MGT101 Financial Accounting Assignment No.2 Fall 2012 Solution & Discussion Due Date:09-01-2013

[+ M.Tariq Malik]

   

[+ M.Tariq Malik]

Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

[+ M.Tariq Malik]

Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. 

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[+ M.Tariq Malik]

Question No.01

Debtors control account definition

It reflects the total amount owed by the all the individual debtors. The balance of the debtors control account must equal the total of the debtors list, which represents the amounts owed by the individual debtors obtained from the individual balances in the various subsidiary ledger accounts for each debtor. This subsidiary ledger is known as the debtor’s ledger.

 

Debtors Control Account
Balance b/d	xx	Cash/Bank	xx
Sales	xx	Discount Allowed	xx
Bank (Reverse Cheque)	xx	Return Inward	xx
Discount (cancelled)	xx	Bad Debts	xx
Other Charge by Debtor	xx	Contra	xx
		Balance b/f	xx
	total		total

 

For Example

[+ Angel Sweet Doll(MBA) +]

DEBTOR CONTROL ACCOUNT

 

DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
	OPENING DEBTORS	94500		CASH RECEIVED	93570
	CREDIT SALES	108260		BAD DEBTS WRITTEN OFF	1560
	CASH REFUNDED	2000		DISCOUNT ALLOWED	1430
	DISHONOURED CHEQUES	10000		BALANCE C/F	119100
	TOTAL	215660		TOTAL	215660

QUESTION NO#2

 

                      HYPOTHETICAL COMPANY LIMINTED                    

                               BANK RECONCILIATION STATEMENT

                               AS ON MARCH 2012

                                                                                                       

PARTICULARS	AMOUNT     Rs.	TOTAL
Debit balance as per cash book Add: Unrecorded cheque                             2000  Outgoing cheque                                   600 Less: Payment side under cats                         200 Debit balance wrongly entered  at credit side                                          1500 Cash discount recorded over cast       (115-151) Cheque received but not sent to bank Balance as per bank statement	20,000     2600       1700 36 1,000	20,000     2600       (2736) 20900   19864

 

 

 

 

 

 

 

 

 

 

 

 

 

[Romana]

thanks for help....nice idea

[intesar]

[Ali]

Hello Friends;

I just finished assignment and found that bank reconciliation above have errors

1- debit wrongly entered as credit should be subtracted twice(-1500, -1500), once for cancelling wrong entry and second for matching the balance with bank, yani, for correct entry.

2- The full value of 151 should be subtracted, hence, it was wrongly entered on debit side of cash book bank column. therefore, full 151 should be subtracted. good luck

[+Đя€ąɯἶ Ğ!яℓ]

QUESTION NO 2


Details
Balance
R.s
R.s

Balance as per Cash Book
Dr.

20,000

Add Cheque Not Recorded
Dr.
2,000


Twice Recorded Cheque
Dr.
600


Total


22,600






Less Balance B/F
Cr.
1,500


Payment Side Under Cast
Cr.
200


Cash Discount Over Cast
Cr.
36


Cash Received but not Sent
Cr.
1,000


Total


2,736






Credit Balance


19,864 

apka mera answer match h 

[+ M.Tariq Malik]

Question No.02 

Bank Reconciliation Statement

It is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

Following is the same question and solution according Question 2 of this assignment

 

[+ Angel Sweet Doll(MBA) +]

thnx a lot tariq bahi

[+ Angel Sweet Doll(MBA) +]

parishey jo m ny post kia ha wo correct ha dekh lo ap

[Muhammed Imran]

1st question ki kuch samj nahi aai,

From the Following Information you are required to prepare "Debtor Control Account" while taking into all of the above information.

is there any link of Bank Reconciliation with Debtor Control Account

Please Explain