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Mgt101 Assignment No. 2 solution

Saturday, May 28, 2011 Posted In Edit This
MGT101
ASSIGNMENT #2 SOLUTION
SPRING 2011

Answer #1:`
NET WORKING CAPITAL:
Current assets – current liabilities
So,
CURRENT ASSETS:
=cash in hand + sundry debtors + patents + prepaid insurance + closing stock
=63400 + 390000 + 150000 + 33000 + 136000
=772400
CURRENT LIABILITIES:
=outstanding salaries + creditors
=60000 + 126000
=186000
Now,
Net Working capital= 772400 – 186000
Net Working capital = 586400



ANSWER #2:
Trader
Income statement
As on 31st December 2005


correct the above solution

mistake 1 =patents is fixed asset not current asset
mistake 2 = bank loan is also a current liability
mistake 3 = wrong opening inventry figure
mistake 4 = wages ko add nhi kia apne

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::



Answer #1:`

NET WORKING CAPITAL:
Current assets – current liabilities

So,
CURRENT ASSETS:
=cash in hand + sundry debtors + patents + prepaid insurance + closing stock
=63400 + 390000 + 150000 + 33000 + 136000
=772400

CURRENT LIABILITIES:
=outstanding salaries + creditors
=60000 + 126000
=186000
Now,
Net Working capital= 772400 – 186000
Net Working capital = 586400

ANSWER #2:
Trader
Income statement
As on 31st December 2005
Particulars
Amount
Rs.
Sales
Less: Return inwards

Less: Cost of sales(W-I)
Gross Profit
Administrative expenses(balancing figure)

1975600
   (13600)
 1962000
   918100
 1043900
   772900

Net Profit
271000


WORKING (W-I):
COST OF SALES:
Particulars
Amount
Rs.
Amount
Rs.
Opening inventory
Add: purchases
          Carriage on purchases

Less: Closing inventory

803500
135400
15200

938900
1054100
136000
Cost of sales

918100
:::::::::::::::::::::::


NET WORKING CAPITAL:

Current assets – current liabilities

CURRENT ASSETS:

=cash in hand + sundry debtors + prepaid insurance + closing stock

=63400 + 390000 + 33000 + 136000

=622400

CURRENT LIABILITIES:

=outstanding salaries + creditors + bank loan

=60000 + 126000 + 100000

=286000

Net Working capital= 622400– 286000

Net Working capital = 336400

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