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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

GDB:

 

Transactions

Particular account

Nature

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

Credit

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

?

?

 

Required:

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.


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