MGT 101 assigment no 1

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SEMESTER “SPRING 2012”
Financial Accounting (MGT101)
Assignment # 02Assignment # 02
Assignment # 02Assignment # 02

Due date: 12th April, 2012 Due date: 12th April, 2012 Marks: 20 Marks: 20
Due date: 12th April, 2012 Due date: 12th April, 2012 Marks: 20Marks: 20

th
The following Trial balance was extracted from the books of ABC Company on 30 June, 2011.

Debit Credit
Particulars
(Rs.) (Rs.)
Cash 45,000
Accounts receivable 192,495
Plant and machinery 72,000
Land and building 246,000
Furniture and fixtures 7,800
Capital 348,000
Accounts payable 11,400
Purchases 120,000
Purchases return 6,600
Sales 210,000
Prepaid insurance 10,200
Advertisement expenses 12,000
Interest expenses 5,300
Salaries expenses 36,000
Outstanding salaries 3,000
Creditors 200,000
Carriage on sales 8,730
Carriage inwards 23,475
Total 779,000 779,000
Requirement:

th
a) Prepare an Income statement for the year ended 30 June, 2011 from the given Trial Balance.
(Marks: 12)
th
b) Also prepare a Balance sheet as on 30 June, 2011 from the given Trial Balance. (Marks: 6)

2 Marks has been assigned for formatting/presentation.

Note:

Prepare Balance Sheet & Income Statement in Report (Statement) Form