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MGT101 Financial Accounting Assignment no.1 Solution & Discussion Fall 2011 Due Date 28-10-2011

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.

 

Important Tips


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.
Schedule
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.


 

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Replies to This Discussion

Question No. 01 Solution 100% Correct by Sidra Choudary

 

Recall the 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)

 

Answer:

Total Assets – Total Liabilities = Total Owners Equity

 100,000 – 40,000 = 60,000 Total Owners Equity

 

 

  1. 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)

 

Answer:

Total Assets – Total Owner Equity = Total Liabilities

500,000 – 300,000 = 200,000 Total Liabilities

 

  1. 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)

 

Answer:

 Total Liabilities + Total Owner Equity = Total Assets

400,000 + 500,000 = 900,000 Total Assets


 

MGT101 Assignment no.1 Fall 2011 Idea Solution

Attachments:

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

thanks dear

Semester “Fall 2011”
“Financial Accounting (MGT101)”
Assignment No. 01 Marks: 15
Question Number 01:
Recall the 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 Number 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.
Required:
1- Record the Journal entries for the above transactions. (6 marks)
2- Prepare the cash account and bank account for the above given transactions (3+3)
Important Tips
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 vu's Channel
Schedule

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 the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
Solution:

Question No. 01:
Recall the 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)
Answer:
Owner’s Equity= Total Assests – Total Liabilities
Owner’s Equity= Rs. 100,000 – Rs. 40,000
Owner’s Equity= Rs. 60000
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)
Answer:
Total Liabilities= Total Assets – Owner Equity
Total Liabilities= Rs.500,000 – Rs. 300,000
Total Liabilities=Rs. 200,000
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)
Answer:
Total Assets= Total Liabilities + Owner Equity
Total Assets=Rs. 400,000 + Rs. 500,000
Total Assets=Rs.900, 000

 

QUESTION 2 ANSWER WILL BE UPLOADED TONIGHT,



See the attached file for complete Solution of MGT101 Assignment#01 Fall 2011

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Thankss alot!!

See the attached file for another idea solution of MGT101

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