FINANCIAL ACCOUNTING (MGT101)
ASSIGNMENT # 01
DUE DATE: 08th December 2021 MARKS: 10
• To understand the basic concepts of accounting and some aspects of accounting
Write the relevant source of financial information in second column against all
information given in first column from the following list:
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
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.
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.
Based on the above transactions, calculate the amount/balance of the following
accounts at the end of November 2021.
Stay touched with this discussion, Solution idea will be uploaded as soon as possible in replies here before the due date.
MGT101 Assignment 1 Solution Fall 2021 | MGT101 Assignment Solution 2022
MGT101 Assignment 1 Fall 2021 solution idea:
Download attachment for MGT101 assignment 1 solution file.
*MGT101 Assignment Solution with details explanations Must watch*
One more idea solution file MGT101
#mgt101assignment1solution #mgt101assignmentsolution2021 #mgt101assignment1
MGT101 Assignment 1 Solution fall 2021 | MGT101 Assignment 1 Solution 2021
MGT101 assignment 1 solution 2021 MGT101 Assignment 1 Solution Fall 2021 Financial Accounting Assignment
Assignment No. 1
Semester: Fall 2021
Write the relevant source of financial information in the second column against all information given in the first column from the following list:
|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|
Question # 2 :
|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.|
Based on the above transactions, calculate the amount/balance of the following accounts at the end of November 2021.
Opening balance = 35,000
(Add) Credit Sales = 20,000
(Subtract ) Cash Collected = 5,000
Closing Balance = 50,000
Opening balance = 45,000
(Add) Credit Purchases = 30,000
(Subtract) Cash paid = 15,000
Closing balance = 60,000