SEMESTER SPRING 2019

FINANCIAL ACCOUNTING (MGT101)

ASSIGNMENT # 01

QUESTION
Following information is extracted from the books of XYZ Traders on 31st December 2018.

Particulars Rs. Particulars Rs.

Salesman salary 60,500 Sales revenue 121,000
Plant & Machinery 750,000 Land & Building 840,000
Furniture and Fixtures 170,000 Long term loans 45,000
Goodwill 100,000 Patent rights 150,000
Gross profit 24,000 Commission received 20,000
Copy rights 220,000 Salaries of marketing staff 172,000
Sundry creditors 25,000 Mark up on loan 14,000
Salaries of office staff 160,000 Advertising expenses 63,000
Electricity charges office 95,000 Short term loans 33,000
of building
Rent of office building 60,000 Taxes paid 31,000

Required:
Based on the above information of XYZ Traders, you are required to calculate the amount of:

1. Tangible Assets
2. Intangible Assets
3. Administration Expenses
4. Selling Expenses
 XYZ Traders
As on 31st December 2018
Particulars Rupees
Tangible Assets:
Plant & Machinery 750,000

Furniture & Fixture 170,000

Land & Building 840,000

Total 1,760,000

Intangible Assets:
Goodwill 100,000
Copy rights 220,000
Patent Rights 150,000
Total 470,000

Administration Expenses:
Salaries of office staff 160,000
Electricity charges of office building 95,000
Rent of office building 60,000
Taxes paid 31,000
Total 346,000

Selling Expenses:
Salesman salary 60,500
Salaries of marketing staff 17,2000
Advertising expenses 63,000
Total 295,500