Lose weight and gain muscle?

I am not too overweight,I am a 20 year old male and around 6 feet tall... i weigh 75.5kgs but want to lose between 5-10 kgs!! I have started an exercise regime at home which i intend on doing daily. It consists of using the punch bag for about 15-20 minutes followed by 20 situps (varying types) then 15 minutes on a skipping rope and then 20 more situps! Is this going to make me lose any fat and gain abdominal muscle?? thanks guys