,000
Plant and Machinery	95,000	Copy rights	35,000
Cash in hand	12,000	Furniture and Fixtures	75,000
Goods purchased on credit basis	44,000	Cash at bank	45,000
Loan taken from bank on 31st	48,000	Goods sold on credit basis	43,000
January 2015 @10% per annum
Goods purchased on cash basis	54,000	Goods sold on cash basis	120,000

Required:

Based on the above information of Ali Traders, you are required to calculate the amount of:

1.     Administration expenses

2.     Financial expenses

3.     Revenue

4.     Intangible assets

5.     Liabilities

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