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Assignment No 1 Mgt101 Question: Following Information Is Extracting From Books of ABC Business On 13

The document provides financial information from the books of ABC Business on June 13, 2019. It includes details of income, expenses, assets, and liabilities. Based on this information, the required calculations are: 1) Intangible assets total Rs. 450,000, including copyright of Rs. 250,000 and goodwill of Rs. 150,000. 2) Equity is Rs. 1,210,000, calculated as total assets of Rs. 2,240,000 minus total liabilities of Rs. 1,030,000. 3) Total income is Rs. 961,000, which is the amount earned from sales of Rs. 121,000 and services of Rs. 840

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321 views

Assignment No 1 Mgt101 Question: Following Information Is Extracting From Books of ABC Business On 13

The document provides financial information from the books of ABC Business on June 13, 2019. It includes details of income, expenses, assets, and liabilities. Based on this information, the required calculations are: 1) Intangible assets total Rs. 450,000, including copyright of Rs. 250,000 and goodwill of Rs. 150,000. 2) Equity is Rs. 1,210,000, calculated as total assets of Rs. 2,240,000 minus total liabilities of Rs. 1,030,000. 3) Total income is Rs. 961,000, which is the amount earned from sales of Rs. 121,000 and services of Rs. 840

Uploaded by

siraj sons
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Bc190401108 Date:09-11-2019

Assignment No 1 Mgt101
Question: Following information is extracting from books of ABC business on 13 th june 2019.

Particulars Rs Particulars Rs
Advertisment 65000 Amount earned on 121,000
expences sales of goods
Carriage/transport 16,0000 Amount earned on 840,000
paid on sale of goods rendering services
Purchases 550,000 Total liabilities 1030,000
Carriage/Transport 50,000 Copy right 250,000
paid on purchases
Pent of office 278,222 Goodwill 150,000
building
Tax paid 20364 Furniture and Fixture 170,000
Mark up on loan 15228 Plant and Machinery 750,000
Salaries paid to 16369 Land and Buildind 770,000
employes
Bank charges 29367 Cash in hand 150,000
Other financial 17268 Total Assets 2240,000
charges
Note:There is no opening and closing stock of inventory.
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
4. Selling expences
5. Cost of goods sold
Answer:
1: Intengible Assets:
COPY Rigth = 25000
Goodwill = 150,000
Total = 450,000
2: Equity
Total Assets – Total Liablities
2240,000-103000 = 1210000
3: TOTAL Income
Sales + Services
121000+840000 = 961000
4: Selling Expences
Advertisment Expenses = 65000
Carriage = 160000
Total = 225000
5: Cost of goods sold
Purchases = 550,000
Carriage =50,000
Total = 600,000

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