www.vustudents.ning.com

We non-commercial site working hard since 2009 to facilitate learning Read More. We can't keep up without your support. Donate.

# 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.

Views: 2571

### Replies to This Discussion

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

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 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

MGT101-GDB-No.1-2020-Solution

tariq Bhai, i am back to the forum.

Hope i will be able to contribute a lot this time

Stay blessed.

1

2

3

4

5

## Latest Activity

15 minutes ago

### Mujy khamosh rehny dy 🌠︶︿︶🌠

18 minutes ago
Muhammad Yousaf Anjum updated their profile
41 minutes ago
57 minutes ago
Mani Siddiqui and Ania malik joined + M.Tariq Malik's group

### MGT501 Human Resource Management

1 hour ago
1 hour ago
Hina Tahir joined + M.Tariq Malik's group

### MGT603 Strategic Management

8 hours ago
Hina Tahir joined + M.Tariq Malik's group

8 hours ago