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Financial Accounting MGT 101 VU

Non Graded Activity # 01

Lecture # 01 – Lecture # 05

In order to earn good grades it is mandatory to watch video lectures on regular basis of

every course you study at VU, therefore, after having completed lecturers 1 to 5 of

MGT101-Financial Accounting this week, a non graded activity has been given to you.

It is mandatory to attempt this activity as it will help you in attempting graded activities

given in the course in the semester."

Question No 1

Mr. Omer started business on 1st January 2010 with Rs. 20,000 as capital. Below

mentioned are the transactions which took place in the month of January. ‘

a) Opened bank account with Rs. 20,000.

b) Goods are purchased from Wasiq on credit for Rs. 10,000.

c) Sold goods on credit to Munir worth Rs. 1,500

d) Purchase goods on cash for Rs. 1,000.

e) Cash sales to Adnan worth Rs. 1,000.

f) Machinery purchased and made payment by cheque Rs. 6,700

g) Borrowed Rs. 3,000 from Munir.

h) Paid rent to Waris Rs. 100 for the building in which business is situated.

i) Paid salary to clerks Rs. 150.

j) Amir withdraw Rs. 500 for his personal use.

Fill this table after reading these instructions:

For easy application of the above mentioned rules take each transaction separately and

ask yourself the following question:-

a) Describe the nature of accounts affected in each transaction?(In this you have to

see Assets, Liabilities, expense, Income, Capital or equity)

b) Which of the item is to be debited or credited?

c) Give reasons of debit and credit.

Transaction

No

Nature of

account

A/C to be

Debited

A/C to be

Credited

Reasons

Page 1 of 2

Financial Accounting MGT 101 VU

Non Graded Activity # 01

Question No 2

State with reasons that whether the following items are capital or revenue:

a) Purchase of Land.

b) Installation of Plant and Machinery

c) Expenditure incurred during the erection of Machinery.

d) Commission paid to a worker.

e) Repair of truck met with an accident.

f) Repair charges of furniture.

g) Paid wages to factory workers.

h) Paid advertisement expense.

S. No Capital or Revenue Reasons

As it is rightly said “ Practice makes a man Perfect”

Use your best of knowledge to solve the above activity and enhance your knowledge.

BEST OF LUCK

Page 2 of 2

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