Assignment # 01
Financial Accounting (MGT101)
Due Date of Submission: Marks:
27/01/2010 40
Make sure that you upload the solution file before due date. No assignment will be accepted through e-mail after the due date. Formatting guidelines • Use the font style “Times New Roman” and font size “12”. • Compose your document in MS-Office 2003. Any file created in any other version will not be accepted and marked zero. • Use black and blue font colors only. Solution guidelines • The student will work individually and has to write in the form of an
analytical assignment.
• Give the answer according to question, there will be negative marking for irrelevant material. • Mention the source (bibliography) which you are using for preparing your assignment. • Support your solution with complete working/calculations where necessary. Marks will be deducted if complete working/calculations are not shown. Please note that your assignment will not be graded if: • It is submitted after due date • The file you uploaded does not open • The file you uploaded is copied from some one else • Cheating or copying of assignment is strictly prohibited. The cheated or copied assignment will be marked as Zero.
Virtual University of Pakistan
Assignment # 01 Question:
Financial Accounting (MGT101)
Mr. Ali is running “Hyper Star Traders” a sole proprietorship business located at the Mall Road, Lahore. At the year end the business has: Furniture Plant Capital
th
Rs. 40,000 200,000 280,000
On 30 November 2009 Mr. Ali submitted a tender for sale of goods of Rs. 20,000 which is likely to be confirmed shortly. Bank debited service charges Rs. 150 and interest on loan Rs. 500 and credited dividend for Rs. 2,000 in the month of December (intimation from bank was received on 7th January 2010). Mr. Ali also estimates that 5% of the amount will not be collectable from sundry debtors. House rent allowance Rs. 5,000 has been paid on 31st December from his personal...