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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.

 

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Replies to This Discussion

Discuss here about this GDB . Thanks 

MGT101 GDB Solution File Fall 2020 (27-11-2020)

Right Click on the below link, then click on “Save link as” to download the file.

MGT101_GDB_Solution_Fall_2020

MGT101 GDB Idea Solution Fall 2020 - 27-11-2020

MGT101-FINANCIAL ACCOUNTING GDB SOLUTION 2020

I think the solution given by Tariq sir is correct

MGT101-FINANCIAL ACCOUNTING - GDB- Solution 2020

MGT 101 GDB 1 Solution | Financial Accounting 

MGT101 GDB 1 Solution 2020 || MGT101 GDB~1 Solution Fall 2020 || 

MGT101 GDB - 1 Solution fall 2020 ll VU MGT101 GDB 1 Solution fall 2020 MGT101 GDB - 1 Solution fall 2020 MGT101 GDB 1 Solution 2020

SOLUTION GDB No. 1 (MGT101 – Financial Accounting) Fall 2020

MGT101-GDB-No.1-2020-Solution

Below link 

MGT101-GDB-No.1-2020-Solution

 +Shakeel Ahmad Welcome :-) 

tariq Bhai, i am back to the forum.

Hope i will be able to contribute a lot this time

Stay blessed.

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