Student ID.

bc120400299 Iftikhar Ahmad Tahir

Assignment No. 01 Semester: Fall 2012 MGT101

10+8+2=20
Solution: Accounting Solutions Ltd. (ASL) Profit and Loss Account For the Year Ended June 30, 2011 Debit Particulars Cost of Sales Opening Stock Purchases Purchase Returns Carriage Inward Wages Gross Profit c/f 6000 124,995 (3,000) 4,020 10,350 86,535 228,900 Gross Profit b/d Carriage outward General Expenses Printing Charges Interest Paid Net Profit c/f 1,185 960 660 570 83,610 Discount Received 228,900 86,535 450 Rs. Sales Gross Sale Sales Return Net Sales 229,500 (600) 228,900 Particulars Credit Rs.

86,985

86,985

Accounting Solutions Ltd. (ASL) Balance Sheet As At June 30, 2011 Particulars Assets Fixed Assets Building Furniture Machinery Total Fixed Assets Current Assets Closing Stock Sundry Debtors Cash In Hand Cash At Bank Total Current Assets Total Assets Liabilities Capital Capital Net Profit b./f. Drawings Total Capital Current Liabilities Loan Sundry Creditors Bills Payable Total Current Liabilities Total Liabilities Amount Rs. 84,000 9,000 33,000 126,000 4,500 84,000 45,000 54,000 187,500 313,500 135000 83610 (9000) 209,610 24000 76890 3000 103890 313500 Amount Rs.