he accounting equation and answer the following:
1.Total Assets of a business are Rs. 100,000/- and Total Liabilities are Rs. 40,000/-. What will be the amount of Owners’ Equity? (1 mark)
2.Total Assets of a business are Rs. 500,000/- and Owners’ Equity is Rs. 300,000/-. What will be the amount of Total Liabilities? (1 mark)
3.Total Liabilities of a business are Rs. 400,000/- and Owners’ Equity is Rs. 500,000/-.What will be the amount of Total Assets? (1 mark)
Question No. 02:
Waqas Rentals started a business on January 01 2011; the selected transactions related to the organization were as follows:
1- Waqas invested total capital of Rs. 1,200,000/- in the business on January 01, 2011 out of which he deposited Rs. 600,000/- in the bank account of the business.
2- Purchased two cars worth Rs. 100,000/- on cash on February 01, 2011.
3- Bought office furniture costing Rs.70,000/- on February 01, 2011 and made payment through cheque.
4- Collected Rs. 4,000/- on accounts receivable on June 05, 2011.
5- Paid accounts payable of Rs 3,200/- on July 11, 2011 by issuing cheque
6- Borrowed Rs. 10,000/- from Mr. Ali on August 01, 2011 and signed a note payable for the amount.
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no 13 and reading handouts as well as
recommended text book).
2. Video lectures can be downloaded for free from www.youtube.com/vu.
Opening Date Oct. 21, 2011
Due Date Oct. 28, 2011
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
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 theemergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
Question No. 01 Solution 100% Correct by Sidra Choudary
Recall the accounting equation and answer the following:
Total Assets – Total Liabilities = Total Owners Equity
100,000 – 40,000 = 60,000 Total Owners Equity
Total Assets – Total Owner Equity = Total Liabilities
500,000 – 300,000 = 200,000 Total Liabilities
Total Liabilities + Total Owner Equity = Total Assets
400,000 + 500,000 = 900,000 Total Assets
MGT101 Assignment no.1 Fall 2011 Idea Solution
i think there are some doubts....
kia dout ha?
app na MGT211 k issment solve kee hain?
jo app na solution nikala ha ius k formola kha sa lya hain?
is k 2nd question k answer solve kya ha
See the attached file for complete Solution of MGT101 Assignment#01 Fall 2011
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