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MGT101 Assignment No. 1 solution Fall 2017


ASSIGNMENT IMPORTANT INSTRUCTIONS

TOPIC TO BE TESTED:

Basic concepts to understand the different contents of financial statements

LEARNING OBJECTIVES:

To understand the basic concepts required for the preparation of financial statements.

Following information has been extracted from the books of ABC Enterprises.
Particulars
Rs.
Cash in hand
10,000
Debtors
20,000
Machinery
300,000
Building
400,000
Furniture
500,000
Creditors
5,000
Bank overdraft
15,000
Loan taken from bank for the period of 5 years
200,000
Loan taken from Mr. B for the period of 3 months
30,000
Loan given to Mr. D for the period of 5 months
35,000
Sales
800,000
Cost of goods sold
550,000
Freight outwards
13,000
Advertisement expenses
14,000
Distribution expenses
12,000

Based on the information given above, you are required to calculate the:
  • Current Assets
  • Fixed Assets
  • Current Liabilities
  • Gross Profit
  • Selling Expenses


Note: Be specific to requirements of solution; inclusion of irrelevant items in any part of solution may leads to deduction of marks.

Question:

Important:
Grace period of extra 24 hours after the due date is 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.

IMPORTANT INSTRUCTIONS
  • Take help from internet for collecting the information.
  • Carefully watch relevant lectures and consult the relevant material from handouts along with recommended books.
  • Attempt the assignment by yourself and it will be entertained positively.


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 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.

Note related to load shedding: Please be proactive.

Dear students!


As you know that Pre-Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a day. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or 


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