We have been working very hard since 2009 to facilitate in learning Read More. We can't keep up without your support. Donate.


+ Link For Assignments, GDBs & Online Quizzes Solution


+ Link For Past Papers, Solved MCQs, Short Notes & More

GDB MGT101 - Financial Accounting Friday, November 27, 2020

Total Marks 5
Starting Date Monday, November 23, 2020
Closing Date Friday, November 27, 2020
Status Open
Question Title GDB-01
Question Description

Topic to be tested:

  • Rules of debit and credit

Learning Objectives:

  • To understand the application of rules of debit and credit in accounting




Particular account


Debit or Credit

Applied Rule of Debit and credit

Investment of cash for Rs. 30,000 is made in business by the owner.

Capital a/c


Increase in equity

Bought land of Rs. 300,000 on credit basis.

Land a/c



Paid salaries of Rs, 25,000 by cheque.

Salaries a/c



Goods returned to suppliers for Rs. 10,000.

Purchases return a/c



Sold goods of Rs. 40,000 to XYZ brothers on cash basis

Sales a/c





You are required to mention the nature of given accounts (either debit or credit) and the rules of debit and credit to be applied as per modern classification of accounts, for all accounts mentioned against each transaction. Red highlighted transaction is given as a sample for understanding to attempt the other missing particulars of given transactions.

Note: Partial correct treatment in any case has NO marks so be careful while providing the answers. Moreover, be concise and avoid unnecessary details to attempt the given questions.


Important Instructions:

  1. Your discussion must be based on logical facts.
  2. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  3. Obnoxious or ignoble answer should be strictly avoided.
  4. Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)

Views: 134

Reply to This

Replies to This Discussion



Looking For Something? Search Below

Latest Activity

Ateeqa posted a discussion
2 hours ago
Fahad Shahid posted a discussion
2 hours ago
Fahad Shahid posted a status
"and can work on google sheets Anyone who wants to learn Accounting can Apply 03234613093"
2 hours ago
Fahad Shahid posted a status
"Online Work From Home Daily 2-3 Hours work Salary 3000/month Work: Accounts Management Best for Commerce Students Should know Accounts"
2 hours ago
Rabia liked Ammara Sabir's profile
2 hours ago
Rabia and muhammad saim are now friends
2 hours ago
Pɾιɳƈҽ PK commented on Ammara Sabir's status
7 hours ago
Pɾιɳƈҽ PK commented on Ammara Sabir's status
7 hours ago
Pɾιɳƈҽ PK commented on Ammara Sabir's status
7 hours ago
Pɾιɳƈҽ PK commented on Ammara Sabir's status
7 hours ago
Ammara Sabir posted a status
"Chlo ao kainat banntt lety hain,,,,,,,,,,,,,,,, sb kuch tmhara or tm bs mery"
10 hours ago
+ M.Tariq Malik liked + ! ! hคຖiค khคຖ ! ! ! +'s discussion 'Ghar Se Hum Ghar Talak Gaye Honge, Apne Hee Aap Tak Gaye Honge',
10 hours ago

© 2021   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service