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    Fall 2024 - MGT401 - 1

    Uploaded by

    kinzashouqat2
    virtual universty

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Fall 2024 - MGT401 - 1

    Uploaded by

    kinzashouqat2
    7 views3 pages
    virtual universty

    Original Title

    Fall 2024_MGT401_1 (1)

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    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    virtual universty

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7 views3 pages

    Fall 2024 - MGT401 - 1

    Uploaded by

    kinzashouqat2
    virtual universty

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    SEMESTER FALL 2024

    FINANCIAL ACCOUNTING II (MGT401)


    ASSIGNMENT
    DUE DATE: 11 NOVEMBER 2024
    MARKS: 10
    Assignment Title: Preparation of Financial Statements

    Objective: To develop skills in preparing a Profit and Loss Account and Balance Sheet directly from a trial
    balance.
    Learning Outcomes: This assignment reinforces students' understanding of how to convert a trial balance
    into formal financial statements.

    Assignment
    Use the following trial balance of HK Ltd. to prepare Statement of Profit and Loss and Statement of
    Financial Position as of December 31, 2023.
    Trial balance of HK Ltd. as at 31st December 2023

    Heads of Accounts Debit (Rs.) Heads of Accounts Credit (Rs.)


    Cost of sales 75,000 Sales 550,000
    Selling commission 3,000 Paid up share capital 400,000
    Carriage out 2,500 Retained earnings 01.01.2023 45,000
    Depreciation 2,500 Long term loan 5,500
    Salaries and wages 8,000 Debentures 360,000
    Marketing expenses 11,000 Accounts payables 20,400
    Bad debts 1,500 Short term loans 8,000
    Rent expense 4,500 Revaluation surplus 3,000
    Legal expenses 5,000
    Repair and maintenance 2,700
    Interest expense 2,700
    Tax expense 3,500
    Property, plant and equipment 600,000
    Intangible assets 350,000
    Long term investments 160,000
    Cash and bank balances 150,000
    Inventories 10,000
    Total 1,391,900 Total 1,391,900
    Requirement:

    a) Prepare Statement of Profit and Loss for the year ended 31st December 2023 to determine net
    profit.
    b) Prepare Statement of Financial Position as at 31st December, 2023.
    IMPORTANT
    24 hours extra/grace period after the due date is usually available to overcome uploading
    difficulties. 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.
    IMPORTANT/SPECIAL INSTRUCTIONS/SOLUTION GUIDELINES:
    BE NEAT IN YOUR PRESENTATION
    DEADLINE
    • Make sure to upload the solution file before the due date on VULMS.
    • Any submission made via email after the due date will not be accepted.
    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.
    REFERENCING GUIDELINES
    • Use APA style for referencing and citation. For guidance search “APA reference style” in
    Google and read various websites containing information for better understanding or visit
    http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
    RULES FOR MARKING
    Please note that your assignment will not be graded or graded as Zero (0), if:
    • It is submitted after the due date.
    • The file you uploaded does not open or is corrupt.
    • It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
    • It is cheated or copied from other students, internet, books, journals etc.

    Note related to load shedding: Please be proactive

    Dear students!
    As you know that Pre-Mid-Term semester activities have started and load
    shedding problem is also prevailing in our country. Keeping in view the fact, you
    all are advised to post your activities as early as possible without waiting for the
    due date. For your convenience; activity schedule has already been uploaded on
    VULMS for the current semester, therefore no excuse will be entertained after
    due date of assignments or GDBs.

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