MGT401

ASSIGNMENT#1 Solution 2024

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Question#1:
SOLUTION:
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Statement of Profit and Loss for the year ended 31st December, 2022:

Name Amount
Sales 850,000
Cost of Goods Sold
Opening Inventory 19,000
Purchases 520,000
Less: Closing Inventory (32,000)
Total Cost of Goods Sold 507,000
Gross Profit 343,000
Operating Expenses
General Administrative Expenses 27,000
Administrative Salaries 25,000
General Distribution Expenses 15,000
Distribution Salaries 10,000
Directors’ Remuneration 45,000
Depreciation Expense
Depreciation on Building (5%) 225,000
Depreciation on Plant and Machinery 81,000
(20%)
Amortization of Development Costs 10,000
Total Operating Expenses 438,000
Net Profit Before Tax (95,000)
Tax Provision 65,000
Net Profit After Tax (30,000)
Dividend Paid 25,000
Retained Earnings at 31st Dec, 2022 93,000
Statement of Financial Position as at 31st December, 2022:
Assets:

Title Amount
Non-current Assets
Land and Building (Cost - Accum. Dep.) 2,300,000
Plant and Machinery (Cost - Accum. 344,000
Dep.)
Investments 55,000
Development Cost (Net of 20,000
Amortization)
Current Assets
Cash at Bank 33,000
Cash in Hand 10,000
Trade Receivables 20,000
Inventory 32,000

Liabilities and Equity:

Title Amount
Equity
Ordinary Share Capital 2,080,000
Retained Earnings 93,000
Non-current Liabilities
10% Loan Notes (Due in 2025) 300,000
Current Liabilities
Tax (Estimated) 65,000
Trade Payables 41,000

These statements give are company's financial performance and position for the
year ended 31st December, 2022.
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