mgt101 assignment no.1 idea solution fall 2019

 

 

FINANCIAL ACCOUNTING (MGT101)

mgt101 assignment no.1 idea solution fall 2019

DUE DATE: 13th November 2019

Problem



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

  1. Intangible Assets
  2. Equity
  3. Total Income/Revenue
  4. Selling Expenses
  5. Cost of goods sold

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.



Ideas solution:

  1. Intangible Assets

Particulars                                           Rs.

Copy Right                                          250,000

Good will                                             150,000

Total:                                                     400,000

  1. Equity



We can find the owner equity by using the following formula

 

  1. Total income

Particulars                                                                           Rs.

Amount earned on sale of goods                               121,000

Amunt earned by rendering services                     840,000

Total:                                                                                     961,000

  1. Selling expenses

 

Particulars                                                                           Rs.

Advertising expenses                                                     65,000

Carriage/Transportation paid on sale of goods    160,000

Total                                                                                      225,000



  1. Cost of goods sold

Particulars                                                                           Rs.

Purchases                                                                           550,000

Carriage/Transportation paid on purchases          50,000

 

 

 

 

 

 

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