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

   

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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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachments:

thanks for help....nice idea

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

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 

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

 

thnx a lot tariq bahi

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

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

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