MGT101 Financial Accounting Assigment No 1 Semester fall 06 November 2012

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Solution

FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT NO 1
PREPARATION OF PROFIT AND LOSS ACCOUNT (T FORM)
AND BALANCE SHEET (REPORT FORM)










ACCOUTING SOLUTIONS LTD. (ASL)
BALANCE SHEET
FOR THE PERIOD ENDED JUNE 30, 2011
Assets NOTES 2011 (RUPEES)
Fixed Assets
Building 84,000
Furniture 9,000
Machinery 33,000
Total Fixed Assets 126,000

Current Assets
Closing Stock 4,500
Sundry Debtors 84,000
Cash In Hand 45,000
Cash At Bank 54,000
Total Current Assets 187,500
Total Assets 313,500
Liabilities
Capital
Capital 135000
Net Profit b./f. 83610
Drawings (9000)
209,610

Current Liabilities
Loan 24000
Sundry Creditors 76890
Bills Payable 3000
103890
Total Liabilities 313500







ACCOUTING SOLUTIONS LTD. (ASL)
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED JUNE 30, 2011
Dr Cr
2011 (RUPEES) 2011 (RUPEES)
Cost of Sales Sales
Opening Stock 6,000 Gross Sale 229,500
Purchases 124,995 Sales Return (600)
Purchase Returns (3,000) Net Sales 228,900
Carriage Inward 4,020
Wages 10,350
Gross Profit c/f 86,535
228,900 228,900
Gross Profit b/f 86,535
Carriage outward 1,185 Discount Received 450
General Expenses 960
Printing Charges 660
Interest Paid 570
Net Profit c/f 83,610
86,985 86,985