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  • F A (MGT101) S A # 01: 1. Intangible Assets

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    Walli Ahmad
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    This document contains the solution to an accounting assignment with information about intangible assets including goodwill and copyrights totaling Rs. 400,000. It also details equity of Rs. 1,210,000 which is total assets of Rs. 2,240,000 less total liabilities of Rs. 1,030,000. Finally, it outlines total income of Rs. 961,000 from sale of goods of Rs. 121,000 and services of Rs. 840,000 along with selling expenses of Rs. 225,000 and cost of goods sold of Rs. 600,000.

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    This document contains the solution to an accounting assignment with information about intangible assets including goodwill and copyrights totaling Rs. 400,000. It also details equity of Rs. 1,210,000 which is total assets of Rs. 2,240,000 less total liabilities of Rs. 1,030,000. Finally, it outlines total income of Rs. 961,000 from sale of goods of Rs. 121,000 and services of Rs. 840,000 along with selling expenses of Rs. 225,000 and cost of goods sold of Rs. 600,000.

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    © All Rights Reserved
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    17 views2 pages

    F A (MGT101) S A # 01: 1. Intangible Assets

    Uploaded by

    Walli Ahmad
    This document contains the solution to an accounting assignment with information about intangible assets including goodwill and copyrights totaling Rs. 400,000. It also details equity of Rs. 1,210,000 which is total assets of Rs. 2,240,000 less total liabilities of Rs. 1,030,000. Finally, it outlines total income of Rs. 961,000 from sale of goods of Rs. 121,000 and services of Rs. 840,000 along with selling expenses of Rs. 225,000 and cost of goods sold of Rs. 600,000.

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    © All Rights Reserved
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    SEMESTER FALL 2019

    FINANCIAL ACCOUNTING (MGT101)


    SOLUTION OF ASSIGNMENT # 01

    1. Intangible Assets

    Particulars Rs. Rs.

    Goodwill 150,000

    Copy rights 250,000 400,000

    2. Equity

    Particulars Rs. Rs.

    Total Assets 2,240,000

    Less: Total Liabilities 1,030,000 1,210,000

    3. Total Income/Total Revenue

    Particulars Rs. Rs.

    Amount earned on sale of goods 121,000

    Amount earned by rendering services 840,000 961,000


    4. Selling Expenses

    Particulars Rs. Rs.

    Advertising expenses 65,000

    Carriage/Transportation paid on sale of 160,000


    goods
    225,000

    5. Cost of Goods Sold

    Particulars Rs. Rs.

    Purchases 550,000

    Carriage/Transportation paid on
    purchase 50,000 600,000

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