GDB MGT101 - Financial Accounting Friday, November 27, 2020

[Waseem Aziz]

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.

[+Shakeel Ahmad]

to my knowledge following principles also apply

Dr - Account that is receiving the benefit will be debited.

Cr - Account that is providing the benefit will be credited.

Hope it help.

Bought land of Rs. 300,000 on credit basis. Here land (Asset) a/c is receiving the benefit , so it will be debited and after receiving the benefit it has increased.

Keep doing rest of the problems in the same way.

Best of luck

[+ M.Tariq Malik]

#MGT101GDB1SolutionFall2020 #MGT101GDB01SolutionFall2020 #MGT101GDB1Solution2020
MGT101 GDB Solution Fall 2020 || MGT101 GDB

MGT101 GDB Solution Fall 2020 || MGT101 GDB
#MGT101GDB1SolutionFall2020
#MGT101GDB01SolutionFall2020
#MGT101GDB1Solution2020
#FinancialAccounting
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[+! ! ! ! ! dixie dust]

Thank you SIR TM ......<3

[Mani Siddiqui]

MGT101 GDB No.1 2020

MGT101%20GDB%20No.1%202020.docx

[+! ! ! ! ! dixie dust]

thank you so much ....

[+ M.Tariq Malik]

MGT101 GDB Solution Nov 2020

[+ M.Tariq Malik]

mgt101 GDB solution fall 2020

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	Nature of Transaction is Debit	Increase Of Assests
Paid salaries of Rs, 25,000 by cheque.	Salaries a/c	Nature of Transaction is debit	Increase Of Expenses
Goods returned to suppliers for Rs. 10,000.	Purchases return a/c	Nature of Transaction is Credit	Decrease In Expenses
Sold goods of Rs. 40,000 to XYZ brothers on cash basis	Sales a/c	Nature of Transaction is Credit	Increase In      Income

[+ M.Tariq Malik]

MGT101 GDB Solution Fall 2020