Financial Accounting (MGT101) Assignment # 02
Due date: 12th April, 2012 Marks: 20
The following Trial balance was extracted from the books of ABC Company on 30th June, 2011. Particulars Cash Accounts receivable Plant and machinery Land and building Furniture and fixtures Capital Accounts payable Purchases Purchases return Sales Prepaid insurance Advertisement expenses Interest expenses Salaries expenses Outstanding salaries Creditors Carriage on sales Carriage inwards Total Debit (Rs.) 45,000 192,495 72,000 246,000 7,800 Credit (Rs.)
348,000 11,400 120,000 6,600 210,000 10,200 12,000 5,300 36,000 3,000 200,000 8,730 23,475 779,000
a) Prepare an Income statement for the year ended 30th June, 2011 from the given Trial Balance. (Marks: 12) b) Also prepare a Balance sheet as on 30th June, 2011 from the given Trial Balance. (Marks: 6) 2 Marks has been assigned for formatting/presentation.
Prepare Balance Sheet & Income Statement in Report (Statement) Form
Calculate to the point where calculation is being required. NO need to write irrelevant material or extra interpretation.
Only in the case of Assignment, 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. 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.
Please read the following instructions carefully before attempting the assignment solution.
• Make sure that you upload the solution file before the due date. No assignment will be accepted through e-mail once the solution has been uploaded by the instructor.
• Use the font style “Times New Roman”/ “Arial” and font size “12”. • It is advised to compose your document in MS-Word 2003. • Use black and blue...