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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
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. 2 is wrong, You uploaded a wrong solution M.Tariq Malik. The correct solution is uploaded on

See the attachment for correct solution.


YES.... i am really really upset after seeing the solution at LMS...

Its mean next time never believe anyone here.... BRO

You r right!


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