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MGT101 Financial Accounting Assignment No.2 Solution and Discussion- Due Date- July 22, 2014

Important announcement | Assignment # 2
Financial accounting (MGT101)

Dear Students!  This is to inform that a Graded Assignment will be opened on July 15, 2014 and due date of assignment submission will be July 22, 2014.

 By graded, we mean that it will be included in your semester GPA.

A 24 hours extra/grace period after the 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 date should always be treated as final to avoid any inconvenience.

To open the assignment file, you must have Adobe Acrobat Reader/ PDF Reader installed on your computer.

For acquiring the relevant knowledge, do not rely only on handouts but watch the course video lectures and read additional material available online or in any other mode.

Note related to load shedding: Please be proactive

Dear students!

 As you know that Post Mid-Term semester, activities have started and load-shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes and GDBs.

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Replies to This Discussion

Please share your ideas........

please start discussion

Share ur ideas


Please Discuss here about this assignment.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

it is difficult but not that difficult because the only thing is to take pen and paper and start with your rough work for requirement 1. I think once the requirement 1 is done rest of the requirements will be done through requirement 1. 

do we have to make T accounts of all mentioned account types?

Thunder Bhai, yes please. We have to make t accounts for all the entries of july.

Balance sheet example:

Balance Sheet format example:

Format of balance sheet :


The balance sheet can be reported in two different formats: account form and report form. The account form consists of two columns displaying assets on the left column of the report and liabilities and equity on the right column. You can think of this like debits and credits. The debit accounts are displayed on the left and credit accounts are on the right.

The report form, on the other hand, only has one column. This form is more of a traditional report that is issued by companies. Assets are always present first followed by liabilities and equity.

In both formats, assets are categorized into current and long-term assets. Current assets consist of resources that will be used in the current year, while long-term assets are resources lasting longer than one year.

Liabilities are also separated into current and long-term categories.

Like all financial statements, the balance sheet has a heading that display's the company name, title of the statement and the time period of the report.

Sir Tariq, sorry for contradicting with ur this point of view that assets are shown on right side and liabilities on left side of t-account format. In handout and books it is not traceable by me. Can you quote the reference for this reason/format. It is other way round in the handbook.


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