NEW FINANCIAL ACCOUNTING (MGT101) ASIGNMENT

FALL 2012

DUE DATE: NOVEMBER 12, 2012

Accounting Solutions Ltd. (ASL) is a small firm located in Lahore and is working
in the field of accountancy, tax and audit. Mr. S.A. Butt (FCA) - a fellow of
Institute of Chartered Accountant of Pakistan is the owner of this firm. He set up
the firm in 2005 and owing to his untiring efforts and professionalism; the firm is
ranked amongst the top 10 firms in the industry. The revenues of the firm have
been doubled since its incorporation. For the Financial Year 2011, gross revenue
has been recorded at Rs. 229,500 including credit sales as well. The firm is
registered through SECP (Securities & Exchange Commission of Pakistan).

Following is trial balance of ASL for financial year 2010-2011.

FINANCIAL ACCOUNTING (MGT101) FALL 2012
ASSIGNMENT NO. 1
DUE DATE: NOVEMBER 12, 2012
MARKS: 20
Accounting Solutions Ltd. (ASL)
Trial Balance
For the year ended June 30, 2011
Rs. Rs.
Opening stock 6,000 Capital 135,000
Purchases 124,995 Bills payable 3,000
Carriage inward 4,020 Sundry creditors 76,890
Wages 10,350 Purchases return 3,000
Sales return 600 Loan 24,000
Carriage outward 1,185 Discount received 450
General expenses 960 Sales 229,500
Printing charges 660
Interest paid 570
Cash in hand 45,000
Cash at bank 54,000
Sundry debtors 84,000
Machinery 33,000
Furniture 9,000
Building 84,000
Drawings 9,000
Closing stock 4,500
471,840 471,840
Requirement: From the above given trial balance, you are required to prepare
Profit and Loss Account (‘T’ account form) and balance sheet (report form) for
the year ended 31st December, 2011. (10+08)
Note: 2 marks for formatting and presentation

SOLUTION

Solution will be uploaded soon.