MGT101 Financial Accounting Assigment No 1 Semester fall 06 November 2012
LEARNING OBJECTIVES::
It enables the students to:
· Correct placement of various account heads in different financial
statements
· Ascertain the profits of a business concern
· Prepare financial statements of a business organization
Accounting Solutions Ltd. (ASL) is a small firm located in Lahore and is working
in the field of accountancy, tax and audit. Mr. S.A. Butt (FCA) - a fellow of
Institute of Chartered Accountant of Pakistan is the owner of this firm. He set up
the firm in 2005 and owing to his untiring efforts and professionalism; the firm is
ranked amongst the top 10 firms in the industry. The revenues of the firm have
been doubled since its incorporation. For the Financial Year 2011, gross revenue
has been recorded at Rs. 229,500 including credit sales as well. The firm is
registered through SECP (Securities & Exchange Commission of Pakistan).
Following is trial balance of ASL for financial year 2010-2011.
FINANCIAL ACCOUNTING (MGT101) FALL 2012
ASSIGNMENT NO. 1
DUE DATE: NOVEMBER 12, 2012
MARKS: 20
Accounting Solutions Ltd. (ASL)
Trial Balance
For the year ended June 30, 2011
Rs. Rs.
Opening stock 6,000 Capital 135,000
Purchases 124,995 Bills payable 3,000
Carriage inward 4,020 Sundry creditors 76,890
Wages 10,350 Purchases return 3,000
Sales return 600 Loan 24,000
Carriage outward 1,185 Discount received 450
General expenses 960 Sales 229,500
Printing charges 660
Interest paid 570
Cash in hand 45,000
Cash at bank 54,000
Sundry debtors 84,000
Machinery 33,000
Furniture 9,000
Building 84,000
Drawings 9,000
Closing stock 4,500
471,840 471,840
Requirement: From the above given trial balance, you are required to prepare
Profit and Loss Account (‘T’ account form) and balance sheet (report form) for
the year ended 31st December, 2011. (10+08)
Note: 2 marks for formatting and presentation
IMPORTANT::
24 hours extra / grace period after the due date are usually available to
overcome uploading difficulties. This extra time should only be used to meet the
emergencies and above mentioned due dates should always be treated as final to
avoid any inconvenience.
SOLUTION GUIDELINES::
· Formatting and presentation carries marks. So, you have to follow correct
formats of required financial statements.
· Complete working is required otherwise marks will be deducted.
OTHER IMPORTANT INSTRUCTIONS::
DEADLINE:
· Make sure to upload the solution file before the due date on VULMS.
· Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
· Use the font style “Times New Roman” or “Arial” and font size “12”.
· It is advised to compose your document in MS-Word format.
· You may also compose your assignment in Open Office format.
· Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
· It is submitted after the due date.
· The file you uploaded does not open or is corrupt.
· It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint,
PDF etc.
· It is cheated or copied from other students, internet, books, journals etc.