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MGT101 Assignment No 01 Solution & Discussion Due Date:17-11-2016

Dear Students!

 

This is to inform you that a Graded Assignment will be opened on November 11, 2016 and due date of assignment submission will be November 17, 2016.

 

By graded, we mean that it will be included in your semester GPA.

 

A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties, which may be faced by the students on last date.  This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience.

 

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If you want to know how to download and submit an assignment on VULMS, watch the following short demo on VU Facebook page.

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Important:

  • To open the assignment file, you must have Adobe Acrobat Reader/ PDF Reader installed on your computer.
  • For acquiring the relevant knowledge, do not rely only on handouts but watch the course video lectures and read additional material available online or in any other mode.

 

 

Note related to load shedding: Please be proactive

 

Dear students!

 

As you know that Pre Mid-Term semester, activities have started and load-shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes and GDBs.

Best Of Luck !

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Replies to This Discussion

how can you agree with sheikh, although in you solution the answer is different, its mean you write your wrong answer.
i'm confused.

tahseen chaudhry lagta ha ap MGT may interested hain mujay ap say help lanay ha can you help me?

i'm interested in all, but these people confused us by posting different answers.
especially the one mr. tariq malik i dont know what he actually wants.??

please explain what to do in first question....

hell tough

we are not asked to rite journal entries..
they are already obvious..
we just have to show the which equation will suit 2 diif scenario's.

Dear Students Take Ideas from each other and solve yourself.......Assignments are not for getting solutions only....they are used for your study to boost up your thinking capabilities....If you present a self made Solution ....even if it is wrong....u will get some marks for attempt.....

Is this correct ?????

i
asset=capital +liablities 
asset=4800000+700000
ii
asset =capital +lib
asset=4800000+700000+1400000
iii
total asset ?
vehical +machn+stock+cash in hand+ cash at bank
total lib
700000+1400000
capital 
1500000+3000000+300000

Assignment No 1.
Mgt101
Mr. “A” starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods Rs. 1,000,000 for his business. He has paid in full for vehicle and office premises but did not pay in full for stock of goods and owes Rs. 300,000 for goods. He had taken loan Rs. 1,400,000 from his friend Mr. “B” in order to meet the business needs. After the above mentioned transactions, he has Rs. 200,000 cash in hand and Rs. 800,000 cash at bank for the business. Required 1. Write
Solution 1 A.
Accounting Equation
Asset = Liabilities + owner equity

i)
Debit Vehicle 1500000
Credit Mr. A 1500000
Debit Office Premises 3000000
Credit Mr. A 3000000
Debit Stock of Goods 1000000
Credit Mr. A 300000
Credit Cash (Liabilities) 700000

Debit
Vehicle 1500000
Office premises 3000000
Stock of goods 1000000

Credit
Mr. A 4800000
Cash (Liabilities) 700000
So

Assets Capital + Liabilities
Vehicle Office Premises Stock of Goods Capital + Liabilities
1,500,000 3,000,000 1,000,000 4,500,000 + 1,000,000
5,500,000 5,500,000

Solution 1 B.
Debit Vehicle 1500000
Credit Mr. A 1500000
Debit Office Premises 3000000
Credit Mr. A 3000000
Debit Stock of Goods 1000000
Credit Mr. A 300000
Credit Cash (Liabilities) 700000
Debit Cash .Mr A 1400000
Credit Mr. B 1400000

Debit
Vehicle 1500000
Office premises 3000000
Stock of goods 1000000
Cash (Mr. A) 1400000
Credit
Mr.A 6200000
Liabilities’ 700000
Mr B. 1400000



Assets Capital + Liabilities
Vehicle Office Premises Stock of Goods Cash Capital + Liabilities
1,500,000 3,000,000 1,000,000 1,400,000 4,500,000 + 2,400,000
6,900,000 6,900,000

Solution 2.
Total Asset = ?
Total Asset = Vehicle +office premises + stock of good+ cash in hand+ Cash in bank
Total Asset = 1500000+3000000+1000000+ (200000+1400000) +800000
Total Asset = 7900000
Total Liabilities = ?
Total Liabilities = Stock of good on credit + Mr. B
Total Liabilities = 700000+1400000 = 2100000
Capital = ?
Capital = Vehicle +office premises + stock of good
Capital = 1500000+3000000+300000 = 4800000

mr tariq what  r u doing, why r u confusing ,
you r writing two or three times different answers nd with different pattern.

and second thing in question it is clearly written that he owes 300,000, means liability is 300,000 and goods price is 700,000.

you and mr zubair aslo take it as 700,000 liability instead of 300,000.

Mr tariq only sharing answers of other students...

Credit Cash (Liabilities) 700000
yeh kahan say ata he

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