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FALL 2021
FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT # 01
DUE DATE: 08th December 2021 MARKS: 10
LEARNING OBJECTIVES:
• To understand the basic concepts of accounting and some aspects of accounting
equation
Write the relevant source of financial information in second column against all
information given in first column from the following list:
• Event
• Transaction
• Condition
First Column
Information
Second Column
Source of information
Payment of salaries to employees ?
Loss by fire ?
Depreciation of non-current assets ?
Sale of goods to ABC Brothers on credit basis ?
Note: You must follow the above tabular format to fill the missing particulars of second
column.
QUESTION - 1
Rahim Brothers showed balances of Debtors Rs. 35,000 and Creditors Rs. 45,000 as on
1st November 2021. Some transactions of Rahim Brothers for the month of November
2021 are given below.
Date Transactions
7th November Goods purchased amounting to Rs. 30,000 on account.
9th November Goods purchased amounting to Rs. 15,000 on Cash basis.
15th November Rs. 10,000 paid to creditors.
24th November Sold goods to a customer for Rs. 20,000 on credit basis
26th November Sold goods to a customer for Rs. 27,000 on cash basis
28th November Cash collected from customer Rs. 5,000.
Required:
Based on the above transactions, calculate the amount/balance of the following
accounts at the end of November 2021.
1- Debtors
2- Creditors

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MGT101 assignment 1 solution 2021 MGT101 Assignment 1 Solution Fall 2021 Financial Accounting Assignment

Assignment No.  1
Semester: Fall 2021

Question #1:

Write  the  relevant  source  of  financial  information  in the second  column  against  all information  given  in the first column  from  the  following  list:

  1. Event

2. Transaction

3. Condition


First Column Information Second Column Source of information
  Payment  of  salaries  to employees   ?
  Loss by fire   ?
  Depreciation of non-current assets   ?
  Sale of goods to ABC Brothers  on  credit  basis   ?

Question # 1 Solution:


  Payment  of  salaries  to  employees   Transaction
  Loss by fire   Event
  Depreciation of non-current assets   Condition
  Sale of goods to ABC Brothers on credit basis   Transaction

MGT101 Assignment Solution # 1 Fall 2021

Question # 2 :


  Date   Transactions
  7th November   Goods purchased amounting to Rs. 30,000 on the account.
  9th November   Goods purchased amounting to Rs. 15,000 on a Cash basis.
  15th November   Rs.  10,000  paid to creditors.
24th November   Sold goods to a customer for Rs. 20,000 on a credit basis
26th November   Sold goods to a customer for Rs. 27,000  on a cash basis


  28th November   Cash collected from customer  Rs.  5,000.

Required:

Based on the above transactions, calculate the amount/balance of the following accounts at the end of November 2021.
Debtors

Creditors

Debtors:

Opening  balance  =  35,000

(Add)  Credit  Sales  =  20,000

(Subtract  )  Cash  Collected  =  5,000

Closing  Balance  =  50,000

Creditors:

Opening  balance  =    45,000

(Add)  Credit  Purchases  =  30,000

(Subtract) Cash paid = 15,000

Closing  balance  =  60,000

Creditors

            45000

Add       30000

less       10000

           Rs.65000

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