MGT101 Assignment No 1 Solution Spring 2018

MGT-101 Assignment No 1 Solution Spring 2018

Here, I am providing you "Solution of MGT - 101  Assignment No 1 due date is 16-05-2018" 

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MGT 101 Assignment File: 

QUESTION

Following information is extracted from the books of ABC Traders on 31^st December 2017.

Particulars	Rs.	Particulars	Rs.
Cost of goods sold	55,000	Gross profit	40,000
Plant & Machinery	750,000	Land & Building	840,000
Furniture and Fixtures	170,000	Cash at bank	45,000
Income earned expected to be received within 3 months	10,000	Office expenses incurred expected to be paid within 3 months	15,000
Opening stock	24,000	Closing stock	20,000
Sundry creditors	25,000	Capital at the start of the period	500,000
Profit earned during the period	46,000	Salaries of marketing staff	150,000
Rent of office building	60,000	Advertising expenses	65,000
Wages paid to workers	33,000	Mark up on loan	14,000

Required:

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

1.     Sales Revenue                                                                                            

2.     Fixed Assets                                                                                               

3.     Current Assets                                                                                            

4.     Current Liabilities                                                                                      

5.     Selling expenses                                                               

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

Solution:

1 .Sales Revenue :        

                                 Gross Profit =  Sales- Cost of Goods Sold

                                       40000 = Sales -55000

                                        40000 + 55000 = Sales

                                        Sale Revenue =  95000

2.       Fixed Assets :

               Fixed Assets = Plant and machinery + Land and Building + Furniture and  fixtures

              Fixed Assets =  750000 +840000 + 170000 = 1760000.

               Fixed Assets = 1760000

3.   Current Assets :

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

Current Assets = 45,000 + 10,000 +20000

Current Assets = 75000

4.  Current Liabilities :

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

Current Liabilities = 15000 +25000 = 40000

Current Liabilities   =   40000

5. Selling Expense :

            Selling Expense = Salaries of marketing Staff + Advertisement Expense

             Selling Expense =   150000 +65000 = 215000

Selling Expense  =  215000

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

   Capital  = Capital + Net profit

   Capital = 500000 +46000 = 546000

Capital to be shown in balance sheet as on 31^st December 2017 = 546000

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